remittance-service

Vocabulary Word

Definition

'Remittance service' refers to a service, often provided by banks or independent providers, that enable the transfer of funds from one party to another, often across countries. Like when you use an app to send money to your friend studying overseas.

Examples in Different Contexts

Remittance services in e-commerce facilitate payments to international sellers and workers, simplifying cross-border transactions. An e-commerce manager might state, 'We rely on remittance services to pay our overseas suppliers, making global commerce more seamless.'

Practice Scenarios

Marketing

Scenario:

Making transactions easier for expats could be a unique selling proposition. How can we make our international payment services appealing?

Response:

We can highlight the benefits of our remittance service, like easy handling and competitive fees, in our marketing campaigns to the expat community.

Financial

Scenario:

I need to send money to my son studying overseas. What's the most cost-effective solution your bank provides?

Response:

Our bank offers an effective remittance service that provides competitive exchange rates and minimal transaction fees.