To convey these meanings, the command and transfer have a nineteenth-century atmosphere. I would have no qualms about replacing them with the less picky alternatives Pay and Payment or Transfer (the verb and noun), as in the following examples: Federal law defines “money transfers” as the most electronic money transfers made by people in the United States who have used “money transfer providers” to send money to recipients overseas. According to the World Bank`s 2019 Migration and Development Letter, remittances totaling $529 billion were sent to low- and middle-income countries in 2018, a 9.6% increase from the previous record of $483 billion in 2017. This figure is significantly higher than the $344 billion in foreign direct investment in these countries, excluding China, in 2018. If we also include high-income countries, total remittances rise from $633 billion in 2017 to $689 billion. (1) General definition. A “wire transfer” means the electronic transfer of funds requested by a sender to a designated recipient and sent by a money transfer service provider. The time limit applies regardless of whether or not the sender has an account with the transfer provider and whether the transaction is also an electronic transfer within the meaning of § 1005.3(b). Payment transfers are transfers of money made by individuals to another party. They can be done to fulfill an obligation such as a bill payment or invoice when someone buys online. But they are most often made by one person in one country to someone in another.
Most remittances are made by foreign workers to family members in their home countries. It can also be payments made to a company. The most common type of transfer is to use an electronic payment system through a bank or money transfer service such as Western Union. People who use these options are usually charged, but transfers can take as little as ten minutes to reach the recipient. (d) `pre-authorised credit transfer` means a pre-authorised credit transfer which may be repeated at essentially regular intervals. The global average cost of sending a $200 bank transfer, according to the World Bank. (i) Safe Harbor. For the purposes of paragraph (f)(1) of this section, a person is deemed not to make payments on behalf of a consumer in the ordinary course of business if the person: Under federal law, remittances generally describe electronic transfers over $15 sent by consumers in the United States to persons or businesses abroad through a money transfer fund provider. Common terms for remittances include “international remittances,” “international money transfers,” and “wire transfers.” (b) `working day` means any day on which the offices of a credit transfer provider are open to the public for the purpose of carrying out substantially all commercial functions.
As a result, financial intelligence units are concerned that remittances may be one of the means of laundering money or encouraging violent activities such as terrorism. The words order and transfer appear relatively frequently in contracts. Black`s Law Dictionary defines the order: “Transmit (in the form of money) (upon receipt of the letter of claim, he immediately transferred the amount owing).” And this is how he defines transfers: “1. A sum of money sent to another in payment for goods or services. 2. An instrument (such as a cheque) used to send money. 3. The act or process of sending money to another person or place. Many authorities are also concerned about the high cost of remittances. Sending small amounts is often expensive.
To promote transparency, some countries limit remittances to bank transfers, but banks are the most expensive remittance channel, according to the World Bank. In the first quarter of 2019, banks charged an average of 11% transfer fees. Post offices charge more than 7% on average. The fee can exceed 10% if the destination is in Africa or an island in the Pacific Ocean. On the positive side, remittances are also used to help those living in less developed countries open bank accounts, which helps promote economic development. According to the World Bank, the top recipients of remittances in 2018 were India with $79 billion, followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion) and Egypt ($29 billion). “Credit Transfer Provider” or “Supplier” means any person who, in the normal course of business, makes transfers on behalf of a Consumer, whether or not the Consumer has an account with that person. (1) “Covered Third Party Fees”.
“Covered Third Party Fees” means all fees charged for the transfer by a person other than the money transfer provider, other than the fees described in paragraph (h)(2) of this section. (a) “Agent” means an Agent, Authorized Agent or Person affiliated with a Money Transfer Provider within the meaning of the State or any other applicable law, where such Agent, Authorized Agent or Affiliate is acting on behalf of such Money Transfer Provider. (2) “Uncovered Third Party Fees”. The term “uncovered third party fees” means all fees charged by the institution of the designated recipient to receive a transfer to an account, unless the institution acts as agent of the transfer provider. A bank transfer refers to money that is sent or transferred to another party. The term is derived from the word to hand over, which means to return. Transfers can be sent by bank transfer, electronic payment system, mail, bill of exchange or check. If at any time legal restrictions prevent the prompt transfer of all or part of the royalties [see if Acme is unable to pay any promptly] to any country in the territory where the product is sold, .
Declining oil prices and production have also pushed much of the Venezuelan population to migrate to other countries over the years. With so many refugees and immigrants living abroad, the result is an increase in remittances. In 2017, more than $1.5 billion in remittances were sent to family members back in the besieged country. For low-income countries or those with struggling economies, remittances are one of the main sources of income for the local population. In 2015, for example, Mexicans sent home more than $24 billion abroad, which is more money than the country earned by selling oil. A business is not a money transfer provider if it made 500 or fewer transfers in the previous calendar year and 500 or fewer in the current calendar year. If you use such a company to send a money transfer, federal law does not require them to provide you with the following guarantees. (c) `designated recipient` means any person designated by the sender as the authorised recipient of a credit transfer to be received at a place abroad. an amount that the creditor or the administrative delegate may designate as a proportion of the amount reimbursed that does not leave him in a better or worse situation after the transfer [see payment] than if. Remittances are playing an increasingly important role in the economies of small and developing countries. They are also considered an important part of disaster relief and often exceed official development assistance (ODA).
Remittances are often used to raise the standard of living of people abroad and fight global poverty. Indeed, since the late 1990s, remittances have surpassed development assistance and, in some cases, account for a significant share of a country`s gross domestic product (GDP). You have 180 days to notify the transfer provider of an error, starting from the date announced by the money transfer provider as the date the funds will be available. Money transfer providers should investigate error messages. Even if you have up to 180 days to report the error, contact the company immediately if you think a mistake has been made. Money transfer service providers usually have 90 days to investigate the matter and they must inform you of the results of the investigation.