The synonyms of the word remittance are payment, transfer of funds, transmittal, release, discharge etc. Therefore remittance means transfer of funds from one place to another within the country or outside the country i.e a payment to a remote recipient through official channel.
Commercial Bank in Bangladesh offers the facility of transferring funds, from one place to another, to their customer as well as to the general public following the rules of Money Laundering Act. Such transfer of fund can be affected either through Demand Draft or telegraphic transfer. The aforesaid two methods of remitting money from one place to another within the country is known as inland remittance. While it is for out side Bangladesh the same is called foreign remittance. The advantage of remittance is quick transfer of money with minimum cost and also the risk of physical transportation of cash is eliminated.
Remittance: DD, TT, PO issue & maintenance of the registers, TT/DD, advice issue, Responding of TT/DD
advice, DD paid without advice.