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Name
Inward Remittance
Introduction
Instructed by remitting bank, Bank of China Rotterdam Branch pays the remittance to designated receiver to meet the cross-border fund transfer and settlement need of customers. Remittance manners mainly include telegraphic transfer, mail transfer and demand draft; telegraphic transfer and mail transfer are more common.
Features
1. Low cost. Compared with L/C and collection, the cost for remittance is lower.
2. Quick process. Telegraphic transfer is relatively rapid and can therefore help exporters collect payments in time to speed up the turnover of funds.
3. Simple procedures. Remittance has simple procedures and is widely applicable.
Charges
The charges are subject to the charging principle and rate stipulated in the relevant rules of Bank of China Rotterdam Branch.
Scope
1. Remittance can be adopted for settlement when customer has high requirements on the turnover of funds or control over financial cost.
2. Remittance is normally adopted for customer's settlement under non-trade item and capital item.
Application Qualifications
The applicant shall have an current account in Bank of China Rotterdam Branch.
Procedure
1. The Branch receives the remittance instruction telegram from remitting bank.
2. After examination and receipt of the remittance, the Branch pays to the receiver.
Tips
Inward remittance is free of crediting fees.
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