Here is a detailed explanation of the steps that outline both the regular remittance model and the pre-pay remittance model. The slides below describe in detail what happens during a transfer, flow of money and who makes what during the transaction.
How does an international remittance transfer actually work step by step, and who are the parties involved?
What information does a typical remittance slip contain?1 ansWhy did my USD transfer to a USD-denominated foreign account get converted? I sent $1,000 USD to Europe; the recipient got €820, which was then converted back to $970—why did this happen if their account is in USD?1 ansHow does Western Union’s Money in Minutes service work?1 ansWhat actually happens behind the scenes during an international money transfer?1 ans