Inward remittance means the business making payments to designated payees as per instructions of foreign remitting banks. Available solutions are telegraphic transfer, mail transfer and demand draft, of which telegraphic transfer and demand draft are the most common choices.
- Less costs. Remittance requires simpler procedures and lower costs compared with L/C and collection.
- Faster speed. Telegraphic transfer ensures exporters’ timely collection of payments and accelerates the capital turnover velocity.
- Easy operation. It’s easy to operate and applicable to more areas.
- Customers that have high requirements on turnover velocity or control of financial costs.
- Customers who choose to settlement via remittance for matters other than trades or capitals.