What are the Different Types of Money Transfer Services?

Remittances are also called "remittances." One of the international settlement payment methods. A business processing method in which a payer uses a variety of settlement tools through a third party (usually a bank) to actively remit money to a payee. There are usually four basic parties in the remittance business: the sender (that is, the payer), the remittance bank, the remittance bank, and the payee. There are three commonly used remittance methods: (1) Letter remittance, that is, the remittance bank should send the remittance to the remittance bank by mail letter of remittance, and entrust it to pay the payee. (2) Telegraphic transfer, that is, the remittance bank shall, upon application of the remitter, notify the foreign exchange bank by telegram or telex and entrust it to pay the remittance to the designated payee. (3) Ticket remittance, that is, the remittance bank shall apply for the remittance on behalf of the remitter, and issue the remittance draft for the remittance to the remitter by mail or carry it abroad. ^[1]

[huì kun]

Remittance (Remittance)

Pinyin: huìkun

Definition: (1) [remit money] remit money. Eg: he arrived

More and more citizens are willing to choose bank card remittance. As long as the other party's name and card number are provided, non-card deposits can be realized in other places. Banks such as industry, agriculture, China Construction, Construction, and Pudong Development Bank have opened this business. Citizens should pay attention to the fact that many banks charge fees for deposits and withdrawals in different places. Therefore, whether the remittances are widely distributed and the convenience of remittance withdrawals are important indicators to consider. For example, Agricultural Bank of China and Industrial and Commercial Bank of China are more popular with customers even if they have outlets in remote places such as Tibet, Inner Mongolia, and Huangshan Peak.

In addition to price, convenience is a big selling point of remittance business. Newly launched by Agricultural Bank of China

Citizens traveling abroad can choose this way. The advantages of traveler's checks are that they have multiple fixed denominations, multiple currencies, no use period, wide acceptance range, anti-counterfeiting measures on the face of the ticket, and re-signature when used. Or it s more difficult to get it.

Foreign currency bill remittance is based on the request of the sender to have the bank issue a bank draft to be paid by the receiving bank. The beneficiary holds the bill to the foreign receiving place to prompt the bank to pay or entrusts its account bank to collect the money on behalf . Ticket exchange charges a handling fee of 1 of the amount of the remittance. If it is remitted by cash, it is also necessary to charge a fee for rebate of cash. Compared with ordinary remittance, it saves a post and telecommunications fee. This is also a good way for customers who are going to go abroad and the payee is their own.

In the past, most people would choose to go to a bank counter or post office. Now, with the popularization of electronic remittance channels, more people use online banking and mobile bank remittances, which is not only convenient, but also saves money.

High counter transfer costs

There are many bank remittance methods, but bank counter remittances are still one of the mainstream remittances, especially for middle-aged and elderly people, they will prefer counter remittances.

money transfer

Compared with remittances from other channels, the remittance fee at the counter is higher. It is understood that when carrying out peer transfers and remittances over the counter, the four major banks charge 0.5% of the amount of the remittance, with a minimum of 2 yuan and a maximum of 50 yuan; Postal Savings Bank charges 0.5% of the remittance amount, with a minimum of 5 yuan and a maximum of 50 yuan. The fee for other joint-stock commercial banks or city commercial banks is slightly cheaper, but it is relatively inconvenient because there are few outlets. For cross-bank remittances in different places, the fees of the four major banks are 1% of the transfer amount. The same is the minimum of 2 yuan, but the difference is that some charge up to 50 yuan and some charge 100 yuan. Most other banks charge fees based on the amount.

Electronic remittance offers

During the Spring Festival, many banks introduced preferential policies for remittance fees. ICBC stated that through online banking, mobile banking or telephone banking for remote transfers and cross-bank remittance services, the handling fees were discounted by 50% on the basis of bank branch preferential standards. . If you are an ICBC star customer, you can enjoy 50% off the original discount. Agricultural Bank of China's electronic remittance is also very affordable. The remittance fee through online banking is 0.4%, and mobile bank and telephone bank transfers are free of charge. During the period from December 1, 2011 to March 31, 2012, CCB's mobile bank remittance fee was as low as 1 yuan and as high as 5 yuan. The Bank of China's preferential activities are more detailed. It is free of charge to use the online banking to transfer to the provincial BOC, 25% off the inter-provincial bank card transfer and 20% off the inter-provincial bank card transfer. SPD Bank also stated that before March 31, intra-bank remittances via mobile banking and online banking will cost 2 yuan per transaction; if cross-bank remittances, super online banking cross-bank remittances via online banking, the commission will be 0.4%. The minimum is 2 yuan and the maximum is 20 yuan; if you make super online banking inter-bank payment through mobile banking, it is free.

Text messaging is also affordable

The SMS remittance service refers to the editing of fixed-format SMS content by a customer via a mobile phone and sending it to the corresponding port to realize the transfer and remittance service with the contracted account. CCB has launched this feature. Customers only need to agree on the payment account, beneficiary account number and mobile phone number at the bank counter, and after opening the SMS remittance service, they can send a text message to make the transfer between the accounts. The biggest advantage of SMS remittance is that you can remit money anytime, anywhere where there is a mobile phone signal. The cost of SMS remittance is also very low. Prior to March 31, 2012, CCB's SMS remittance fee could enjoy a 10% discount, with a minimum fee of 1 yuan and a maximum of 5 yuan.