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Is it legal to provide money remittance services?

Is it legal to provide money remittance services?

Well, before going on to other things, you should first know that what is money remittance and what is money remittance services?

So basically money remittance refers to money transfer but from a foreign country for personal purposes, for example, a man working in another country transferring money to the country in which his parents use to live. And talking about money remittance service, it comes under federal law and it’s a kind of business that allows electronic transactions of money across foreign countries.

What are the best apps for money remittance?

Pay Pal, Cash App, Venmo App, Meta App, and Zelle are some of the apps that are used worldwide.

  • PayPal – It is one of the best options for making payments. It’s the best above all. It’s very secure and flexible plus very easy to use. Also, it doesn’t cut any transaction fees. By using pay pal, you can make payments for free from your wallet balance or form a bank account. It also provided you with an option of PayPal instant transfer. It has its version for different devices like android, iOS, and PC.
  • World Remit App – It is good for making payments internationally. It provides you with a feasible exchange of money and it’s flexible to make payments in over 130 countries. You must know that most transfers take at least 24 hours, but the world remit app completes it in 10 minutes.

money remittance services

  • Cash app – It’s very helpful in making low fee payments instantly. It’s very simple to use and free also. You can pay and get paid with this app. It also possesses some different features from other apps.
  • Venmo – It’s the best among all. It provides fast and easy services. You can easily send money and can easily receive money via Venmo. You can even use emojis while doing transactions. It also provides ininstant transfer of money.
  • Zelle – It provides you transfer of money from one bank to another. It provides you with easy and quick access to money.

Do payment and remittance refers to the same thing?

Well, in this case, we can yes! It does refer to the same thing. It just differs in one thing, which is whether the money transfer is to another country or not. If the money transfer is to another country then we can call it a remittance.  So here, we can say that all the remittances are payments but not all the payments are remittances.