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.

Remittance Sub-Agents:
1. Travelex Money Transfer
2. i-Remit