- The most convenient and quickest export settlement tool

WHAT——What is the inward remittance?

•The way of settlement that, entrusted by the customers, the foreign correspondent banks or sister-branches remits the fund into the domestic bank and instructs it to pay the fund to the payee.

•The way of remittance includes telegraphic transfer (T/T), mail transfer (M/T), and banker’s demand draft (D/D), among which T/T and D/D are used most commonly.

WHY——Why choose inward remittance?

•Telegraphic transfer, the quickest settlement tool, facilitates the exporters to speed up cash flow;

•Relatively lower costs and helping the exporter to reduce the financial expenses and control the costs;

•Widely used and easy to operation.

WHEN——When to use inward remittance?

•To speed up cash flow and reduce financial cost, the remittance is preferred;
•When doing settlement for non-trade business and capital account transactions, the remittance should be used.

HOW——How to handle inward remittance operation?

•The operation flow（telegraphic transfer is expressed in bold line and draft transfer in dotted line）

•Attentions

1．If the exporter has an account in the paying bank, the inward funds will be credited to the account directly.
Otherwise, the remittance will be transferred in a reasonable way;

2．If the inward fund is not received in time, it is suggested that the payee inquiry about it to the bank in time;

ADVANTAGES——Advantages of Bank of China

•Predominant reputation —— BANK OF CHINA has a long history of over 90 years and has been awarded “the Best Bank in China” by “Euromoney” for successively 8 times. With the progressively improved system of corporate governance, overall integration of operation flow, wholly-upgraded service efficiency and rich financial products, BANK OF CHINA has continued to advance toward its goal of becoming a leading universal international bank;

•First-class service —— BANK OF CHINA has always focused on the customer’s demand and adhered to the service tenet of “paying upon receiving, paying to the owed”. The bank tries all the way to provide customers with first-class and efficient service.

•Innovative products —— BANK OF CHINA, one of the leading banks to bring forth “One day Global Remittance”, makes unremitting efforts to improve and develop its products, creates comprehensive and convenient service to the customers.

•Safe and timely clearing business ——With four major clearing center, that is US dollar clearing center- New York Branch; Hong Kong dollar clearing center- Bank of China (Hong Kong); Euro clearing center -Frankfurt Branch and Japanese yen clearing center-Tokyo Branch, BANK OF CHINA stands as the leader in domestic market for foreign currency clearing businesses;

•Advanced technology level —— BANK OF CHINA became one of the first bank to  participate SWIFT in 1993. Sophisticated SWIFT system provides our clients with robust guaranty of convenient and high-speed collection service.

•Global network —— With 12529 domestic branches, 560institutions scattered in Hong Kong, Macao and oversea areas and nearly 4000 agency banks, BANK OF CHINA, exclusively in domestic market, has established a multi-nation and multi-layer high-speed global payment network established through 90 years accumulation;

•Effectively risk-evading system ——The first bank in china to offer Renminbi forward purchases and sales for foreign exchange, BANK OF CHINA accumulated rich experiences in helping the clients to dissolve overall exchange risks.