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Outward Remittance


 

Product Name

Outward Remittance

Product Description

Bank of China (Canada) enables our customers to efficiently remit money to different parts of the world, different individuals, and different accounts. We provide telegraphic transfer, demand draft, and Renminbi Remittance.

Features

With 643 overseas branches in 28 countries and regions, Bank of China (BOC) has set up international clearing centers in New York, London, Frankfurt, Tokyo and other currency centers. Drawing upon many years of accumulated experience, it can provide you with global remittance services and professional consultations on the best remittance paths, making your remittance reach all parts of the world.

Telegraphic Transfers

This is one of the most reliable methods of sending money to recipients locally and globally. This type of remittance service has the following features:

1.  The money can be directly credited into the beneficiary's account as long as the remitter provide  the beneficiary's bank name, bank account number, beneficiary name, address, phone number etc.;

2.  The fees involved in our remittance service include general processing fee and applicable cash handling charges.

Demand Draft

Another remittance option is to purchase from our Bank of China (Canada) demand draft payable to the beneficiary. You can then deliver the demand draft to the beneficiary so that the recipient can present the demand draft at the designated bank for payment.

1. Demand draft is issued at CAD10.00 each;

2. If the demand draft is lost or the remitter needs to repurchase a demand draft, the remitter will bear a CAD 15.00 fee and the fees that the paying bank may charge;

Renminbi Remittance

This service is only for telegraphic transfer to China.

1. Payment initially received in USD or CAD gets converted into RMB and sent to China;

2. The RMB exchange rate fluctuates based on the market conditions and the exchange rate published daily by our bank will prevail.

3. The beneficiary must be a Chinese citizen;

4. The remitter must provide the beneficiary's personal identification number in China;

5. The maximum of each remittance is USD 50,000 or its equivalent in other currencies;

6.  A regulation in China states that each Chinese citizen can only convert up to USD 50,000 per year. The RMB remittance will be returned if the amount exceeds this limit. However, if the remittance is in USD or CAD and the beneficiary also receives the fund in CAD or USD, then this requirement will not apply;

Target customers

It is available to all Bank of China (Canada) account holders with valid IDs.

Process

Customers must provide two pieces of valid IDs and visit any Bank of China (China) branches to complete the process. One of the IDs should be a photo ID such as Canadian Citizenship Card, Permanent Resident Card, or Canadian Driver’s Licence.

Kind reminder

  • Cash handling fee is applicable to customers who choose cash as payment;
  • Customers should provide the bank documents showing the source of the fund if a large sum of money is to be remitted. (For example: Cash withdrawal receipts from other financial institution, Custom declaration Form );
  • If the payee has not received your remittance in time, you may file an inquiry at the original remittance branch with your valid IDs and remittance receipt. The bank will investigate the remittance as soon as possible;

You may ask to return a remittance even after the remittance is processed. If the remittance is done by telegraphic transfer, the return request may be processed with your ID documents, remittance receipt and pay demand note before it is been deposited into the beneficiary's account; if the payment has already been deposited into the beneficiary’s account, the remittance can be returned only if the beneficiary agrees so. If the remittance is transferred in demand draft, the return of the remittance can be processed with your ID documents, original demand draft, remittance receipt and pay demand note.

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