FX and Remittance
PMCT Accountants and Consultant are specialists in money exchange operations and due to quantum of amount involve and type of participants involved, we believe foreign exchange (FX) and money remittance (MR) are separate markets.
Money Remittance (MR) is normally participation of money exchange transactions by individuals and business (mostly not financial firms) for beneficial collection. Transaction is undertaken with regulated authorised firms such as GES Money. Transaction amounts are small and collection by a beneficiary is within minutes of transacting taking place. For instance GES Money would use a number of registered agents to carry out MR activities from the UK and Beneficiaries collects remitted amount within 10 minutes from GES Money partner banks in a number of African countries.
Foreign Exchange (FX) is normally transaction undertaken by and with an investment bank or financial services firm such as fund managers and insurance. The parties involved are mostly regulated firms and amounts under consideration are mostly in millions for respective legacy currencies involved. The process may involve the use of a clearing house or each counterparty providing nostro or vostro account to be evidenced by swift messages. Failure of an FX transaction could have significant impact in the financial market and even for an economy.
If you need to participate in exchange of money in any of the major currencies, please contact us for expert help.
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