Every Money Transfer And Remittance Term You Need To Know: Letter C

Last updated: October 05, 2022

Card Transfer

A Card Transfer is a delivery option (also called a delivery method) whereby you send money directly into your overseas recipient's credit or debit card.

Card Transfers are an extremely fast way to send money overseas as all major card providers like Visa and MasterCard are connected to international payment gateways. Most card transfers finish instantly or within just a few minutes.

Also known as: Direct to Card
Also see: Delivery Method, Delivery Option
Further reading: Delivery Methods for Money Transfer

Cash Pickup

Cash Pickup is a delivery method that you can use to pay your recipient overseas. When you use Cash Pickup as your chosen delivery option, your overseas recipient has to generally go to a branch or agent location to pick up the funds as cash.

Cash Pickup is generally one of the fastest ways to send money overseas as funds are available within minutes, or even instantly, to be picked up. The risk associated with Cash Pickup is safety and possible loss of funds by theft or crime.

Also see: Delivery Method, Delivery Option
Further reading: Delivery Methods for Money Transfer

Country Code

A country code is a 2 or 3 letter code that is used to identify a country. Country codes are ISO standards and are a globally accepted way to refer to countries with small 2 or 3 letter representations.

Also known as: Country ISO Code, Country ISO2 Code, Country ISO3 Code
Also see: Country Corridor, Currency Code, Currency Corridor, Currency ISO Code

Country Corridor

In the international money transfer space, a country corridor is a set of 2 countries where money is sent to and from. The sending country is always referenced first, followed by the receiving country.

For example, USA-India is a country corridor, and signifies a remittance sent from the USA to India.

Also see: Country Code, Country ISO Code, Country ISO2 Code, Country ISO3 Code, Currency Code, Currency Corridor, Currency ISO Code, Remittance Corridor
Further reading: Currency Exchange Rates: What Are They, How They Change, and More

Country ISO Code

A country ISO code, also sometimes simply referred to as a country code, is a 2 or 3 letter shorthand for a country. See below for more details on 2 and 3 letter country ISO codes.

Also known as: Country Code, Country ISO2 Code, Country ISO3 Code
Also see: Country Corridor, Currency Code, Currency Corridor, Currency ISO Code

Country ISO2 Code

Country ISO2 codes are a 2 letter representation of a country, and are backed by the ISO 3166 specification. In that regard, ISO2 codes are a globally accepted way to refer to countries using a short notation.

For example, the code US represents the USA, and the code GB represents the UK.

Also known as: Country Code, Country ISO Code, Country ISO3 Code
Also see: Country Corridor, Currency Code, Currency Corridor, Currency ISO Code

Country ISO3 Code

Similar to ISO2 codes, Country ISO3 codes are the corresponding 3 letter representation of a country, also based on the ISO 3166 standard. Just like ISO2 codes, ISO3 codes are also globally recognized and accept 3 letter shorthand for countries of the world.

For example, the code USA represents the USA, and the code GBR represents the UK.

Also known as: Country Code, Country ISO Code, Country ISO2 Code
Also see: Country Corridor, Currency Code, Currency Corridor, Currency ISO Code

Currency Code

Similar to country codes, there are also globally used currency codes as well. Currency codes are 3 letter codes; recall that country codes come in both 2 and 3 letter formats. Currency codes are also backed by the global ISO 4217 standard.

For example, the currency code for the US Dollar is USD, while that for the British Pound is GBP.

Also known as: Currency ISO Code
Also see: Country Code, Country Corridor, Country ISO Code, Country ISO2 Code, Country ISO3 Code, Currency Corridor

Currency Conversion Fee

When you buy one currency for another, the transaction is usually facilitated by an FX broker, a currency exchange company or a money transfer operator. All of these organizations act as middlemen and make a profit on the transaction by charging you a currency conversion fee.

The currency conversion fee can be a flat, fixed fee, or a percent based fee, or a combination of both. In general, the higher the conversion amount, the lower the fee. This is to prevent the fee from becoming so prohibitive that the customer may simply avoid the transaction or find alternate means.

Also known as: FX Fee
Also see: Fixed Fee, Free Money Transfer, Percent Fee, Wire Fee, Wire Transfer Fee
Further reading: Currency Exchange Rates: What Are They, How They Change, and More
What Is a Remittance and How Does It Work?
How To Make The Most Of Your Remittance

Currency Corridor

A currency corridor is a currency pair used for an international money transfer. The source currency is written first, followed by the destination currency. Both the sending and receiving currencies are expressed as currency ISO codes.

For example, USD-PHP is a currency corridor whereby the sender paid in US Dollars and the recipient got the funds in Philippine Pesos.

Also see: Country Corridor, Remittance Corridor
Further reading: Currency Exchange Rates: What Are They, How They Change, and More

Currency Exchange Broker

A currency exchange broker is a business, merchant or agent that helps to convert one currency to another. For example, currency exchange brokers usually operate out of international airports.

In exchange for buying/selling currencies, the broker will charge a fee. This means you have to pay more in the source currency to get a lesser amount of the target currency as the broker's profit needs to be accounted for.

Also see: FX Broker, FX Trader, Money Transfer Agent
Further reading: Currency Exchange Rates: What Are They, How They Change, and More

Currency Exchange Rate

Currency exchange rate is the value of one currency in terms of another. They are generally expressed as a division of the source currency value divided by the target currency value.

For instance, GBP/PHP signifies the conversion of 1 British Pound to Philippines Pesos.

Also known as: Exchange Rate, Foreign Exchange Rate, FX Rate
Further reading: Currency Exchange Rates: What Are They, How They Change, and More

Currency ISO Code

This is the same as Currency Code covered earlier. The term ISO is simply an additional qualifier to indicate the ISO codes are being used to refer to the currency code being mentioned.

Also known as: Currency Code
Also see: Country Code, Country Corridor, Country ISO Code, Country ISO2 Code, Country ISO3 Code, Currency Corridor
Further reading: Currency Exchange Rates: What Are They, How They Change, and More