What are the Methods of Remittance?

Here are some of the remittance methods that you can use to make a payment. 
 

• ACH Payments: These are the electronic funds transfer (EFT) that uses the Automated Clearing House. ACH payments can be made and processed on the same day, and ACH payments can take up to 3 days for the transfer of funds. Financial institutions that accept ACH payments must follow all the rules and regulations for the transfer of funds. 
   
• Electronic Funds Transfers (EFT): These are the developing payment techniques that are used most widely. This is also identical to the ACH and wire transfer, and both are types of EFT.  It is a more secure and fast way to transfer funds and can be called the fast and reliable way as compared to other wire or ACH transfers. EFTs are used the most in 2018 payments in 3 worldwide areas electronically. 
   
• Cheque: This is a type of low-cost remittance. This type of remittance execution can be longer, which depends on the significant business practices mainly by the small or medium-sized enterprises. Apart from other countries, the Netherlands and Germany have limited use of cheques. 
   
• Wire Transfer: Wire transfer firms Western Union, MoneyGram, and banks use wire transfers. Some providers also permitted the use of debit cards or credit cards for transferring funds. Wire transfer is fast but takes many days for processing. They also have high fees for the transfer of funds, which depend on the amount, quantity, location, and overseas transfers. 
   
• Money orders: Money orders are also a low-cost remittance method through which you can transfer funds, only to a limit of $1000. For doing a money order remittance, you need to pay fees for creating a money order, and the payer gets a receipt to prevent scam or fraud. 
   
• Credit cards: You can also transfer funds using a credit card. There are high charges for doing credit card transactions. However, you can avoid high fees by sending money through your bank accounts.