Remittances

Inward Remittances
• It is the transfer of fund from a remitter abroad or locally based to the beneficiary client
• A remitter gives instruction to his bank, the remitting bank, to transfer funds to the beneficiary through his bank. 
• The remitting bank sends a payment order to Security Bank and remits the corresponding cover to its nostro account with the correspondent/depository bank. 
• Upon receipt of said payment instruction, Security Bank, will process the payment order and pay the proceeds to the beneficiary in accordance with the instruction indicated on the payment order.

Outward Remittance
• It is the transfer of fund from a client remitter to a foreign or local beneficiary.
• A client remitter gives instruction to his bank, Security Bank, to transfer funds to the beneficiary through his bank.
• Security Bank, the remitting bank, sends a payment order to beneficiary bank and remits the corresponding cover to its nostro account.
• Upon receipt of said payment order, the paying bank, will process the PO and pay the proceeds to the beneficiary in accordance with the instruction indicated on the payment order.


Direct Remittance – Trade-related


Foreign Telegraphic Transfer

Transfer of funds from a Philippine bank to a foreign bank or vise versa through the SWIFT system (Society for Worldwide Interbank Financial Telecommunications).


Domestic Telegraphic Transfer

Transfer of funds from a remitter domiciled locally through one local bank to another through Philippine Domestic Dollar Transfer System (PDDTS) and PCHC Credit Clearing – US Dollar Transactions for dollar fund transfers and Real Time Gross Settlement (RTGS) and Electronic Peso Clearing Settlement (EPCS) for peso fund transfers.