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RMB pre-settlement remittance

Product name

RMB pre-settlement remittance

Description

RMB pre-settlement remittance is a BOC JHB branch product which combines RMB exchange and international remittance. 

Clients can remit their money in the form of USD using real time exchange rates from their BOC account to beneficiary’s account with any branches of Bank in China. Receiving Bank will convert USD into RMB automatically.

Features

Remitter and beneficiary may be different; Beneficiary’s account can be situated in any branches of Bank in China.

No exchange rate loss; Beneficiary receives RMB ultimately.

According to Exchange control regulations in China, RMB pre-settlement would affect beneficiary’s remittance limit per year, which is 50 thousand USD.

Beneficiary may be a non-resident in China however, passport no. must be provided.

If beneficiary is a Chinese citizen, then remitter needs to provide beneficiary’s Chinese name and Chinese ID no.

Procedures

Customers need to open a current account in my bank, and fill out the remittance application, including:

1. the remitter name, account number;

2. remittance currency and the amount of payee name and account number;

3. the beneficiary bank name (and SWIFT code);

4. the Chinese mainland resident identity card number of payee;

5. the information to payee, and sources or remittance fund;

6. the payer must choose to bear all remittance costs;

Customers can apply for pre-settlement remittance at the counter, and also can submit non-exchange of RMB pre-settlement remittance business through Internet bank.

Notice

1. In order to ensure that the payee received the fund in a timely manner, please provide the correct remittance information.

2. According to the provisions of the State Administration of Foreign Exchange of China, the payee received the settlement of foreign exchange must be in the annual settlement limit that is equivalent to 50,000 US dollars.

3. According to the provisions of the State Administration of Foreign Exchange of China, for pre-settlement, you must fill in the source or purpose of remittance funds.

4. Must provide the domestic payee effective Chinese mainland resident identity card number.

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