Inward remittance

Product descriptions

It is the business that the Bank disburses funds to the designated beneficiary according to the instructions of the remitting bank.

Product classification

It is used to meet the demand for remittance and settlement of trade and non-trade funds. Means of remittance include wire transfer, mail transfer and demand draft. Currently wire transfer and demand draft are commonly used.

Product features

1. Low cost. Compared with the L/C and collection, remittance procedures are simple and cheap.

2. Fast speed. The speed of wire transfer is relatively fast, which is conducive to the timely collection of payments by exporters and this can speed up capital turnover.

3. Easy to operate. The operation is simple and easy, and the scope of application is relatively wide.

Scope of application

1. When the remitter and the beneficiary are certain about each other’s credit status.

2. If the customer has higher requirements for the speed of capital turnover or the control of financial expenses, it is advisable to choose inward remittance.

3. For settlement under non-trade and capital account, remittance should be adopted.

Application conditions

The applicant has been approved and registered in accordance with the law, and has an annually verified legal person business license or other valid documents which can prove its business legitimacy and business scope.

Business flow

1. The Bank receives the remittance instruction telegram (under the wire transfer) or instruction letter (under the mail transfer) from the remitting bank, or receives the draft (under the demand draft) presented to the Bank by the beneficiary.

2. After checking the above instruction telegram, letter or draft without error and accepting the position, the Bank shall settle the payment to the beneficiary.

Reminders

1. If you have an account at the receiving bank, the bank will directly credit the remittance to the account; if you do not have an account at the receiving bank, the bank will handle the transfer for you in a reasonable manner.

2. If you do not receive the money in time, you’d better inquire with the remitter directly.