remitting bank

noun

Definitions of remitting bank

  • a bank that receives documentation from a seller for remitting (=forwarding) to the buyer’s bank along with instructions for payment

    "The beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank."

Phrase Bank for remitting bank

  • The amount is transferred to the payee’s account within 30 minutes of the fund transfer by the remitting bank.

  • As we understand from the secret court ruling, Latvian PrivatBank was a remitting bank in that case.

  • For incoming cross-border payments, unless otherwise instructed by the remitting bank, banks should promptly credit the remitted funds.

  • This entails that neither the remitting bank nor the customer can reverse this transaction at that point.

  • If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank.