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.
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You are viewing: What Is The Remittance Address
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Now, back to what you came here to read.
What does a remittance address or remit to address mean?
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
What should I give for a remittance address?
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.
What is an example of a remittance address? What does it normally include?
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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.
What is remittance bank account address?
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
Looking for more information on remittances?
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
- Remittance
- 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.
Sources:
- https://www.quora.com/What-is-a-remit-address (May 21, 2018)
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