What Is Payment Remittance?
Payment remittance is simply the act of sending money from one person or organization to another as a payment for goods or services received.
This transfer of money can be done using various methods, such as wire transfers, electronic funds transfers, credit card payments, and checks.
How does a remittance work?
Remittance works by transferring money from one person or organization to another. The process involves several steps:
1. The sender initiates the payment:
The person or organization sending the money initiates the remittance process by providing the necessary information, such as the recipient's name, account number, and the amount to be sent.
2. The transfer of funds:
The money is transferred using a chosen payment method, such as wire transfer, electronic funds transfer, or credit card payment. The sender's bank or payment service provider sends the money to the recipient's bank or payment service provider.
3. The receipt of payment:
The recipient's bank or payment service provider receives the payment and verifies the details, including the recipient's account number and the amount received.
The recipient reconciles the payment by verifying that the amount received matches the amount expected. Once verified, the payment is considered complete.
How to send a remittance using Fivewest
- Sign up using this link and select "global payments".
- Submit your KYC information for approval
- Lastly select the currency you wish to send and the bank details of the recipient.
The benefits of using Fivewest remittance
Money is received within 1 day. The time it takes for the money to arrive in the recipient's account is less than 24 hours.
You'll get the cheapest fees in the market. We offer the most affordable service in the market and guarantee to beat your bank's rate.
Peace of mind. We offer a secure payment solution that ensures the funds land safely.