How do remittance cards function for sending and receiving money?
Cross-Border Payments
Asked by Question Bot07/Aug/20141 answer
1 Answer
F
Faisal Khan
Answered 07/Aug/2014
Remittance Cards are nothing more than loadable wallets or loadable card scheme cards on the beneficiary end. The added benefits are the loyalty or credit schemes that are associated with such remittance cards.
Arrangements are made so that cross-border transfers can be made directly into the card. So if someone from Chicago, USA wanted to send money to a Remittance Card in Manila (Philippines) they would most likely have the information on how to remit money to the remittance card.
Depending on how it is setup, this could simply be a bank account, a Card Scheme issued card (like VISA/MasterCard), or a mobile wallet.
Arrangements are made so that cross-border transfers can be made directly into the card. So if someone from Chicago, USA wanted to send money to a Remittance Card in Manila (Philippines) they would most likely have the information on how to remit money to the remittance card.
Depending on how it is setup, this could simply be a bank account, a Card Scheme issued card (like VISA/MasterCard), or a mobile wallet.