Exchange is a settlement method in which the remitter entrusts the bank to pay the money to the payee.

1. Definition of remittance

Exchange is remittance. Banks or post offices do not rely on the transfer of cash according to the entrustment of the remitter, but transfer it between banks or post offices in two places. Transfer the money to the payee at the designated location.

2. Methods of exchange

1. Cash exchange: This method means that the remitter uses his own currency to purchase the currency of other countries in the country and region where he is located, and then uses Send money to the recipient in the currency of other countries.

2. Money order remittance: Money order remittance can save the remitter's time, but compared with cash remittance, money order remittance requires payment of handling fees to the bank or financial institution.

3. Foreign exchange deposit: Depositing currency in a bank at a certain exchange rate, and the recipient withdrawing money from the bank at the same exchange rate, is the best exchange method to ensure the same currency value.

4. International credit card exchange: This method means that through an international credit card issued abroad, the remitter can use the international credit card in his overseas region without being restricted by the exchange rate.

5. Online exchange: Online exchange means that through the Internet or telephone, the remitter regularly checks the exchange rate online and conducts exchange according to the real-time exchange rate provided by the exchange. This exchange method is familiar to modern society. "Forex Investment".

3. Notes on remittance

1. The remitter must fill in the remittance voucher as required, and the voucher must be recorded clearly, completely and accurately.

2. The remitter should present his or her valid identity document to the remittance bank and sign the remittance voucher.

3. The remitter should provide the remitting bank with information such as the name of the payee, the amount of the remittance, the address of the payee, and the purpose of the remittance.

Types of remittance

1. Letter remittance

refers to the settlement method in which the remitter entrusts the bank to pay the money to the payee, which is chosen by the remitter. . This method facilitates the remitter to proactively pay the payee in a different place and has a wide range of applications. For example, a person wants to send money to relatives and friends who are far away by mail.

2. Telegraphic transfer

Refers to the settlement method in which the remitter entrusts the bank to pay the money to the payee via telegram, which is also chosen by the remitter. With the advancement of the Internet process, the current main exchange method is wire transfer.