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Product Name
RMB Pre-Settlement Remittance
Product Description
If you want to transfer funds to China and enable the beneficiary to receive money in RMB, you can send GBP/USD from the UK with our RMB Pre-Settlement service. The service brings the beneficiary peace of mind as no foreign exchange declaration process is required in China by using this service.
Product Features
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RMB Pre-settlement Remittance |
| Transfer from the UK |
GBP/USD |
| Receive in China |
RMB |
| Transfer Method |
Over the Counter + Internet Banking |
| Remitter |
Personal |
| Transfer Requirement |
No special request |
| Transfer Time |
4-5 working days |
| Beneficiary |
The remitter and beneficiary do not have to be the same individual, but the beneficiary does need to be a Chinese resident and has to provide his/her PRC ID number. |
| Beneficiary's Bank |
Bank of China or other banks in Mainland China |
| Maximum Amount to Beneficiary |
USD 50,000 or equivalent / person / year |
Application Procedures
You can make transfers at our branches or via Internet Banking if you hold a Bank of China (UK) Limited account.
Required Information
You need to provide the following information for money transfers:
1. Your proof of identity and address (e.g. Passport and utility bill). (Applicable only to counter service in branches)
2. Beneficiary’s name and address.
3. Beneficiary’s IBAN Number.
4. Name and address of beneficiary’s bank.
5. Beneficiary’s bank SWIFT code.
6. The amount to be paid.
7. Payment currency.
Gentle Reminder
Please note that we do not accept either mobile phone statements or printed statements from internet banking as sufficient proof of your address.
The Transfer time information is for guidance only, as processing times may vary in practice.
Terms and Conditions (personal accounts) apply.
Remittance charges do apply as per the Tariff of banking charges (personal accounts) and Internet Banking Tariff.
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