Funds Remittance

1
Funds Remittance

• Checks
• Company or Bank
• Bill of Exchange
• Clean
• Documentary
• Sight
• Term/Time/Usance
• Draft
• Bankers Draft
• Electronic Funds Transfer (Wire or TT)
• International Money Order
• Bank Notes - Cash
• Credit Card

2
Fund Remittance
3
Fund Remittance
4
Fund Remittance
5
Wire Transfer Information

• Sellers Full Name and Address
• Sellers Bank
• City and State
• ABA and Routing Number
• SWIFT Address
• Sellers Account Number
• Exact Name on the Account
• Amount
• Currency

6
Bill of Exchange Cycle
2. Documents, including bills of exchange are
sent with instructions to remitting bank.
7. Payment is Received
Exporter/Seller
6. Notifies payment to remitting bank
3. Documents bill sent
1. Product is Shipped
5. Returns accepted bill
4. Documents bill presented
7. Documents received against payment or
acceptance used to obtain product.
Product
7
Electronic Funds Transfer Cycle
5. Payment is Received
Exporter/Seller
2. Issues Payment Order
4. Funds sent
Product is Shipped
1. Requests TT
3. Sends By Order of
Documents received to obtain product.
Product