Outward Remittance

1. Product Definition

The outward remittance refers to the service the Bank offers, under the entrustment of a customer, forwards funds denominated in foreign currency to the bank account of the payee designated by the remitter through our intermediary bank abroad.

2. Service Advantages

As a member of the Society for Worldwide Inter-bank Financial Telecommunication (SWIFT), the Bank has opened accounts of various foreign currencies such as RMB,USD, HKD, JPY, EUR, SGD, CAD, CHF, AUD and GBP, so payees can receive funds easily and quickly.

3. Applicable Scope

Customers choose settlement by way of remittance.

4. Business Procedures

1. The remitter submits the “Application for Outward Remittance” to the Bank together with relevant documents and vouchers for outward payment in foreign exchange required by the Bank, as well as withdrawal voucher of exchange account, or RMB check for exchange purchase;
2. After examination, the Bank sends the telegraph of remittance instruction to the foreign correspondent bank;
3. The foreign correspondent bank pays the remittance to the payee according to the instruction of the Bank.