Outward Remittance

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Outward Remittance

Business name

Outward Remittance

Business description

The outbound remittance service provided by our bank helps you to remit your foreign currency funds in China to all parts of the world.

Product features

1. The remittance network covers Guangping Bank and more than 1600 institutions in 179 countries and regions around the world.The optimal remittance path makes your remittance unimpeded all over the world.

2. Remittance currencies are abundant. At present, the counter can provide telegraphic transfer and bill transfer services in up to 9 currencies.

3. Remittance is safe and convenient, which can meet your requirements of different amounts, purposes and timeliness.

Handling channels

Counter: All domestic branches of our bank can handle overseas remittance service. Please go to the local branch.

Pocket Bank: Handle overseas remittance service through our official APP "Pocket Bank" to save your waiting time in line.

Handling process

I. Remittance

Step 1: The customer fills in the application form for overseas remittance
The information required for a wire transfer includes: ① Remittance currency and amount ② Name and address of the payee ③ Account number of the payee in the opening bank ④ Name, SWIFT code or address of the payee's bank of deposit	The information required for the draft includes: ① Remittance currency and amount ② Name and address of the payee
Step 2: The customer pays the remittance principal and handling fee
Step 3: Print the application form for overseas remittance, and the customer shall sign for confirmation and keep the contact information
Step 4: Receive the remittance receipt and complete the remittance (draft), we will give you the printed draft.You can mail it or take it out of the country by yourself)

II. Inquiry

If the payee does not receive your remittance in time,You can bring your ID card, remittance receipt and fee voucher to the original remittance counter for inquiry.We will check for you at the first time.

III. Remittance refund

After remittance, if you change your plan, you can ask for a refund. If the remittance is a telegraphic transfer, before the money is deposited into the payee's account,You can handle the refund with your ID card, remittance receipt and charge voucher;If the money has been deposited into the payee's account, it can be refunded only with the consent of the payee.If the remittance is a draft, please bring your ID card, the original draft, the remittance receipt and the charge voucher.You can go through the formalities of refunding foreign exchange.

Regulatory tips

Individual remittance abroad shall comply with the foreign exchange control policies of the State, and the relevant provisions are summarized as follows:

I. Use of Funds

Individual foreign exchange expenditure under current account can be remitted abroad.Including: individual residents traveling abroad, visiting relatives, meeting relatives, pilgrimage, studying abroad, seeking medical treatment, participating in international academic activities, being employed to teach, etc.Remittance; payment of membership fees of international academic organizations; mail order of a small amount of drugs and medical devices from abroad;The use of foreign exchange under special circumstances such as illness, death and disaster of immediate family members abroad;Foreigners and compatriots from Hong Kong, Macao and Taiwan who have resided in China for more than one year have brought in from abroad or purchased articles for their own use in China.Use of foreign exchange for outward remittance of Renminbi proceeds; other foreign exchange expenses for current account transactions.

II. Transaction Subject and Amount Requirements

Remittance subject in the form of outward funds	Remittance entity
Remittance subject in the form of outward funds	Domestic individual	overseas individual
Transfers to and from foreign exchange savings accounts	If the accumulated value of outward remittance from a foreign exchange savings account is less than US $50,000 (inclusive) on the same day,With my valid identity certificate in the bank, with my valid identity certificate, unlimited amount.	No limit on amount to apply for the application with valid identity certificate of the customer
Transfers to and from foreign exchange savings accounts	If the amount exceeds the above amount, the authenticity certificate of the transaction amount under the current account shall also be submitted.
Hand-held foreign currency notes	Those who hold foreign currency cash with an accumulated value of less than 10000 US dollars	If the accumulated amount is less than USD10,000 on a daily basis, the matter shall be handled with valid identity certificates.
Hand-held foreign currency notes	Those who hold foreign currency cash with an accumulated value of less than 10000 US dollars (including 10000 US dollars) on the day of remittance,With their valid identity documents in the bank on the day of handling the cumulative equivalent of less than 10000 US dollars (including), with their valid identity documents for handling.	In case of exceeding the aforesaid amount, it shall also provide the Declaration of Entry Passenger Luggage of the People's Republic of China with Customs seal or the statement of withdrawal in foreign currency banknotes of the bank where I originally deposited.

III. Real evidence required for excess remittance

Purpose	At least the following authentic documents are provided
Studying abroad	Passports for valid entry visas to the country and region, passports for Hong Kong, Macao and Taiwan, etc.; official admission notices for schools outside the country ( country ); expense notices issued by schools outside the country ( country )
Overseas medical treatment	Passports for valid entry visas to the country and region, passports for Hong Kong, Macao, and Taiwan, etc.; certificates of local hospitals at the ( municipal ) level, medical opinions, certificates of acceptance by overseas hospitals and fee notices
Contribution to membership of international academic group organizations	Certificate of International Academic Organization
Purchase a small amount of drugs and medical appliances by mail from overseas	Certificate of local district ( city ) hospital with doctor's prescription
Foreign direct relatives'serious illness, death, accidental catastrophe and other special circumstances	Valid certificate of a notary office abroad or of a Chinese embassy or consulate abroad

*The amount remitted shall not exceed the standard indicated on the relevant supporting documents provided.

Risk warning

According to the regulations of the State Administration of Foreign Exchange, foreign exchange margin transactions through the network platform are not approved at present;Domestic individuals purchase houses abroad and directly invest in cross-border securities, and the related foreign exchange business belongs to the business under the capital account.According to the management of the convertibility process, it has not yet been clearly opened.To directly or indirectly carry out or participate in the above-mentioned foreign exchange business is suspected of violating the rules. Please raise awareness of risk prevention and guard against property losses.

Warm tips

1． What is a SWIFT code?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.Each member bank of the association has its own specific SWIFT code, SWIFTCODE.In the case of a wire transfer, the remitting bank sends a payment message to the receiving bank in accordance with the SWIFTCODE of the receiving bank.

2． Why is the amount received by the payee sometimes less than the original amount remitted?

In telegraphic transfer business, when a current account is opened between the remitting bank and the remitting bank, the money can generally be remitted to the payee in full.However, in most cases, there is no direct account transaction between the remitting bank and the remitting bank.Instead, it must be transferred to the remitting bank through another bank or several banks (that is, the remitting bank).Every remittance bank will deduct a remittance fee from the remittance business.In this way, when the telegraphic remittance is remitted to the payee, it is no longer the original amount remitted.Similarly, the amount returned must be less than the original amount remitted.

3． How can you or your relatives and friends get the money after the remittance?

You can mail the draft to your relatives and friends or take it out of the country by yourself.If you or your relatives or friends have an account with the drawee bank specified in the draft, or are in urgent need of money,They can go directly to the bank to handle the withdrawal formalities with the bill of exchange and their valid identity documents;Otherwise, the bill of exchange may be delivered to its own bank of deposit, which shall handle collection with the paying bank.

4． What are a spot account and a cash account?

The term "spot exchange account" refers to an account for remitting foreign exchange from Hong Kong, Macao, Taiwan or overseas or for transferring foreign exchange bills to deposit;Cash account refers to a foreign currency cash deposit account held by an individual.

Tips on the main differences between wire transfer and draft

Telegraphic transfer can be directly into the payee's account, the funds to the account quickly, simple procedures, such as your remittance amount is larger or eager to use money.Telegraphic transfer is recommended;

The draft can be carried by the remitter or mailed by the bank draft, which is convenient for the remitter to handle flexibly.If your remittance amount is small, short-term exit or not in a hurry to use the money, you can use the draft.Sometimes, foreign payees may require specific remittance methods, such as application fees for studying abroad and registration fees, which often require bills of exchange.

Tips for filling in the form

1. In order to ensure that the payee receives the money in time, please ensure that the remittance information is accurate. The first remittance is recommended to be handled at the counter of our bank;

2. Except for drafts remitted to Hong Kong, Macao and Taiwan, all other drafts must be completed in English

3. When handling the draft, please ensure that there is an overseas institution of the Bank of China in the local area of the payee.Otherwise, collection through another local bank may be required

4. Keeping your contact information can facilitate timely contact with you in case of remittance problems.