Remittance

'Remittance' is the process of transferring or receiving fund from one place to another through various mode of payment such as swift, draft, TT,FAX,pay order and money transfer etc.Outward remittance is the process of sending fund to some other branch or bank within or out of the country.Inward remittance is to receive fund from some other branch or bank.Theparties involved in a fund transfer are the remitter, remitter's bank, beneficiary, and beneficiary's bank.
Nowadays, banks and money trasfer are engaged in specialised money transfer business like IME,PRABHU MONEY EXCHANGE,WESTERN UNION MONEY TRANSFER etc. 'India Remit’ will enable IDBI Bank’s customers in UK to directly transfer money onlineto any IDBI Bank in India. With this alliance IDBI Bank can offer a seamless, secure and quick money transfer service to its customers wherein they can directly transfer money from their bank account to the receivers account in India.
Remittance is a wave based transfer system in which a special numeric code is given which is known only to individual transferring the money. The account is not required for Electronic
money transfer.so remittance includess swift or TT, draft, fax, elecronic money transfer.
Hence, remittance is so essencial wave which has made world very narrow.It makes all people
so easy and fast without any objections.