1. entrustment: the customer fills in the entrustment form at the exchange or bank, informing the amount, currency, remitter and remitter information, etc.
2. Quotation: The exchange company or bank gives the current currency exchange rate, handling fee and other information, which is calculated according to the client's entrustment.
3. Confirmation: The customer confirms the contents of the quotation and provides necessary documents to verify the identity and source of the assets.
4. Payment: After the customer pays the remittance fee, the exchange company or bank converts the money into the money required by the remitter and pays it to the remitter.
5. Settlement: Exchange companies or banks apply to the central bank for currency settlement, and incorporate the transaction process into the international payment system to realize fund settlement.
6. Tracking: After completing the exchange transaction, the exchange company or bank needs to track the fund transfer process to ensure that the funds reach the remitter's account and are confirmed.
7. Report: In order to meet the requirements of anti-money laundering and anti-terrorist financing laws and regulations, remittance companies or banks need to submit capital flow reports and transaction notices to relevant institutions.
8. Risk control: In exchange transactions, exchange companies or banks will conduct risk assessment according to customers' conditions and different transaction types, and take corresponding measures to reduce transaction risks.
9. Customer service: In order to improve customer satisfaction, exchange companies or banks will provide all-weather customer service, answer customers' questions in time and handle related complaints and disputes.
10. Legal compliance: As financial institutions, exchange companies or banks need to abide by a series of laws, regulations and industry norms, safeguard the principle of legal compliance of exchange business, and ensure the security and confidentiality of information.
In a word, remittance is a complex financial business, which requires strict implementation of various risk control and legal compliance requirements, and at the same time, it provides high-quality customer service to protect the rights and interests of customers and ensure that funds can reach the target account quickly and safely.
In addition, with the rapid development of information technology and the digital transformation of the financial industry, more and more remittance companies and banks have begun to use new technologies such as the Internet, mobile terminals and blockchain to speed up the efficiency and convenience of remittance and settlement and provide customers with more choices and flexibility. In the future, remittance business will continue to face challenges and opportunities, and it is necessary to constantly innovate and optimize the service model to meet the growing customer demand and market competition requirements.