Have you heard the term or the word remittance? This is the explanation.
Remittance is a financial service used for sending money in the form of foreign exchange from domestic to abroad and is carried out by banks or non-banking institutions. When using the bank’s service, speed is relatively longer and will pass through some systems depending on the delivery country. The most frequent system used is SWIFT
For non-banking institutions, the system is different but still safe because official remittance services are regulated strictly by Government financial institutions to guard against potential money laundering. If it’s an official non-banking institution, usually it’s cheap and fast. There are also other promotions provided by the non-bank remittance services. Recommended to visit the official website to learn more about the promos.
Things are needed when doing remittance transactions.
When you do a remittance transaction, there are components needed to complete the transaction. This applies when doing bank or non-bank transactions. The required components are:
- Beneficiary / Recipient. There is a person who has the right to accept the remittance transaction sending money from overseas
- Recipient Bank, E-wallet, etc .: Bank or non-bank transactions must include the recipient’s bank when transacting or sending money. For non-bank transactions, the recipient can use an e-wallet or cash pickup.
How to do the remittance transaction?
Most of the procedures for sending the money are easy if the remittance transaction is done in the bank. The following are the steps:
- Proceed to the bank location for the transaction.
- Will fill in the form to continue the transaction process of sending money.
- The value of the money to be transacted is given to bank personnel to complete the money transfer process.
- Banks will give notification when the transaction is already complete and the money has been received by the beneficiary.
For non-bank processes, procedures are almost similar But You will get a choice of visiting the office for non-bank delivery or doing online transactions. If you choose to go office, it is usually similar to regular bank transactions,
If you choose online, the procedure is
- Download the official remittance app.
- Create an account and do the verification steps.
- If it has been verified, you can continue the next transaction steps.
- The completed beneficiary/recipient information is completed in the application. This includes the value to be sent overseas.
- Upload the proof of transfer to the application so the next steps can proceed.
- If the value of the money sent is completely confirmed, money can be sent shortly.
- You will receive a notification when money is received by the beneficiary.
Now you know what a remittance transaction is. Start doing the transactions. Easy right? Just select a provider with safe, fast, and cheap services!
Adaremit is a remittance service that can be trusted in Indonesia. For new users of Adaremit, redeem the vouchers totaling to:
- 3 x 40,000 rupiah
- 2 x 250,000 rupiah
- 5 x 100,000 rupiah
With this voucher, you can use additional discounts for transfer fees when transacting in the Adaremit application.
Enjoy the voucher. Download Adaremit and get started doing remittance transactions overseas.
