International Inward Remittance

Product Introduction

Inward Remittance refers to that our bank releases the remittance to the designated remittee according to the remittance releasing instruction of the outward remittance bank or the remittance transfer bank. There are two common remittance manners, namely, telegraphic transfer and demand draft. Telegraphic Transfer (T/T) refers to a remittance manner that according to the application of the remitter the outward remittance bank, by means of telecommunication (or via the account bank), instructs our bank to release the remittance to the remittee. Demand Draft (D/D) refers to a remittance manner that according to the application of the remitter the outward remittance bank opens a bank demand draft on which the account bank or the agency bank is the release bank, and lets the remitter send it to the remittee or carry it abroad, then the draft holder endorses the demand draft and cashes it at our bank.

Product Features

Telegraphic transfer is fast, so it is helpful for you to receive the remittance in a timely fashion; the service charge of demand draft is low, so it is especially suitable for customers in Hong Kong and Macau.

Our Commitments

1.Our bank is a SWIFT member; our worldwide network delivers fast remittance; direct remittance from the account bank can be released on the same date.

2.For all bank drafts on which the release bank is China Guangfa Bank (hereinafter referred to CGB), our branches can realize payment on demand. In this way, the receiving time of inward remittance is effectively shortened.

Kind Reminders

Our bank’s system is provided with the standard message automatic professing function, which can be used to safely transfer your inward remittance into your account as soon as possible. So, please tell your overseas trade partner the followings:
1.Your complete and standard foreign currency or RMB account at our bank as well as the Chinese or English account name which you used to opening the account at our bank.

2.The name, SWIFT code and overseas agency of our bank; please refer to the example.

3.The account bank (agency bank) which our bank can choose for remittance; please refer to the example.

4.The remitter must provide such basic information as the name, account number and address, so as to meet related legal stipulations of China on anti money laundering.

5.Please specify the nature of the remittance in the remittance postscript, so as to meet related legal stipulations of China on international income and expenditure declaration and foreign exchange management, and to facilitate our bank to transfer the remittance into your account as soon as possible.
When you have received the inward remittance notice issued by our bank, please carry related documents according to our banks requirements, and go to our bank to carry out related procedures of the audit of export related inward remittance (under the trade category) as well as the declaration of international income/expenditure, so that our bank can transfer the remittance into your account and settle the remittance in a timely fashion.