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Clean Collection


 

Name

Clean collection

Introduction

Clean collection refers to collection of financial documents without any commercial document attached.

Features

Safety-- payments are collected through the international inter-bank network, a safe method for payment collection, avoiding the risk of collecting payments from payers directly;

Convenience-- the global bank network worldwide can help you conveniently collect payments from various areas around the world;

Efficiency-- utilizing the wide overseas correspondent bank relationships of Bank of China can greatly shorten the collection duration;

Cost-effective-- banking charges for clean collection are relatively low.

Low costs--banking charges of clean collection are relatively low.

Process

The consignor should provide valid personal identity document, submit original bill, sign on the specified endorsement position and fill out the clean collection application form. Bank of China will mail the bill to relevant banks abroad for bill payment collection.

Relevant Regulations

1. For the financial documents that Bank of China has not dealt with before or whose amount is large, Bank of China needs to enquire of the financial documents issuer about payment requirements and determines whether to accept the application according to specific conditions. And you need to assume the enquiry costs thereby generated.

2. The bill endorser should be same as the bill payer, and private seals can not be used for endorsement.

3. If bills are returned due to false endorsement or alteration on bills (including amount, beneficiary and date), Bank of China will reserve the right of recourse on the principal for consignor in accordance with relevant laws and confiscate the false bills.

4. If bills are lost during mailing, the remitting bank will assume no responsibility according to the international practice.

5. After final bill payment collection, Bank of China will transact foreign exchange settlement or procedures for depositing payment into your account in the light of national foreign exchange management regulations. The bill collection duration usually lasts 30-50 days if the bill is collected with the immediate credit; and the bill collection duration lasts a longer 40-60 days if the bill is collected with the credit after final collection.

6. Expenses incurred during collection should be assumed by the consignor and Bank of China will charge you the amount of the expenses. Individual foreign currency documentation (such as clean drafts in addition to foreign currency cash) is charged by 0.1% of the collection amount, with the lowest amount of RMB 50/collection, the highest amount of RMB 250/collection, and the postage is charged separately; the cancellation charge is RMB 10/collection; foreign currency cash collection is charged by 0.5% of the collection amount, with the lowest amount of RMB 20/collection and the highest amount of RMB 250/collection, and the postage is charged separately.

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