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Global Foreign Exchange Daypass


 

With global foreign exchange daypass service, a qualified payment instruction received by Bank of China from abroad, Hong Kong, Macau can be delivered to a networked bank within 24 hours on a working day via Bank of China Global Nics. Also, the corresponding beneficiary account designated in payment instruction which was opened with the networked bank, will be credited.

Global foreign exchange daypass is a new financial service, taking advantage of Bank of China Global Nics, the first domestic real-time settlement system originated by Bank of China. If a qualified payment instruction (in the standard format of SWIFT) is sent from overseas, it can be delivered to the collection and payment system of the customer's local branch and be transferred to the beneficiary account within 24 hours via Bank of China Global Nics, in the circumstance of unblocked communication network.

Bank of China will take advantage of its 15,228 branches at home to guarantee the safety of RMB and various foreign currencies (including EUR) and to provide swift allocation of large-amount cash as well as clearing services of fund collection and payment, for banks and customers at home and abroad.

Details

1. Services involved in "global foreign exchange daypass"

Various international collection businesses conducted by Bank of China Global Nics, including personal and corporate inward remittances, L/C, due from bank, interbank allocation domestically and overseas, B-shares settlement which might be expanded in the future.

2. Scope of commitment

At present, domestic global foreign exchange daypass provides access to customers with an account opened with banks connected to Bank of China Global Nics.
Therefore, all branches connecting to Bank of China Global Nics are qualified for commitment.

3. Exclusions of global foreign exchange daypass

Abnormal running of Bank of China Global Nics due to communication problems;

Remittance delay for overseas remitter's own sake. For instance: providing wrong information of the beneficiary, wrong account number, inconsistent between account number and account name;

Remittance delay caused by overseas bank's fault (for instance: payment instruction sent by original remitting bank are not in the standard form of SWIFT;
the original remitting bank's delay in sending payment instruction; forward banks' overstock of payment instructions due to communication problems...);

Overseas remitting banks put in the blacklist by Department of Financial Institution of the head office due to bad credit standing, are excluded from the commitment of global foreign exchange daypass;

Payment delay due to remittee's own sake. For instance, remittee's accidental death, address change, or uncompleted necessary procedures according to relevant rules.

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