Before we know more about the remittance services singapore has to offer, it is essential to learn what remittance means. When a citizen of one country lives and works in another country and sends a few amounts back home in cash or in the form of goods to support their family, it is known as a remittance. This kind of foreign income has grown over the years. The network of transactions is quite extensive, and it isn’t easy to estimate the flow of remittances in this scenario. It also takes place through various unofficial channels as well.
Learn more about the flow of remittance
With the increase in the flow of remittance, various organizations that offer remittance services singapore have also come up. Their primary focus is to make the transaction as safe and as simple as possible for the users. Various online transaction apps have made the process more convenient for users. Out of the numerous options, some have taken extra measures to ensure safe, secure, and simple transactions without losing any extra money. These services include cheaper fees, competitive FX rates, safe and secure transactions across borders, etc.
Steps involved in the process of remittance
The process of remittance transfer usually takes place in three stages. First, the migrant sends the money in cash, money order, debit card, or online mode. The medium through which the money is sent informs the agent in the recipient country to make the payment. Finally, the paying agency lays the remittance directly to the beneficiary. However, with the advent of online platforms, this process has become much more straightforward and stress-free.
