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What is related remittance information?

The Related Remittance Information is a brand new component that allows remittance information to be sent outside of the payment instruction. It is broken down into two elements, the Remittance Identification and the Remittance Location Details.

What is the difference between payment and remittance?

Payment is made via banknotes and coins (cash), deposits and credit on an account by a financial institution or a similar institution. A remittance is a sum of money transferred from another party as a payment or gift. It is often used to describe a sum of money sent by someone working abroad to their family back home.

What are examples of purpose of remittance?

In poorer households, remittances may finance the purchase of basic consumption goods, housing, and childrens education and health care. In richer households, they may provide capital for small businesses and entrepreneurial activities.

What is an example of a remittance?

An example of remittance is when someone who lives in a foreign country sends money home to their family to support them. The person making the remittance may use a bank transfer or a money transfer service such as Western Union or TransferWise to send the money.

What are the types of remittance?

A remittance refers to the money sent by one party to another within or outside the country. Remittance is one of the important source of revenue for a country and plays a vital role in its economic growth and development. There are two types of remittance: Inward Remittance and Outward Remittance.

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