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RMB Pre-Settlement Remittance


 

Benefit and Features

RMB Pre-Settlement Remittance is a service provided by Bank of China for individuals who wish to remit Chinese Yuan (CNY), also known as Renminbi (RMB). The remittance is payable in Singapore Dollars, US Dollars or other currencies and received by the payee in RMB based on the prevailing exchange rate.

• Fixed Exchange Rate: The RMB Pre-Settlement Remittance benefits the remitter in fixing the RMB rate of exchange in advance to minimize exchange risk.

• Faster Transaction: Funds are transferred in a quick manner among banks in China and immediate payment to the payee who is an account holder of Bank of China.

• Direct Settlement: The payee receives the funds in RMB as remitted without any further exchange transaction.

• Multiple Currency Payment: The remitter can easily make payment in various currencies like SGD, USD etc.

Eligible Applicants

• Telegraphic transfer only.

• Remitter can be any individual residing outside China (including citizen and non-citizen). *

• Payee can be residing within Mainland China with or without Chinese citizenship.*

• Due to the regulation of State Administration of Foreign Exchange in China, an annual limit of USD50, 000 equivalent in RMB is set for the individual's exchange settlement amount. Please make sure your payee fulfill the regulation requirement before remittance can take place. *

Required Information

When submitting the remittance application form, the remitter must provide personal particulars and the payee's information as follows:

• Payee's Name, Contact Number, ID Number, Account Number

• Name and Address of Beneficiary Bank

• Remittance Amount

Upon acknowledgement of the remittance amount and completion of the transaction, a remittance receipt will be issued to the remitter.

Gentle Reminder

• If the payee has reached the above-mentioned annual limit of exchange settlement, the remittance transaction will be unsuccessful and correspondent banks in China will refund to the remitter which may cause the individual to undertake exchange risk.

• If the remitter does not have details of the payee's bank and account number, he/she can still apply for RMB Pre-Settlement Remittance, with the availability of the payee's name, detailed address and contact number.

All clauses marked * are regulated by the State Administration of Foreign Exchange, China.

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