Glossary of terms commonly used in the Wallet
3 Information
Generally, when remitting money overseas, money is transferred through an intermediary bank. Remittances through intermediary banks are made when there is no deposit account at the central bank of the foreign country to which the remittance is being sent.
When sending money overseas, one of the fees incurred is an intermediary bank fee. Since international money transfers go through multiple banks, there are fees to be paid to intermediary banks.
A late fee represents a charge incurred when payment is not completed by a set due date.
