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Step 1: The migrant sender pays the remittance to the sending agent using cash, check, money order, credit card, debit card, or a debit instruction sent by e-mail, phone, or through the Internet. Step 2: The sending agency instructs its agent in the recipient's country to deliver the remittance.

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Examples of a Remittance When customers make a purchase, they might send a remittance advice letter at the same time they transfer the funds. If payment is being made via check, the remittance advice letter and the check will often be mailed in the same envelope.

The proviso states that the TCS is not required if the amount or aggregate of amounts being remitted by a buyer is less than seven lakh rupees in a financial year. The threshold continues to apply qua remitter.

A remittance is money that is sent from one party to another. Broadly speaking, any payment of an invoice or a bill can be called a remittance.

Banks make a domestic wire transfer to send funds to financial institutions residing in the same country or financial zone. When sending funds to financial institutions in a foreign country or financial zone, banks have to make an international wire transfer.

Remittance is one of the important source of revenue for a country and plays a vital role in its economic growth and development. There are two types of remittance: Inward Remittance and Outward Remittance.