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   BOC Singapore >> Personal Banking >> Remittance & Exchange

International Remittance - Outward


 

Benefits and Features

Bank of China has an extensive network of correspondent banks and overseas branches. We provide global remittance service in various currencies by either telegraphic transfer (T/T) or demand draft (D/D). Therefore, you can transfer funds to most parts of the world in a safe and quick manner.

Required Information

1) To transfer funds to an overseas party via T/T, please provide the following details:

• Amount of Remittance

• Payee’s Name

• Payee’s Account Number

• Name of Beneficiary Bank

• Address of Beneficiary Bank

• SWIFT Code

We need your accurate information to make sure the transaction is successful. Payment should be received within a few days depending on the currency, destination, period, and the agent bank used.

2) To transfer funds to an overseas party via D/D, please provide the following details:

• Amount and Currency of Remittance

• Payee’s Name and Address

Upon issuance of a demand draft, you can either mail it to the payee or bring it out of the country, and request the designated paying bank to effect payment of a prescribed amount to the payee upon presentation of the draft.

Inquiry:

Our service desk will help you with your inquiry regarding any issue during the transaction upon presentation of ID card and the remittance receipt.

Cancellation of Remittance:

For cancellation of T/T remittance, the individual must provide ID card, remittance receipt and the charge list to apply before the remittance is effected. If the cancellation request is after the remittance is effected, the payee’s approval is required.

For cancellation of D/D remittance, the individual must provide ID card, original demand draft, remittance receipt and the charge list to apply for it.

Report of Loss:

To report loss of your demand draft, please bring your ID card and remittance receipt to the Bank where you have applied. Please notify us immediately if your demand draft is lost or stolen.

Gentle Reminder

According to Bank of China service charges, fees will be charged for inquiry, cancellation of remittance and report of loss.

Why is the amount of a T/T remittance received sometimes less than the original amount of the remittance?

If the beneficiary bank and our bank mutually open nostro/vostro accounts, the beneficiary bank may receive the full amount of the remittance. However, as most beneficiary banks do not have any account relationship with our bank, a remittance may have to be transferred to the beneficiary bank via one or several correspondent banks. Each correspondent bank deducts a service charge when handling the transfer service. Therefore, the amount of T/T remittance the payee receive is probably less than the original amount of the remittance.

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