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Remittance

1.Inward Remittance 
Overview
The Inward Remittance is a type of settlement service where a foreign correspondent bank remits money to ABC NY Branch at the request of the remitter and instructs ABC to pay the remitted money to the customer (the payee). It includes telegraphic transfer (T/T), mail transfer (M/T) and demand draft (D/D), of which T/T is most frequently used. Under T/T, ABC NY pays the remitted money to the customer according to the SWIFT/Fedwire/CHIPSinstruction of the correspondent bank.

Features
1. As the fastest transfer mode, T/T enables customers to collect payment timely and expedite funds turnover.
2. T/T bears low fees and helps customers reduce costs.


2.Outward Remittance 
Overview
The Outward Remittance is a type of settlement service where ABC NY Branch transfers a certain amount of money to the designated payee as instructed by the customer.
It includes telegraphic transfer (T/T), mail transfer (M/T) and demand draft (D/D), of which T/T is most frequently used. Under T/T, ABC NY Branch transfers a certain amount of money via SWIFT
/Fedwire/CHIPS to the bank account of the payee designated by the customer.

Feature
1. It is simpler in process and lower in fees compared with letter of credit and collection.
2. As the fastest transfer mode, T/T enables customers to make payment promptly and therefore gain good credit from the payee.

3. T/T bears low fees and helps customers reduce costs.