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Any individual or business owner who needs to make a payment overseas will need to know the recipient’s remittance address, remit to address or remit address — if they even have one. See why this can get confusing? Sometimes a business or individual has a specific remittance address, and other times, it’s the same as their general mailing address.
If you’re making an international money transfer, you may be able to do it cheaper with Wise. Read on for everything you need to know.
Before you get started, a word.
Banks and money transfer providers often give you a bad exchange rate to make extra profits.
Wise is different. Its smart new technology skips hefty international transfer fees by connecting local bank accounts all around the world. Which means you can save up to 8x by using Wise rather than your bank when you send your money abroad.
Check out how to make your first transfer with Wise. And give it a try.
Oh, and while you’re at it, check out Wise’s borderless multi-currency account. Where you can manage and send dozens of currencies all from the same account.
Now, back to what you came here to read.
A remittance address, which can also be called a remit to address or remit address, is just a specific address that an individual or a business uses to receive payments. Since some businesses use payment processing centers or banks to handle their incoming payments, they might use the addresses of those facilities as their remittance address. Or they may just have a specific address where payments are sent in order to keep payments separate from general mail so they can be processed more quickly.1
This will depend on where you’re sending the payment. Generally, if you contact a company’s billing department, they will be able to provide you with the company’s remittance address. If you’re sending a payment to an individual, get in touch with him or her to find out if there’s a specific remittance address for the payment or if you should just use their mailing address.
A remittance address should look just like a normal address. It may be a physical address, a P.O. box, or in some cases, if the business uses a bank to process payments, it will be the address of the bank. For remittances sent abroad, the address should look like a normal address in the recipient country. It may also be the address of a payment processing center.
If a business is using a bank to process its incoming payments, it will provide senders with a remittance bank account address. This is just the address of the bank where payments need to be sent in order to be properly processed. 1
If you still have unanswered questions after reading this guide, the following links may help you find out what you need to know about international payments and remittance addresses.
- Overview of the World Remittance Industry
- Foreign Remittance (and US tax implications)
- Inward Remittance
- Outward Remittance
- Remittance Advice
- FIRC (Foreign Inward Remittance Certificates)
- FEMA & RBI guidelines on remittances
- LRS (Liberalised Remittance Scheme)
This guide should provide you with the information you need about where to send remittances, as well as what payment methods you might want to consider for sending them. It’s important to choose the payment method that’s best for your needs, whether that’s via a bank or an alternative money transfer service like Wise.
- https://www.quora.com/What-is-a-remit-address (May 21, 2018)
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| This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. |
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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