Remittance Parties and Methods | RBB Model Question 1

Remittance Parties and Methods | RBB Model Question 1. It’s also Important for NRB & NBL

1.Which parties are involved in remittance transactions? What are the modes of remittance? Explain [Rastriya Banijya Bank (RBB 2076]

Participants in the Remittance Business: (English Medium)

The remittance business involves various parties that facilitate the process of sending and receiving money. These participants include:

• Remitter: The person who sends money from abroad to their home country.
• Beneficiary: The person who receives the money sent from abroad.
• Remittance Company: A company that acts as an intermediary between the sender and the recipient, providing services for sending and receiving money.
• Banks: Many banks offer remittance services. They collaborate with remittance companies to provide these services.
• Mobile Wallets: In recent years, mobile wallets have become a popular method for remittances. They offer a quick and easy way to send and receive money.
• Government Agencies: Governments establish various agencies to regulate the remittance business and ensure transparency.

Methods of Remittance:

There are various methods available for sending and receiving remittances. These methods include:

• Cash: This is the oldest and most traditional method of sending remittances. The sender deposits the money with the remittance company or bank, and the recipient receives the money.
• Bank Account Transfer: The sender can transfer money from their bank account to the recipient’s bank account.
• Mobile Wallet: Mobile wallets offer a convenient way to send and receive money. The sender can transfer money from their mobile wallet to the recipient’s mobile wallet.
• Debit Card: Some remittance companies allow the use of debit cards for sending money.
• Credit Card: Some remittance companies allow the use of credit cards for sending money.
• Money Order: A wire transfer is a payment order that can be used to send money..
• Online Payment Gateway: Various online payment gateways can be used to send money.

Conclusion:

The remittance business has positively impacted the lives of millions of people worldwide. With technological advancements, the process of sending and receiving remittances has become more convenient and faster.

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Above Short Summarize

Parties Involved in Remittance Transactions:

1. Sender: The individual or entity sending the money.
2. Sending Agent: The financial institution or service provider that collects the money and instructs the receiving agent.
3. Receiving Agent: The financial institution or service provider that receives the money and transfers it to the final recipient.
4. Receiver: The individual or entity receiving the money.

Modes of Remittance:

1. Bank Transfer: Sending money through banks.
2. Wire Transfer: Sending money electronically.
3. Digital Wallet: Using mobile apps or online wallets to send money.
4. Cash Pickup: The receiver picks up cash from a specified location.
5. Postal Money Order: Sending money through the post office.
6. Credit/Debit Card: Using cards to send money.

Remittance transactions are often used by migrant workers to send money to their families, significantly contributing to the economies of developing countries.

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