Means and Methods for settlement of International Payment

There are some means and methods for settlement of international payment:

i. Foreign accounts of Banks:
a. Nostro Accounts
b. Vostro Accounts
c. Loro Accounts

ii) Credit Instruments:
a. Telegraphic Transfer (TT)
b. Mail Transfer (MT)
c. Banker's Draft
d. Bills of exchange
e. Letter of Credit
f. Stock Draft
g. Personal Cheques/Dividend Warrants etc.
h. SWIFT-The Society for World-wide International Financial Telecommunications

iii) Other means of International payment:
a. Currency notes and coins
b. Bullion/Gold
c. International Money Order

iv) Travel Transaction:
a. Traveler's Cheque
b. Credit Cards
c. Eurocheques
d. Foreign Currency Accounts