How Does Remittance Work?

Step 1 Sender or Remitter Initiates the Remittance, they connect with the remittance service provider, such as a bank, money transfer operator, or online remittance platform, to send money to the recipient. The sender provides the necessary information including the recipient's information and the preferred collection method for the remittance.

Step 2. If the currency differs from the recipient's local currency, the remittance service provider converts the funds into the local currency based on the prevailing exchange rate.

Step 3. The converted funds are then transferred to the recipient's country through various banking or payment networks, often involving correspondent banks and intermediaries.

Step 4. Once the funds are transferred, the remittance service provider notifies the recipient about the availability of the remittance through SMS, email, or other communication channels.

Step 5. The recipient follows the instructions and collects the remittance through the collection method chosen by the sender. Throughout the remittance process, remittance service providers ensure compliance with regulations, adhere to anti-money laundering (AML) and know-your-customer (KYC) requirements, and prioritize the security and confidentiality of the transactions.

How can Pay10 help in Online Remittance?

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Our services include a secure payment gateway, e-payment wallets, e-commerce services, online remittance, and merchant accounts. We are among the reputed digital payment service providers that foster secure payment transactions with top-ofthe-line industry standards offering unparalleled security. Start your payment journey with us now.