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Remittance for Advance Foreign Exchange Settlement


 

Name

Remittance for Advance Foreign Exchange Settlement

Introduction

"Remittance for advance foreign exchange settlement" refers to the special remittance method with which when an overseas individual is remitting foreign exchanges to a domestic resident through overseas branches of Bank of China, if the remitter requires to pay the receiver in RMB, the overseas bank will exchange the payment into RMB according to the currency buying rate on the remittance day stipulated by Bank of China head office, inform the remitter of the remitted RMB amount, and remit the foreign exchanges to the designated domestic receiving bank. The domestic receiving bank informs the paying bank to pay RMB to the receiver based on the payment instruction of the overseas branch.

Features

1. No loss from exchange: Remittance for Advance Foreign Exchange Settlement can help remitter lock up RMB exchange rate in time with no loss of the exchange amount.

2. Efficient payment: the advance settlement of foreign exchange is remitted into Chinese mainland by telegraphic transfer in short time. If the payee has opened a current all-in-one account in Bank of China, payment collection will be more efficient and convenient.

3. Convenient foreign exchange settlement without application: the RMB is transferred directly to the payee, and the domestic payee needs not to transact any foreign exchange settlement application.

4. Convenient overseas currency exchange: the overseas institutions of Bank of China can transact seven-currency services of USD, EUR, GBP, JPY, AUD, CAD and SGD, other currencies only need to be exchanged into the above seven currencies.

Target Customers

Chinese citizen worked abroad for a long time with full capacity for civil conduct. They can exchange foreign currencies into RMB and remit them into Chinese mainland to avoid the exchange rate risk of RMB appreciation.

Process

Please go to overseas branch outlets of Bank of China to consult for details and transact the business.

Kind Reminder

The best remittance method is to remit to the RMB and foreign currency current all-in-one account of Bank of China; if the overseas remitter does not know the account of the domestic payee, the advance settlement of foreign exchange can also be transacted. As long as the payee's name, detailed address and daytime contact telephone are provided, Bank of China can also transact the RMB remittance payment business.

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