Personal Banking

Inward & Outward Remittances

Inward Remittance:

  • Inward Remittance is the receipt of funds either locally or from offshore.
  • Our bank acts as paying bank for its overseas branches and correspondent banks in accordance with the payment instructions of the overseas remittance.
Outward Remittance:
 
  • Outward remittances are the transfer and payment of funds in accordance with the remitter's instructions. Transfers may be made internationally or within Australia.
  • Our bank provides prompt, safe and convenient outward remittance services. We can even provide this service in Mandarin and Cantonese.
  • Chinese Yuan Outward Remittance Service

    Please refer to CNY funds transfer section
There are two common methods of remittance: telegraphic transfer or by demand draft.

 

Telegraphic Transfer: (TT)
 
  • Telegraphic transfer is the fastest and safest way to transfer your money overseas.
     
  • The money can be directly credited to the beneficiary's bank account or paid to the beneficiary upon application and identification.
     
Demand Draft (DD)
 
  • A bank draft can be carried overseas, sent by mail or couriered to the beneficiary.
     
  • A bank draft can be cashed immediately or directly credited to the beneficiary's bank account.
     
  • Any loss or theft should be reported to us immediately so that the paying bank can be notified and arrange to stop payment. A handling fee will apply.
     
Information above is correct as at 26/03/2015 and is subject to change without notice. Fees and charges apply. Please refer to our “Schedule of Fees and Charges”. Consider the “Outward Remittance Product Disclosure Statement & Terms and Conditions” available on request before deciding to acquire this product. We are not providing financial product advice. You should consider obtaining independent advice before making any financial decisions. For more details relevant to inward and outward remittance, call 1800 095 566 (24/7).


 

Product issuer is Bank of China (Australia) Ltd. ABN 28 110 077 622 AFSL No. 287322.