Tubeloom

Mail Transfer (M.T.)

>> Sunday, September 27, 2009

When the money is not required immediately, the remittances can also be made by mail transfer (M.T.). Here the selling office of the bank sends instructions in writing by mail to the paying bank for the payment of a specified amount of money. The payment under this transfer is made by debting to the buyer's account at the selling office and crediting to the recipient's account at the paying office.

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