Forex Transfers are services for book-entry or funds transfer between foreign currency accounts in order to satisfy the customers or remittances interests in interbank foreign exchange within a country or with other country's bank upon request and for the customer’s benefit.
The Available Forex types are:
- Incoming transfers, remittances received from the bank itself other branches or other banks for the individual customer benefit or the bank beneficiary itself.
- Outgoing Transfers, remittances by the customer orders / the certain bank parts for another party benefit or the bank branch itself
The Parties related to Transfer transactions:
- REMITER / applicant is the owner of the fund (sender) who will move the funds via money remittance service BENEFICIARY, the end party that will be entitled to receive the transfer funds from drawee or paying bank
- REMITIN BANK / Drawer Bank, which is a transfer Bank or the bank receives the mandate from the customer to be transferred to the withdrawed bank which is submitted to the beneficiary,PAYING BANK / Drawee Bank, a bank receives an incoming transfer from the drawer bank forwarded /paid to the beneficiary