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Outward Overseas Remittance


 

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Outward overseas remittance

Introduction

Your domestic foreign currency can be remitted to various regions around the world through Bank of China.

Features

With 643 overseas branches in 28 countries and regions, Bank of China has set up international clearing centers in New York, London, Frankfurt, Tokyo and other currency centers and has correspondent bank relationships across the main countries and regions of the world. Drawing upon many years of accumulated experience, it can provide you with global remittance services and professional consultations with the best remittance paths, making your remittance reach everywhere globally.

The global remittance services can be transacted in any domestic branches of Bank of China, and the service includes multi-currency telegraphic transfer (T/T) and demand draft (D/D) service.

The major difference between telegraphic transfer and demand draft lies in: telegraphic transfer is faster but with higher charges than demand draft. If your remittance amount is large or you need to remit urgently, you may choose telegraphic transfer. If the remittance amount is small, the overseas stay is short or there is no need to remit money urgently, you may choose demand draft. Sometimes, the overseas payee may request specific remittance methods, for example, demand drafts are usually used in application for foreign schools and paying various application fees.

Process

I. Telegraphic Transfer

To transact telegraphic transfer, customers need to fill out a telegraphic transfer application form in English. Before transacting the business, you need to obtain the following remittance information accurately:

1. Remittance currency and amount;

2. The payee's name and address;

3. The payee's account number in the opening bank;

4. Name, SWIFT code or address of the payee's opening bank.

To ensure that the payee will receive the payment in time, please provide accurate remittance information, leave your contacts, and keep your remittance receipt so that we can contact you timely if there is something wrong with the remittance.

II. Demand Draft

To transact demand draft, customers need to fill out a demand draft application form in English (in Chinese if the remittance is to Hong Kong, Macao and Taiwan) and provide the following information accurately:

1. Remittance currency and amount;

2. The payee's name and address.

After the demand draft procedures have been transacted, we'll give the demand draft to you, and you may mail or take it abroad personally.

Kind Reminder: when you are transacting demand draft, please enquire the handling personnel of Bank of China whether the paying bank is located in the place the payee lives. When you remit USD to areas outside U.S., the paying bank may be the New York branch of Bank of China, if so, the payee can receive the payment only after transacting collection through a local bank.

III. Enquiry

If the payee has not received your remittance in time, you may transact enquiry procedures at the original remittance counter with your ID card, remittance receipt and pay demand note, and we’ll enquire it for you as soon as possible.

IV. Return Remittance

You may ask for returning remittance if you want to change your plan after the remittance procedures have been finished. If the remittance is transferred telegraphically, you may transact remittance return with your ID card, remittance receipt and pay demand note before it enters the payee's account; if the payment has entered into the payee's account, the remittance can be returned only after the payee has agreed. If the remittance is transferred in demand draft, you can transact remittance return procedures with your ID card, original demand draft, remittance receipt and pay demand note.

V. Reporting the Loss of Demand Draft

If the demand draft is lost, you should take your ID card and remittance receipt to apply for a written report of loss to the original draft issuing bank.

Bank of China will transact loss report procedures for you according to your requirements.

Note: We'll charge procedure fees and telecommunication fees for transactions of enquiry, remittance return and draft loss report according to the charging standard of service price announced by Bank of China.

VI. Remittance Charges

If you transact remittance with foreign currency cash, you need to pay for the corresponding price difference of the remitted cash.

Note: If it is to be adjusted, the latest announcement prevails.

Relevant Regulations

Regulations for domestic residents' individual remittance of the national foreign exchange management policy

The remittance business used for private overseas foreign exchange payment and investment by residents includes:

1. Foreign exchange payments under current items: remittances for outbound travel, visiting relatives, meeting relatives, pilgrimage, studying abroad, hospitalizing, attending international academic activities, and being employed as teachers of an individual; paying membership fees to international academic societies; purchasing a few medicines and medical appliances by mail from abroad; remittances used for direct relatives' illness, death and disasters; outward remittance of RMB from self-used articles being sold that previously has been brought to China from abroad or bought domestically by foreigners and Hong Kong, Macao and Taiwan compatriots who have stay in China for one year or more, and other foreign exchange expenditures of the current items.

2. Remittances from exchange accounts for current items expenditures

Studying abroad at one's own expense or primary or secondary school students studying abroad; filling out a written application and transacting with personal household registration certificate and ID card, passport with entry legalized by country and region of destination, or Hong Kong and Macao travel permit for mainland residents, formal admission notice from overseas schools as well as original copy and copy of fees notice from overseas schools.
Hospitalizing abroad: filling out a written application and transacting the business with personal household registration certificate and ID card, passport with entry legalized by country and region of destination, or Hong Kong and Macao travel permit, a hospital certificate from a regional (municipal) hospital at your locality with doctors’ proofs attached as well as an acceptance certificate and original copy and copy of fees notice from an overseas hospital.

Paying membership fees to international academic societies: filling out a written application and transacting the business with personal household registration certificate and ID card, as well as original copy and copy of an international academic organization certificate.

Special remittance used for purchasing a few medicines and medical appliances by mail from abroad: filling out a written application and transacting the business with personal household registration certificate and ID card, as well as original copy and copy of prescriptions issued by doctors from a local (municipal) hospital at your locality.

Remittance used on special occasions when direct relatives stay abroad fall into serious illness, die or come across accidents and disasters: filling out a written application and transacting the business with personal household registration certificate and ID card, valid certificates from overseas notary organizations, or original copy and copy of certificates from our country's embassies and consulates stationed abroad.

3. The remittance amount shall not exceed the standards specified on relevant certificates provided

Foreign exchange remitted abroad by a domestic individual for current items expenditures shall be transacted in accordance with the following regulations: in the foreign exchange savings account, when foreign exchanges remitted abroad accumulatively reach an equivalent value of below USD 50,000 (inclusive) on that very day, customers can transact the business at Bank of China with personal valid identity documents. When the amount exceeds the above number, customers should transact the business with true certificates of trading amounts under current items.

When foreign currency cash held at hand that are remitted abroad accumulatively reach an equivalent value of below USD 10,000 (inclusive) on that very day, customers can transact the business at Bank of China with personal valid identity documents; when the amount exceeds the above number, customers can transact the business with true certificates with trading amounts on them under current items, Customs Declaration Form of PRC for Luggage and Articles Carried by Entry Travelers Sealed by Customs or the foreign currency cash withdrawal documentation of the originally personal depositing bank.

Foreign exchange remitted abroad by a foreign individual for current items expenditures shall be transacted in accordance with the following regulations:
If foreign exchanges are remitted abroad from a foreign exchange savings account, customers can transact the business with personal valid identity documents.

When foreign currency cash held at hand that are remitted abroad accumulatively reach an equivalent value of below USD 10,000 (inclusive) on that very day, customers can transact the business at the Bank of China with valid personal identity documents; when the above amount is exceeded, customers shall provide Customs Declaration Form of PRC for Luggage and Articles Carried by Entry Travelers sealed by Customs or the foreign currency cash withdrawal documentation of the originally personal depositing bank for transaction.

Kind Reminder

1. What is SWIFTCODE?

SWIFT is an English abbreviation for Society for Worldwide Interbank Financial Telecommunication. The member banks of the Society have their own specific SWIFT codes, which is the SWIFTCODE. In a telegraphic transfer, the remitting bank sends a payment message to the receiving bank, then the payment can be transferred to the receiving bank.

2. Why the telegraphic transferred payment received by the payee sometimes is less than the originally remitted amount?

In the telegraphic transfer business, if there is a reciprocal account between the remitting bank and the receiving bank, the payment will reach the payee in full amount. However, in most cases, the remitting bank and the receiving bank have no direct current accounts of each other and the payment must go through one or several banks (that is intermediary banks) to be transferred to the receiving bank. Each intermediary bank will deduct a sum of handling charge from the payment while doing the transfer business. Therefore, when the payee of the telegraphic transferred payment receives the payment, it is not the originally remitted amount any more. Likewise, when transacting remittance return, the amount returned must be less than the originally remitted amount.

3. After transacting the demand draft, how can you or your relatives get the money?

After transacting the demand draft procedures, you may mail the draft to your relatives or friends by yourself, or bring it abroad by yourself. If you or your relatives or friends have an account at the specified paying bank, or you are in dire need of money, you may transact the withdrawal procedures with the draft and valid personal identity documents at the bank; otherwise, the draft can be delivered to your opening bank, it will transact collection with the paying bank.

4. What is an exchange account and a cash account?

An exchange account refers to the deposit account for remittance of foreign exchanges from abroad or Hong Kong, Macao and Taiwan or the deposit account for depositing foreign exchange drafts brought along with the people from abroad or Hong Kong, Macao and Taiwan; a cash account refers to the cash deposit account for foreign currencies held by an individual.

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