How Does IVTS Work?
The sender gives money to an IVTS agent and his/her counterpart in the receiver region/country acts as deliverer of this money. The sender calls or faxes instructions to his counterpart and the money gets delivered in a matter of few hours. Settlements are made either with a private courier or wire transfer in the opposite direction. Another method of balancing the books is to under-invoice goods shipped abroad, so that the receiver can resell the products at a higher market price.
Read more about this topic: Informal Value Transfer System