Benefit and Features
RMB Pre-Settlement Remittance is a service provided by Bank of China for Chinese citizen who wish to remit Chinese Yuan (CNY), also known as Renminbi (RMB). The remittance is payable in Singapore Dollars, US Dollars or other currencies and received by the payee in RMB based on the prevailing exchange rate.
- Fixed Exchange Rate: The RMB Pre-Settlement Remittance benefits the remitter in fixing the RMB rate of exchange in advance to minimize exchange risk.
- Faster Transaction: Funds are transferred in a quick manner among banks in China and immediate payment to the payee who is an account holder of Bank of China.
- Direct Settlement: The payee receives the funds in RMB as remitted without any further exchange transaction.
- Multiple Currency Payment: The remitter can easily make payment in various currencies like SGD, USD etc.
Eligible Applicants
- Telegraphic transfer only.
- *Remitter and payee must be Chinese (other than "Hong Kong, China", "Macau, China", "Taiwan, China") citizen.
- *Due to the regulation of State Administration of Foreign Exchange in China, an annual limit of USD50, 000 equivalent in RMB is set for the individual's exchange settlement amount. Please make sure your payee fulfil the regulation requirement before remittance can take place. *
Required Information
When submitting the remittance application form, the remitter must provide personal particulars and the payee's information as follows:
- Payee's Name, Contact Number, ID Number, Account Number
- Name and Address of Beneficiary Bank
- Remittance Amount
Upon acknowledgement of the remittance amount and completion of the transaction, a remittance receipt will be issued to the remitter.
Gentle Reminder
If the payee has reached the above-mentioned annual limit of exchange settlement, the remittance transaction will be unsuccessful and correspondent banks in China will refund to the remitter which may cause the individual to undertake exchange risk.
All clauses marked * are regulated by the State Administration of Foreign Exchange, China.
