Send Money From Singapore And Australia To Worldwide


How Long Does Remittance Take To Clear?

There is no denying that the ease of sending and receiving money across borders has become an integraC element of many lives. Whether you're assisting family members abroad or engaging in international business transactions, remittance plays a significant portion. However, the process is not without its particular challenges, and one key element that concerns customers is the remittance clearance time. Begin navigating its definition, risks and “safety measures for customers” to make the money transfer procedure super-fast.


What is the Remittance Clearance Time?


Remittance clearance time refers to the duration for funds to be transferred and made available to the recipient. The duration can vary significantly based on factors such as the countries involved, the remittance service provider, and the chosen transfer method. Understanding the clearance time is vital for customers, as delays can impact financial plans and create uncertainties.


How Much Time Does Remittance Take to Get Cleared?


The duration for remittance clearance varies based on the method and institutions involved. Bank transfers typically take 1-5 business days, depending on the countries and banks involved. Online money transfer services, such as Speed Renit, or PayPal, often provide faster processing times, ranging from minutes to a few hours. Cheque-based remittances may take a week or more for clearance. Cryptocurrency transfers can be nearly instantaneous, contingent on the specific cryptocurrency and network conditions. It's crucial to account for weekends, holidays, and potential time zone disparities, as these factors can impact the overall clearance time.


Risks Related to Remittance


  • Exchange Rate Fluctuations: One of the primary risks customers face is the volatility in exchange rates. The value of currencies can change rapidly, affecting the final amount received by the beneficiary.
  • Processing Delays: Remittance clearance is subject to processing times by banks and financial institutions. Delays can occur for various reasons, including technical issues, regulatory compliance, and security checks.
  • Fraud and Security Concerns: With the rise of online transactions, the risk of fraud is ever-present. Customers must be cautious about the security measures implemented by remittance service providers to protect their sensitive financial information.

Ways to Accelerate Remittance Clearance


  • Select the Accurate Service Provider: Not all remittance providers offer the exact clearance times. Research and opt for a reputable provider with a record of efficient and secure transactions.
  • Go for Electronic Transfers: Electronic transfers are generally faster than traditional methods. Choose options like wire transfers or digital wallets for quicker remittance clearance.
  • Use Trustworthy Platforms: Online platforms and mobile apps are popular choices for remittance. However, ensure that your platform is secure and compliant with industry standards.


Safety Measures for Customers


  • Verify Credentials: Verify their credentials and reputation before choosing a remittance service provider. Look for user reviews and ratings to gauge the reliability of the platform.
  • Protect Personal Information: Be cautious about sharing personal and financial information. Ensure the remittance platform employs robust encryption and security measures to safeguard your data.
  • Track Transactions: Regularly monitor your remittance transactions to detect unauthorised or suspicious activities. Promptly report any discrepancies to the service provider for investigation.


Conclusion

In the globalised era, remittance is a lifeline for many, fostering economic ties and familial connections across borders. However, customers need to be informed and proactive to mitigate the risks associated with remittance. Understanding the remittance clearance time, being aware of potential risks, and adopting safety measures are crucial for customers. By choosing reputable service providers, opting for efficient transfer methods, and staying vigilant about security, individuals can confidently navigate the remittance landscape, ensuring that their hard-earned money reaches its destination safely and promptly.

Download theSpeed Remit App

Check live rates, send money securely, set rate alerts,
receive notifications and more.

Compliance

Speed Remit works diligently to prevent its systems from being used to perpetrate any unlawful activity. We protect our customers and prevent the use of our products or services by anyone for money laundering, terrorist financing, sanctions violations, scams, and fraudulent intentions. As necessitated, we work with law enforcement to apprehend and impeach offenders.

Speed Remit collect different types of personal information for legal and compliance purposes relating to you that may be Compliance information, including fraud prevention, identity verification, and sanction checks. This may further include using your personal information to validate and authenticate your identity, and utilising third parties to help us do so, using personal information needed to comply with legal and regulatory duties related to anti-money laundering and counter-terrorist financing; detection, prevention and prosecution of fraud and theft as well as preventing illegitimate or prohibited use of our services or other illegal or wrongful activity.

Onboarding customer Identity Verification

Speed Remit is a financially regulated company and required by laws to verify the information prior to onboarding customers. Below are the more information on our verification processes and policies for our onboarding customers.

1. Why does Speed Remit need to verify me?

1.1 Normally, we will only need to check/Screen your name, address date of birth and country of origin.
1.2 We may also do enhance due diligence (EDD) that will be depend on amount to comply with the sending country regulations.
1.3 We will contact you if we need anything from you, so please ensure you check your emails regularly after you’ve made your transfer. In very rare cases the funds remain undelivered in absence of any additional information required under the prevalent laws of the territories.

2. What ID is required for the country I’m registered in?

2.1As a financially regulated company we are required by laws to verify all of our customers. Part of this process is 'identity verification'. Usually this involves collecting a copy of Government issued Valid ID from you and you can upload your ID securely at any time for our screening / verification during registration process.
2.2 Please upload your ID front side and back side to complete your verification process.

3. .Is there anything I need to know before I upload my ID?

3.1 When submitting your ID, please make sure that it's a high quality photo or scan of a valid original government-issued ID card, and the image should be clearly displaying the below information:

- ID Number
- Your Photo
- Your Complete name
- Your Date of Birth
- ID’s expiry date
- The full machine readable zone (the two lines of letters and numbers at the bottom of the document) if present
- Resident Address

3.2 The complete name and date of birth must match with your details on your Speed Remit account.

3.2 If any details do not match, please contact the Speed Remit Customer Support team ([email protected]) to have your details amended. For more information on this click "My Account" option

4. What types of ID can I use?

4.1 In case the Government issued ID card is not available incidentally at the time of registration / transaction, we may alternatively accept below ID's in case it is allowed your local central bank / financial regulator. At the end of the day, you must be holder of a valid ID even if you are unable to present it at the time of transaction.

- Driving License
- National ID
- Passport - All four corners of the document must be visible and it should visibly display the vital information.

4.2 Always upload the front and back of the ID or any alternate document (if any). The document number must be visible and there should be no glare or defocused image.
* Must match the details in your Speed Remit account

5. What is address verification?

Address verification is part of our customer verification.

5.1 If we need to verify your resident address we will contact you by email. You’ll need to reply to the email with your address and any proof of Address document as an attachment e.g. Last Utility Bill etc.

5.2 When submitting your proof of address, please ensure that it is a high quality photo or scan of a valid document showing:

- Your full name
o This must match what appears on your Speed Remit account
- Your full Resident address
o This must match what appears on your Speed Remit account

5.3 The name and address on the document must match the details on your Speed Remit account.

5.4 If any detail does not match, you can update them on our app or website by visiting the My Account Option of the Speed Remit.

6. What types of document you required to accept for address verification?

6.1 ID documents we can usually accept include:

- Utility Bill
o This can be a gas, electricity, water or insurance bills.
o We can’t accept mobile phone bills
o The bill must be no older than 3 months
- Driving Licence
o This must show your address
o This must be in date – we cannot accept expired documents
- Bank / Credit card statement
o This must be no older than 3 months

6.2 If your document is not accepted, it could be for a number of reasons. Some of the reasons documents cannot be accepted are:

- The date on document
o If the document is older than 3 months, we cannot accept it
- The details on your document
o The details (including name and address) on the document are not matched with information on your Speed Remit account
o The details must be for your home residence, not a PO Box or workplace
- The document type
o The type of document may not be one we can accept (for example a mobile phone bill)

7. What happens to my personal information after I upload it?

7.1 We only use these when we are completing Know Your Customer (KYC) checks, which is an essential process.

7.2 You can read more about our privacy policy and how we use your information here.

8. Need to send us your documents?

8.1 TIf we've emailed you and asked you to send us some documents, use the link in our email to upload your photo ID or selfie, and provide your proof of address by attaching it and replying to our email.

- To provide your photo ID or selfie: use the shared link in the email, or upload them here:
o Photo ID
o Selfie
- To provide your proof of address or any other document, reply to our email with your document as an attachment

Be our Agent

Speed Remit is expanding and intend to widen our presence in order to provide our customers with remarkable services across the world. We offer a great opportunity for worldwide regulated money transfer companies/ Banks to join speed remit Network as send and receive agent, simply fill in the form below. We’ll get back to you as soon as possible.