Taking advantage of the inter-bank transfer and clearing network, the bank forwards, at the entrustment of the remitter, money to the beneficiary with appropriate payment certificates.
The remittance may be divided into inward remittance and outward remittance in terms of the direction of funds movement, or telegraphic transfer (T/T), mail transfer (M/T) and demand draft (D/D) in terms of the remitting manner.
T/T is safe and quick, but costs more. M/T is relatively cheaper, but rather slow. D/D is more suitable to the payment-against-goods trade.
? Inward Remittance
Introduction
The bank accepts the remittance from the remitting bank and credits to the nominated payee.
Features
• In accordance with the principles of "crediting upon receipt" and "crediting to the nominated beneficiary".
• Crediting directly to its settlement account with us for corporate payee, and against his/her valid ID certificate for individual payee.
Handling Guide
Upon the receipt of the remittance position or the endorsed bank draft drawn on the bank, the bank will credits the funds to the beneficiary in compliance with relevant regulations of the administrative department of foreign exchange.
? Outward Remittance
Introduction
The bank forwards funds denominated in foreign currency to the nominated bank account of the beneficiary through our account bank abroad.
Advantages of the Bank
• Be a member of the Society for Worldwide Inter-bank Financial Telecommunication (SWIFT).
• Maintain foreign currency accounts overseas that are of various currencies, such as USD, HKD, JPY, SGD, CAD, CHF, AUD, GBP, etc..
Handling Guide
To process import payments, institutions in the Register of Importing Units Making Overseas Foreign Exchange Payments of the State Administration of Foreign Exchange may fill in the Application for Overseas Remittance by presenting the valid business documents.