Product Introduction

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.

Product Features

Compared to letters of credit and collections, outward remittances feature simple procedures and lower costs.

TT is very fast, which helps exporters receive payments promptly and accelerate capital turnover.

The outward remittance process is simple and easy to handle, making it widely applicable.

Target Clients

Importers with sufficient working capital whose primary goal is to control financial costs rather than obtain financing facilities.

Trade settlements in which the exporter accepts payment after delivery but requires fast receipt of funds.

Importers who have a good, trust-based relationship with the exporter and are willing to accept prepayment terms.

Payments such as information fees, technology fees and trade-related ancillary expenses (including freight and insurance premiums).

Final balance payments under trade transactions.

Required Documents

For outward remittances, the following documents must be provided: An outward remittance application form, a withdrawal voucher from the foreign currency cash account and an RMB check for the foreign currency purchase.

For outward remittances, valid supporting documents required by the State Administration of Foreign Exchange rules must be submitted, such as foreign exchange approvals, a balance of payments declaration form (if required) and a verification form for trade import payments in foreign exchange (if required).

Application Conditions

(1) Legally approved and registered, holding a corporate business license that has passed annual inspection or other valid documents sufficient to prove its legal operation and business scope;

(2) Possess a loan card;

(3) Possess an account opening permit and a BOC settlement account;

(4) Possess import and export business qualifications;

(5) Have an established credit facility at BOC.

Application Procedure

The remitter submits the outward remittance application form to BOC, along with the withdrawal voucher from the foreign currency cash account or the RMB check for the foreign currency purchase.

After review and approval, BOC sends a remittance instruction telegram for T/T or an instruction letter for M/T to the overseas BOC branch or correspondent bank, or issues a demand draft for D/D and delivers it to the remitter.

For T/T or M/T, the overseas BOC branch or correspondent bank makes the payment to the beneficiary according to instructions.

For D/D, the remitter delivers the draft to the beneficiary. The beneficiary then presents the draft to the paying bank indicated on the draft and the paying bank makes the payment to the beneficiary.

BOC Advantages

Leveraging advanced clearing network and extensive professional experience, BOC is the first in China to launch the "Global Express Remittance" service and the "Korea Express Remittance" service for US dollar remittances to South Korea, enabling BOC to choose the most convenient remittance route for clients.

BOC maintains multi-currency correspondent accounts with major clearing banks, providing remittance services in various freely convertible currencies.

Relying on advanced technology and strong correspondent banking relationships, BOC can provide end-to-end tracking services for large-value remittances to ensure the secure arrival of funds.