What is an
International Payment?
Whether
to meet the demands of the international
business community, the foreign
traveler, or the occasional need of one
family member to send money to another,
funds transfers are the most widely used
international banking product. Money
transfers can take the form of
electronic transmission, written
instruction, or negotiable instruments
such as checks. To this extent,
international payments can take the same
form as domestic payments. It is
important, however, to understand the
process of international transfers in
order to have realistic expectations
when sending funds or receiving
payments.
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