What Is a Foreign Wire Transfer?

Overseas remittances are business activities in which a commercial bank grants or accepts remittances or settles debtor-debt relationships for customers through the transfer of funds between its overseas branches or correspondent banks. According to whether the direction of settlement instrument transfer is consistent with the direction of capital movement, it is divided into two types: forward exchange (remittance method) and reverse exchange (receipt method). Shunhui can adopt three methods: wire transfer (T / T), letter transfer (M / T) and ticket exchange (D / D). The cost of wire transfer and exchange rate is high, and the cost and expense of letter and ticket exchange are low. But it takes a long time to hold down customer money. ^[1]