What is inward remittance, when is it used, and are certificates issued for past inward remittances?
Cross-Border Payments
Asked by Question Bot11/Sep/20151 answer
1 Answer
F
Faisal Khan
Answered 11/Sep/2015
Remittance is a word that was conjured up and popularized by the World Bank and typically refers to migrant workers sending money back home. Various countries have different meanings for this word. In the enterprise, it means a payments, in South Asia it usually means inward (overseas) wire-transfer.
Inward remittance implies a money transfer into your account was made, i.e. your account got credited. Whether this was a domestic remittance (i.e. money that was sent within the country) or international remittance (i.e. money that was sent from another country), only you would know.
Most bank statements will be able to highlight cross-border money transfer into your account as something like Inward Remittance. Depending on which country you are in, you may/may-not qualify for a separate document as issued by the bank for that remittance. Such documents are usually called proceeds realization (certificate / document) and usually come in play when the foreign exchange has been surrendered and local currency was credited to your account.
Inward remittance implies a money transfer into your account was made, i.e. your account got credited. Whether this was a domestic remittance (i.e. money that was sent within the country) or international remittance (i.e. money that was sent from another country), only you would know.
Most bank statements will be able to highlight cross-border money transfer into your account as something like Inward Remittance. Depending on which country you are in, you may/may-not qualify for a separate document as issued by the bank for that remittance. Such documents are usually called proceeds realization (certificate / document) and usually come in play when the foreign exchange has been surrendered and local currency was credited to your account.