Inward Remittance

1. Product Definition

Inward remittance means that the bank accepts the entrustment of an affiliated bank or a correspondent bank to handle payment and remittance to the designated payee.

2. Service Types

The remittance may be made by way of telegraph, mail and draft, and now telegraphic transfer is mainly used.

3. Service Advantages

1. Low cost. Compared with letter of credit and collection, remittance boasts simple procedures and low cost;
2. Fast rate. Telegraphic transfer is fast, which is favorable to the exporters to recover funds in a timely manner and accelerate the capital circulation rate.
3. Easy operation. It is easy and simple to operate and can be applied in a broad range.

4. Applicable Scope

1. If a customer has a high requirement for capital circulation rate or control of financial cost, it is advisable to choose inward remittance.
2. The method of remittance is usually adopted for settlement under non-trade and capital accounts.

Business Procedures

1. Bank of Shaoxing receives the telegraph of remittance instruction sent by a foreign remitting bank;
2. After checking that the above instruction telegraph is correct and receiving the remittance, the Bank will pay the remittance to the payee.