Inward remittance simply implies that the money was transferred to an account domestically or internationally. This makes inward remittance meaning quite clear. With the growing expat’s population in sub-Saharan Africa, people want to remit money back to their families. The biggest challenge is foreign exchange which is subject to high fees and additional remittance costs.
The process of remitting money internationally is called foreign inward remittance. It comes in the place when people buy things through online shopping internationally, or send money to their families in another country. A lot of immigrants of the sub-Saharan African nations have settled across borders in the western world. They are bound to send money back to their families and friends for various reasons.
Other than useful information on this subject, this article can also be taken as a step by step inward remittance guide for beginners.
How does one receive inward remittance?
Foreign Inward Remittance comes with a transfer fee and other costs. The sender in the foreign country will have to choose the mode of transfer to initiate inward remittance. A check into the regulations for each mode, be it financial institutions or other international organizations will let you choose the best mode to transfer money overseas.
Now, check the fee for inward remittance overseas. While the banks and other financial institutions have intermediary charges in addition to the regular remittance expense, some applications can charge as much as $10 for remitting funds overseas. Look into all inward remittance guidelines to choose the best option to transfer money online.
Mobile money and other latest technology-equipped applications bring us ease, comfort, and cost-effective money transfers. We have the right to transparency, but that is not likely in the case of banks and other financial institutions. Banks levy high remittance charges and transfer fees that can burn a hole into the remitter’s pockets.
Information needed to remit money online
For a bank transaction or a wire transfer, one will need to fill up personal details, the reason for remittance, bank details, and the reason to justify the remittance across borders. EziPay application connects you with your people from the far ends of the world. One hand on the login process and bank details, and you are good to go. The ease and transparency in the remittance process with the help of the EziPay application is helpful in many ways.
If you want to be ready to cater to the emergencies of your family at any given moment, forget about going to the bank for filling up those forms and making manual requests. Just log on to the EziPay application on your mobile phone, and you are good to go.
Inside story of inward remittance
The truth of traditional ways for foreign inward remittance is that they are a big pain, and people continue to take the headache of transferring funds through those conventional methods. Not anymore, you can now look into this new method and avoid all the extra costs levied by the financial institutions.
We have brought you the best app for inward remittance, ever. While other financial institutions make you and your families wait for the money revolving around in their system, EziPay delivers and reflects the funds in the recipient’s bank account instantly. Bridging the gap between the far ends of the world, EziPay brings you closer to your family.