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Cross-border Settlements
International Settlement
Bank of China has long served as China's specialized foreign exchange and foreign trade bank and has consistently been the main financial force serving China's opening-up and foreign trade. BOC has extensive practical experience and holds a leading market share in the field of international settlement.
International Letter of Credit
A letter of credit (LC) is a written document issued by a bank at the request and on the instructions of an applicant (importer) to a beneficiary (exporter), committing to honor a payment of a specified amount within a certain period against the presentation of stipulated documents that comply with the terms of the LC, either at sight or at a determinable future date.
Collection
When an importer and an exporter agree to settle international trade payments by way of collection, BOC can provide export collection services for exporters. Acting on the exporter's instructions, BOC collects payment from the importer through an import collecting bank against the exporter's commercial documents and financial documents (if any).
Inward Remittance
Inward remittance refers to BOC pays funds to a designated beneficiary according to the instructions of a remitting bank abroad.
Outward Remittance
Outward remittance refers to BOC, upon the remitter's request, instructs an overseas BOC branch or correspondent bank to pay a certain amount of funds to a designated beneficiary using an agreed-upon remittance method, meeting the needs of international fund transfers and settlements. Remittance methods include T/T, M/T and D/D. Currently, T/T and D/D are the most commonly used methods.
Domestic Settlements
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Factoring
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Commercial Bills
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Online Service Channels
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Letter of Reference and Letter of Credit Intention for Project Tendering/Bidding
Comprehensive Operating Companies
Bank of China (Hong Kong)
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BOC International (China)
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BANK OF CHINA (BOC)
All Rights Reserved.
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