What is a Payment order?
Foreign exchange remittance is a method used by merchants to transfer money to foreign countries and pay import costs. This method is carried out by the Central Bank or reputable exchange offices. The importer must deposit the desired amount into the exchange office’s account so that the equivalent currency is transferred to the seller’s account abroad. To receive the currency needed for imports, merchants must register in the Comprehensive Trade System and go to the operating banks so that all the steps related to currency allocation can be carried out for them in a systematic manner
Conditions for purchasing a foreign exchange transfer:
1- Customer authentication and information
2- Fill out the remittance request form.
3- Payment of fees and expenses.
4- Determining the settlement rate based on the rate on the trading day
5- The remittance process takes up to thirty working days.
To use foreign exchange remittance, steps must be taken, including obtaining a license from the Ministry of Industry, completing forms, securing foreign exchange, and sending the remittance. After sending the remittance, customers have six months to submit shipping documents to the bank. There are four methods of allocating foreign exchange: for their own exports, for the exports of others, negotiated market currency, and specific currency for basic goods.
