Outward Remittance

Product Introduction

Outward Remittance refers to a business in which our bank remits the remittance to the remittee according to the instructions specified in the remittance application filled out by the customer. 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 our 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 cashes it on demand.

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.

Product Advantages

1.      CGB is a SWIFT member; our worldwide network delivers fast remittance. Generally, the account will be received in one to two days;

2.      CGB provides “urgent remittance” service to the customers. We are able to finish the remittance operation in 30 minutes, and can send telegraph to directly advise the receiving bank at the same time. The payee can check with the receiving bank immediately;

3.      CGB’s demand draft at sign is base on the traditional demand draft. Through agreement with the account bank and integration of the internal procedures, we can make the offshore account bank pay at sight after checking the seal. The receiving time of the remitted funds is shortened effectively.

Kind Reminders

Please provide the following information in the remittance application form submitted to CGB so that your trade partner can receive your remitted funds as soon as possible:

1.      Complete and accurate information on name and address of the payee;

2.      Complete and accurate payment routing;

3.      Names of the remitter, the payee and the receiving bank for oversea remittance in English;

4.      The receiving bank of T/T shall be given priority to fill in and use the SWIFT BIC. If there is no clear valid BIN, the receiving bank must contain the information on the bank’s full name, the city name and the country name;

5.      If you need to apply for payment in EUR, please provide the IBAN of the payee. Or the payment may be delayed with additional service charges.

In accordance with the relevant regulations of the SAFE, the relevant materials you have to provide include:

(1)    Documents required for import remittance under trade mainly include import contract, invoice, goods declaration for importation, import remittance verification sheet, China e-port corporate IC card, import payment filing sheet (if needed) and other relevant commercial documents;

(2)    For payment under the service trade to the overseas organizations of less than USD 50,000 (including USD50,000) and payment to overseas individual of less than USD 50,000 (including USD50,000), you have to make the payment with the contract (agreement) or invoice(payment notice); for payment exceeding the above-mentioned limit, you have to provide all materials required by law for approval; for payment of less than USD 100,000 (including USD 100,000) for which the regulations have not specified to verify the certificate, you have to submit the materials to the bank for review; for payment of more than USD 100,000 for which the regulations have not specified to verify the certificates, you have to submit the documents approved by the SAFE;

(3)    For payment under capital, you have to submit the valid documents according to the specific regulations as set out by the SAFE.

Please ensure that your identity information kept in CGB is complete, so as to meet the relevant Chinese laws and regulations on anti-money laundering.