(1)Inward remittances from abroad

Inward remittances from abroad represent a mode of financial settlement, by which an overseas remitter transmits payment in foreign currencies to a domestic recipient through a bank.

There are three categories of such remittances � including those by telegraphic transfer, mail transfer and demand transfer. Telegraphic transfers are prompt, while mail transfers are less expensive; demand remittances are portable and transferable, with a greater level of convenience and flexibility for users.     

(2)Outward remittances to foreign countries

Outward remittances to foreign countries represent  a mode of financial settlement, by which a domestic remitter transmits payment in foreign currencies to the recipient abroad,, through a bank.

The way of remittance includes telegraphic transfer (T/T), mail transfer (M/T), and banker’s demand draft (D/D), among which T/T and D/D are used most commonly.