When customers send their remittances electronically to the companys bank this is called?
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What are remittance documents?A remittance letter is a document sent by a customer, which is often a financial institution or another type of firm, to a creditor or supplier along with payment to briefly explain what the payment is for so that the customer's account will be credited properly.
Is a remittance the same as an invoice?A remittance is money that is sent from one party to another. Broadly speaking, any payment of an invoice or a bill can be called a remittance. However, the term is most often used nowadays to describe a sum of money sent by someone working abroad to their family back home.
How do I make a remittance payment?There are several ways to send a remittance payment. The most popular method is through a traditional bank transfer. This simple process requires two bank accounts. The transfer may necessitate a third party or partner bank, in which case an additional fee will be applied to compensate their involvement.
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