Introduction
The service of paying the amounts to the designated payee as instructed by the foreign remitting bank.
Category
The product is used for international settlement of fund transfer/remittance. Methods of remittance include telegraphic transfer, mail transfer and draft transfer, the latter two methods are normally used now.
Features
1. Low cost. Compared with L/C and collection, remittance is easy to use with low cost.
2. Fast process. Telegraphic transfer is fast and helpful for exporters to collect payments timely and accelerate capital turnover.
3. Simple operation. It is simple to process and widely applicable.
Scope of Application
1. Customers who want faster fund circulation or lower financial cost may choose inward remittance.
2. Remittance should be used for settlement under non-trading and capital items.
Application Qualifications
Legally approved and registered with annually checked business license and other documents effectively proving its legal status and business scope.
Process (solid line for Telegraphic transfer and Mail transfer, dotted lines for Draft transfer)
1. Bank of China receives remittance instruction telegraph (under T/T) or instruction letter (under M/T) from the foreign remitting bank, or the draft transfer presented by the payee to our bank (under D/T).
2. Bank of China will pay the remittance to the payee after verifying the above instruction telegraph, letter or draft and receiving position.
Kind Reminder
1. If you have opened an account with the remittance paying bank, the bank will credit the remitted amounts into the account; If you haven't such account, then the bank will process transfer for you in a reasonable way;
2. Please timely contact the bank if you do not receive the remittance.
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