Citi Bank's Global Transfer Service12/5/2023 ![]() ![]() ![]() Outward Forex Remittance: When you send money abroad (INR converted to foreign currency) for purposes like education, family usage, investment etc.įun fact: International remittances have a major impact on the economies of many developing nations in the world. Inward Forex Remittance: When you receive a payment from overseas in foreign currency converted into local currency (INR) and credited to your Citibank India account. Here, other financial service companies, in addition to banks, can serve as money transfer providers.Ī forex remittance involves exchange of currency and can be of two types: When the transfers are done internationally, they become cross-border remittance transfers, also known as Forex (Foreign Exchange) remittances. Wire transfer is electronic transfer of money, from one bank to another, using networks like the Society for Worldwide Interbank Financial Telecommunication (SWIFT), among others. ![]()
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