0
This can have two meanings:
ACH by de facto is a US concern, ACH stands for Automated Clearing House, which is in some manner a very antiquated system for clearing of cheques electronically.
If a payment is being made to you via an ACH submitted cheque or if you are paying someone via ACH submitted cheque, this can be termed as an ACH remittance (in most circles this is called an ACH payment simply).
However, if you are sending money cross-border (remittance) and are paying via an ACH cheque, this would correctly be termed as an ACH remittance.
ACH remittances are usually done online on websites like Xoom.com, Remit2India.com, etc. where the financial instrument of choice to make the payment is your bank account, and you utilize the ACH system to present an e-check or electronic cheque (sometimes also called an internet check) to make the payment for your remittance.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What is remittance in transit?
Remittance in transit refers to a cross-border money transfer that is still in progress within the banking channel. The remitter's funds are snaking its way across to the beneficiary, and whilst it is in progress, the remittance (money transfer) is called or cited as remittance in transit.
What is remittance company?
A remittance company is usually a licensed company that is authorised to do a cross-border money transfer (for purposes of remittance payments). These are usually MSBs (Money Service Businesses) or Exchange Companies. Nomenclature can vary from country to country. Industry classification is usually MSB, Remittance company, MTO, or Exchange Companies. Example of remittance companies are Xoom.com, Western Union, RIA Financial, MoneyGram, etc.
What is remittance of funds?
Remittance of funds can mean a lot many things, predominantly sending of money, transfer of money from one person (or account) to another person (or account). The word remittance is most used for cross-border money transfer when it comes to migrant workers and them sending money from their host country back to their country of origin for purposes of family maintenance.
What is migrants remittance?
Migrant Remittances are essentially cross-border money transfer done by migrant workers. To further explain, a Maid from Philippines goes to Kuwait to work as a domestic maid. She gets paid say KD (Kuwaiti Dinar) 200 per month. She sends KD 100 back home to her family in Philippines every month. Such a money transfer by a migrant worker (the Maid) from her host country (Kuwait) to her country of origin (Philippines) is deemed as migrant remittance (Her Kuwait Dinar 100 that she sends).
Elaborate on modes of international payment system?
There are many ways that you can make international payments. For the most part I would recommend using Global Collect. While many providers limit their payment services to a technical link with acquirers, GlobalCollect provide a scalable full-service portfolio that includes: contractual and technical solutions to local payment processors worldwide, bank account network management, matching, reporting as well as fund remittance.
What is remittance number?
payment + remittance department
How do you spell remittance.?
The correct spelling is remittance (payment).
What is a sentence for remittance?
Remittance is, essentially, the act of paying. An example sentence would be: The cashier was patiently waiting for his remittance.
Give you an example of letter of remittance?
how make remittance letter
What is letter of remittance in business letter?
definition of remittance letter
What has the author Friedrich Ach written?
Friedrich Ach has written: 'Hoch ach tungsvoll'
When was The Remittance Man created?
The Remittance Man was created on 1913-09-13.
How do you use remittance in a sentence?
This is the date when the remittance, or payment you send, must be received.
How do you get a remittance?
There are a number of way to get a remittance payment. The policies for receiving this payment vary from company to company, and you should speak with your bank on how they handle remittance payments.
What is the purpose of remittance advice?
(1) The purpose of a remittance advice is to inform the supplier that their invoice has been paid. If paid by cheque the cheque will usually be attached to the remittance advice.
What change does ACh cause in an ACh receptor?
ACh binds to each ACH receptor which causes opening of ligand-regulated ion gate and the creation of end-plate potential.
What is the purpose of Remittance advice slip?
(1) The purpose of a remittance advice is to inform the supplier that their invoice has been paid. If paid by cheque the cheque will usually be attached to the remittance advice.
