Inward Remittance from Oversea

Brief introduction to products

Inward Remittance from Oversea means the business whereby overseas relatives, friends, employing company and other institutions remit convertible forex to a Chinese or foreigner in China.

Service target

Applicable for individuals in China who have legal foreign currency income or have the need of inward remittance, including foreigners in China.

Characteristics of Product

1.      Our bank imposes no limitations on the inbound remittance, which may be deposited or withdrawn freely;

2.      We collect no conversion handling charges and will waive or reduce the advising charges as appropriate;

3.      There is no need to open an account first for any inbound remittance and any account that has been opened can be used for universal deposit and withdrawal;

4.      We are an SWIFT member and have access to the global network to ensure speedy remittance, which is received usually in 2–3 days;

5.      We have more than 1,000 correspondent banks and more than 30 clearing banks all over the world, ensuring convenient remittance and unblocked routing;

6.      Our network links up directly with all the branches and sub-branches. The centralized operations of the Document Center ensure convenient reception;

7.      The team work with international cards and the New Foreign Exchange Kit highlights the advantages.

8.      High-end customers have access to VIP service;

Process

The payee provides overseas payer with our payment routing information (name of correspondent bank, account number, name of our branch), name, telephone number, account number (if any) and ID card number (in case no account has been opened) of payee; Overseas payer handles the remittance according to the information; After receipt of the remittance, we will notify the payee via telephone or save it directly into the passbook according to the account number and, meanwhile, fulfill the formalities for declaration of international income and expenditure and verification of large-amount remittance according to regulations. The bank shall process personal settlement of exchange through the information system for management of personal exchange settlement, sales, and purchase, and shall record relevant information in a real, correct and complete manner.

Policy (Personal inbound remittance of residents)

1.      Personal settlement of exchange is placed under the annual limit control, which is USD 50,000 or equivalent a year for each person;

2.      For the personal forex earnings of residents that are remitted from abroad under current account, if it is necessary to pay foreign banknotes and withdraw cash out of a spot exchange account, the following rules will apply: To withdraw less than USD 10,000 (included) worth of foreign banknotes in a day in lump sum or accumulation, the formalities may be fulfilled directly in the bank; to withdraw more than the above amount, the same should be reported in advance to the administration of foreign exchange at the location of the bank for recordation along with valid personal identity certificate and the evidences proving the purpose of the banknotes to be withdrawn. The bank will process the formalities for withdrawing foreign banknotes on the strength of the valid personal identity certificate and the Recordation Form for Withdrawal of Foreign Banknotes signed by the administration of foreign exchange.

3.      For the residents who deposit the forex remitted in or brought in as bills into foreign currency account (including exchange account or banknote account), the following rules will apply:

(1)     Lump-sum saving of less than USD 10,000 or equivalent may be transacted directly;

(2)     Lump-sum saving of more than USD 10,000 (included) or equivalent is transacted on the strength of true identity certificate and will be recorded by the handler.

4.      The personal exchange settlement business of residents (inbound remittance, deposits or settlement of forex cash) is subject to the following rules:

(1)     The settlement of exchange within the personal annual limit is transacted in the bank on the strength of valid personal identity certificate;

(2)     n case the non-operational settlement of exchange under a domestic personal current account exceeds the annual limit, it will be transacted in the bank on the strength of valid personal identity certificate and the evidentiary materials for the relevant amount of trade.

5.      The above evidentiary materials mean those for personal patent, copyright, author’s remuneration, consulting fees, insurance benefits, profits, dividends, interest, annuities, pension, employee compensation, alimony, donated fund and other forex earnings under current account; the earnings under capital account, including personal investment within the territory and loans from overseas banks, should be reported to the administration of foreign exchange for verification and approval before the bank goes through the formalities for opening account, receiving forex and payment;

6.      To receive remittance of more than USD 2,000 (excluded) or equivalent, the payee needs to go through the formalities for declaring international income and expenditure.

7.      Under the state system for reporting and recording large-amount remittance and dubious remittance, the customer needs to provide information and answer questions, while the bank will be responsible for keeping the same confidential.

CGB Guide to Routing of Inbound Remittance

To make sure that you can receive the remittance without a hitch, please tell your foreign remitter to enter the following information accurately by consulting the following example:

USD payment

Overseas clearing and correspondent bank:

Citibank N.A.New York (SWIFT BIC: CITIUS33)

Beneficiary's bank (CGB):

China Guangfa Bank, H.O. (SWIFT BIC: CGBKCN22; CHIPS UID: 277028)

Beneficiary name: A/C No.: Add. & Tel.:

 

Remarks: (Name of branch and others)

/ACC/pay through (city) Branch

Note: More correspondent banks are available to choose from in the schedule of correspondent banks. For personal remittance, please indicate phone number and address so that a notice can be given in time. Use the Chinese Pinyin for personal name. Indicate the ID card number if no account (or passbook) has been opened.

Payment of other currency

Choose a correspondent bank:

 

Beneficiary's bank (CGB):

China Guangfa Bank, H.O., Guangzhou (SWIFT BIC:CGBKCN22, A/C:_________________)

Beneficiary name: A/C No.: Add. & Tel:

 

Remarks: (Name of branch and others)

/ACC/pay through (city) Branch

Note: Please choose the correspondent bank relevant to the currency of remittance from the following schedule of clearing banks. For personal remittance, please indicate phone number and address so that a notice can be given in time. Use the Chinese Pinyin for personal name. Indicate the ID card number if no account (or passbook) has been opened. Schedule of CGB Overseas Clearing Banks: Correspondent Banks

 

Our account bank for your choice

Account No.

SWIFT BICs

USD

 

CITIBank N.A., NY (CP0008)

36089705

CITIUS33

Wachovia Bank N.A., NY (CP0509)

2000191168396

PNBPUS3NNYC

JPMorgan Chase Bank, NY (CP0002)

400920972

CHASUS33

Bank Of America, N.A.(Cp0959)

6550990105

BOFAUS3N

Bank of New York, New York(CP0001)

8900571004

IRVTUS3N

Bank of China, Guangdong Br., Guangzhou

800101722218432014

BKCHCNBJ400

Standard Chartered Bank, HK

44710621224

SCBLHKHH

Bank pf China (Hong Kong) Ltd., HK

01287560104007

BKCHHKHH

H.S.B.C, Hong Kong

567774377230

HSBCHKHH

Nanyang Commercial Bank Ltd., HK

04347260101156

NYCBHKHH

HKD

 

Standard Chartered Bank, HK

41109465235

SCBLHKHH

H.S.B.C, Hong Kong

567774377001

HSBCHKHH

Bank Of China, Macau Br.

011152002071

BKCHMOMX

Bank Of China, Guangdong Br., Guangzhou

800101722218432013

BKCHCNBJ400

Bank of China (Hong Kong) Ltd., HK

01287560103994

BKCHHKHH

Citibank N. A., Hong Kong

5846591003

CITIHKHX

CITIC Ka Wah Bank, Hong Kong

694221368300

KWHKHKHH

China Guangfa Bank, Macau

18133098500020

CGBKMOMX

Nanyang Commercial Bank Ltd., HK

04347260102010

NYCBHKHH

EUR

 

Deutsche Bank Ag, Frankfurt

10095122780000

DEUTDEFF

Ing Bank N.V., Belgium

301-0179070-89-EUR

BBRUBEBB

Bank of China, Guangdong Br., China

800101722208023038

BKCHCNBJ400

GBP

 

Standard Chartered Bank, London

01178699701

SCBLGB2L

Bank of China, Guangdong Br., Guangzhou

800101722208023012

BKCHCNBJ400

JPY

 

Bank of Tokyo-Mitsubishi Ltd., Tokyo

6530441090

BOTKJPJT

Mizuho Corporate Bank, Ltd., Tokyo

3984010

MHCBJPJT

Bank of China, Guangdong Br., Guangzhou

800101722208023027

BKCHCNBJ400

AUD

 

Commonwealth Bank of Australia, Sydney

100320401AUD112601

CTBAAU2S

CAD

 

Bank of Montreal, Int'l, Toronto

31441020359

BOFMCAT2

CHF

 

Ubs Ag, Zurich

02300000085569050000M

UBSWCHZH80A

DKK

 

Den Danske Bank, Copenhagen

3996061876

DABADKKK

NOK

 

Den Norske Bank, Oslo

7001.02.12020

DNBANOKK

SEK

 

Skandinaviska Enskilda Banken, Stockholm

52018545949

ESSESESS

SGD

 

United Overseas Bank, Singapore

1013990897

UOVBSGSG

Note: choose the direct bank to reduce your charges. To make payment from overseas to domestic beneficiary, you should provide our bank's name, SWIFT BIC, correspondent bank, account No., other details are also helpful. Choose the direct bank to reduce your charges To make payment from overseas to domestic beneficiary, you should provide our bank's name, SWIFT BIC, correspondent bank, and account No. Other details are also helpful. For personal remittance, address and phone number should be provided.