Renunciation of Citizenship
The remittance definition is to transfer money from one party to another across geographical boundaries. Remittance includes the transactions you have sent to a foreign country or received from a foreign country. This term is used internationally where individuals or businesses send money to their family members or trade partners who are living overseas. The term "Bank remittance" encompasses not only personal transactions but also foreign transfers made by large corporations and governments.
There are two types of Remittance in terms of banking services:
1. Outward Remittance: It represents the transactions you are making to a foreign country. For example, you are sending money to your child who is studying abroad. In India, outward remittances are subject to certain limits and regulations that are set under the Foreign Exchange Management Act (FEMA) of 1999.
2. Inward Remittance: It represents the money received from a foreign country. For example, an expatriate family member who works in a foreign country sends money to his family. Inward remittances are further categorised into two types: cash and electronic.
The following are the most important and primary benefits of the Remittance banking services:
1. Security: To prevent fraudulent activities, banks use advanced security protocols and encryption methods. This ensures that your funds are transferred securely.
2. Convenience: Online remittance can also be done by mobile apps and online banking methods, which is very convenient for seamless fund transfers.
3. Global: Some specialised banks allow you to transfer money globally in different currencies.
4. Speed: Many banks also offer instant or same-day transfers to the receiver's account for remittances.
5. Transparency: Banks mention the fee structure and disclose the exchange rates so that you can understand them properly.
6. Regulated Services: Banks follow all the money transfer regulations to maintain the legality for both domestic and international transactions.
When you visit a website, it may store data about you using cookies and similar technologies. Cookies can be important for the basic operations of the website and for other purposes. You get the option of deactivating certain types of cookies, even so, doing that may affect your experience on the website.
It is required to permit the basic functionality of the website. You may not disable necessary cookies.
Used to provide advertising that matches you and your interests. May also be used to restrict the number of times you see an advertisement and estimate the effectiveness of an advertising campaign. The advertising networks place them after obtaining the operator’s permission.
Permits the website to recognize the choices you make (like your username, language, or the region you are in). Also provides more personalized and enhanced features. For instance, a website may inform you about the local weather reports or traffic news by storing the data about your location.
Aid the website operator to determine how the website performs, how visitors interact with the site, and whether there are any technical issues.