Introduction

It refers to the service that pays the amounts to the designated payee as instructed by the foreign remitting bank.

Category

The product is used for international settlement of fund transfer/remittance. Methods of remittance include telegraphic transfer, mail transfer and draft transfer, the latter two methods are normally used now.

Features

1. Low cost. Compared with L/C and collection, remittance is easy to use with low cost.

2. Fast process. Telegraphic transfer is fast and helpful for exporters to collect payments timely and accelerate capital turnover.

3. Simple operation. It is simple to process and widely applicable.

Scope of Application

1. Customers who want faster fund circulation or lower financial cost may choose inward remittance.

2. Remittance should be used for settlement under non-trading and capital items.