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 the 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 serviceREMITIN 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