Currency remittance services
foreign exchange remittance or Payment order is a foreign exchange remittance or another fruit of modern banking that allows people to exchange currency remittances easily from different parts of the world. If we want to have a general definition of currency remittance, we must say that currency remittance is actually a payment order that financial institutions or banks, at the request of the customer or bank account holders, to send currency (to the account of the person or company) in the destination bank from They use it.
Foreign exchange remittances are always issued to the destination bank through a third party bank and are registered in the foreign currency account of the person or company and have a fee.
Types of foreign exchange remittances
Currency remittances are generally divided into two categories: Outward Transfers and Inward Transfers:
Currency remittance (Inward Transfers)
When a payment order is sent to the destination bank by domestic or foreign banks, the bank is obliged to provide the possibility of receiving the transferred money to its customer in the shortest possible time. The person or company receiving the foreign exchange remittance, after receiving the remittance amount, can proceed to one of the following:
Deposit remittance money to another personal currency account, sell remittance currency to the bank, convert remittance currency to other currencies, open an account from the incoming remittance place, issue foreign currency remittance from the incoming remittance place.
Currency remittance (Outward Transfers)
To obtain a foreign exchange remittance, all you have to do is go to one of the branches of the foreign exchange bank and submit a request for the issuance of a foreign exchange remittance and the type of remittance currency. Foreign exchange remittance is the responsibility of foreign or domestic brokers.
Foreign exchange remittances in terms of how and when to transfer currency, in addition to the categories mentioned above, are divided into two types of direct foreign exchange remittances or T / T and indirect foreign exchange remittances or D / D.
Currency remittance (Demand Draf)
In this method, the bank undertakes to deposit a certain amount of a foreign exchange remittance to the account of another person or company on a specific date. The best feature of D / D remittances compared to T / T remittances is that through this method, foreign exchange can be done with a lower fee.
This method is one of the fastest ways to transfer currency, through which money can be transferred directly to the accounts of individuals or legal entities around the world, also called direct currency transfer, SWIFT transfer, because at the time of sending you must Swift Bank Destination Code is available. In general, the benefits of SWIFT are as follows:
High speed for transferring different types of currency to different banks, the safest way to transfer money worldwide, no limit on the amount of transferable amount, sending money directly to the account of the recipient company or company.
Currency remittance fee
As mentioned earlier, there are many ways to transfer currency from home to abroad, each of which has a different duration, payment method and applications. In addition to the different nature of these payment methods, there are fees. They also have different, for example in foreign exchange remittance by Swift method, depending on the amount, type of currency and the country receiving the amount of foreign exchange remittance fee.
Documents required to send foreign exchange remittances
Banks or financial institutions, in order to increase the security factor of the transfer process of various types of remittances, have considered laws, one of the most important of which is to obtain valid identification documents from these individuals or companies.
Natural persons are required to have documents such as identity card, national card (original and copy) and a 3 in 4 photo; However, legal entities (companies) need more documents to receive their foreign exchange remittances, such as the establishment announcement, the company’s economic activity license, business license or business card (equal to the original), copy of articles of association, identity card and national card of managers. And the signatories of the company pointed out