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Bank of China (Canada) is entrusted by the remitter to authorize an overseas affiliated bank or a correspondent bank to pay a certain amount of money to the specified party in an agreed method of remittance. This service is used for international settlement of fund transfers and remittances.
Methods of remittance include telegraphic transfer, mail transfer and demand drafts. Telegraphic transfers and demand drafts are the most frequently used.
Features
• Compared with L/C issuance and collections, remittances are low in cost and simple to process.
• Telegraphic transfers are considerably faster and enable exporters to collect payments timely, thereby accelerating working capital turnover.
• Procedures for remittance are relatively simple and can be applied to a wide scope of circumstances.
Who can benefit from this product?
• Importers with sufficient working capital, whose primary aim is to contain costs of financing.
• Exporters who are amenable to cash on delivery terms but require rapid settlement once payment is made.
• Importers who are willing to pay in advance to exporters with whom they have long-standing, successful business relationships.
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