Product Introduction

Inward remittance refers to BOC pays funds to a designated beneficiary according to the instructions of a remitting bank abroad.

Categories

The inward remittance service is used to meet the needs of international fund transfers and settlements. Remittance methods include telegraphic transfer (T/T), mail transfer (M/T) and demand draft (D/D). Currently, T/T and D/D are the most commonly used methods.

Product Features

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

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

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

Target Clients

Inward remittance is a suitable option for clients who have high requirements for capital turnover speed or controlling financial costs.

Inward remittance must be used for non-trade and capital account settlements.

Application Conditions

The applicant must be 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.

Application Procedure

BOC receives an inward remittance instruction telegram for T/T or an instruction letter for M/T from the remitting bank abroad, or receives a demand draft presented by the beneficiary for D/D.

After verifying the instruction telegram, letter, or draft and receiving the position, BOC releases the payment to the beneficiary.

Notes

If the client has an account with the receiving bank, BOC will credit the inward remittance directly to the client’s account. If not, BOC will arrange to transfer the funds to the client through a reasonable method.

If the client cannot receive the inward remittance timely, please contact BOC promptly to enquire.