What is BOC SmartRemit?
Remitting RMB is now easier like never before with the new BOC SmartRemit! With your BOC account in Singapore, you can now remit RMB directly to your BOC account in China (other than "Hong Kong, China", "Macau, China", "Taiwan, China"). As long as you are an existing BOC SmartSaver customer with salary crediting, you can remit up to your previous full year's salary, subject to the maximum declared amount of income tax. Hence it will not affect your Annual Individual Quota of USD50,000.
How does BOC SmartRemit work?
BOC SmartRemit is performed via Global Payment Innovative (GPI) with the following benefits:
- Priority Processing: The receiving banks will take priority in processing remittance via GPI.
- Payment Notification: The remitting bank is able to track the funds and keep you informed on the status.
- Service Fees: The remitting bank is able to keep you informed of the service fee for every successful application.
How is BOC SmartRemit different from RMB Pre-Settlement Remittance?
With BOC SmartRemit, you can remit RMB from your BOC MCA account in Singapore directly into another BOC account without going through the need of converting the currency. For remittance via RMB Pre-Settlement, you will have to convert SGD or USD to RMB prior to the remittance.
Eligible Applicants
- Remitter must be Chinese (other than "Hong Kong, China", "Macau, China", "Taiwan, China") citizen.
- Existing BOC SmartSaver customer under "BOC Enterprise Plan" .
- Existing BOC customer with a BOC Chinese Cultural Debit Card
What do I need?
- Original copy of your People's Republic of China Passport.
- Latest Notice of Assessment or last 3 months' payslip or proof of salary issued by company.
