What if the number of cross-border remittances exceeds 3 times?

There is no rule that BOC can only remit money abroad three times a year.

Precautions for cross-border remittance:

1. A single amount exceeding the equivalent of $5,000 needs to be declared for foreign-related income.

2. There is no charge for China Merchants Bank to settle in, but if the overseas intermediary bank charges, the funds may not reach China Merchants Bank in full.

3. Cross-border remittance refers to the foreign exchange remittance business of individual online banking customers to the payee who opens an account in a bank outside the mainland within the prescribed limit. Cross-border remittance has both telecom fees and handling fees, which is time-consuming to operate.

4. As there is generally a maximum fee for cross-border remittance, it is suggested to increase the amount of a single remittance as much as possible within the maximum amount, so as to reduce the number of remittances and save the telegraph fee for each remittance.

Processing flow:

remittance

Step 1: The customer fills in the application for international remittance.

The information required for telegraphic transfer includes:

① remittance currency and amount.

② Name and address of payee.

③ The payee's account number in the bank where the account is opened.

④ the name, SWIFT code or address of the payee's bank.

The information required for remittance includes:

① remittance currency and amount.

② Name and address of payee.

Step 2: The customer pays the remittance principal and handling fee.

Step 3: Print the application for international remittance, and the customer will sign it for confirmation, and keep the contact information.

Step 4: Receive the remittance receipt and complete the remittance. When remitting money, we will give you the printed draft. You can mail it or take it out of the country yourself.

Bank swift telegraphic transfer and bank remittance are the most traditional remittance methods, and basically most banks can provide such cross-border remittance services.

T/T refers to the bank's direct remittance of money to the bank account provided by the parties through the network system, which usually arrives in three or four working days. A bill of exchange is a foreign currency bill issued by a bank and entrusted by an overseas bank for collection. Generally, the remitter will choose this remittance method when he doesn't know the overseas payee's account and needs to pay foreign currency funds to the payee.

Special reminder: The advantage of this remittance method is that it can make one-time remittance according to the actual demand amount under the premise of meeting the requirements of the State Administration of Foreign Exchange, and it can be operated at the counter and online banking. However, remittance procedures are complicated, and a lot of information and contents usually need to be filled in. A slight mistake may lead to remittance failure. And the handling fee is high. Generally, the expenses to be paid include telegram fee and handling fee. If you hold foreign banknotes, the bank will also charge a certain fee for "converting banknotes into foreign exchange".

There is no cable fee for remittance, and other charging items and standards are the same as telegraphic transfer. Although the cost of remittance is relatively cheap, it is not as fast as telegraphic transfer, and remittance needs to go to the foreign outlets of the billing bank or the designated collection bank of the billing bank to understand the payment procedures.

What should I pay attention to when remitting money abroad?

1. The salary in the payee's bank account should be consistent with the remittance purpose.

2. The remitter's remittance purpose should be accurate. For example, write clearly that the purpose is to study abroad.

3. The payee cannot be an investment company, a securities company, a gold exchange, a futures exchange, an insurance company, etc.

4. The remittance of service trade currently allowed by SAFE does not contain currency.

In order to ensure large remittance, customers need to provide detailed and accurate addresses of the remitter and payee when remitting money, and they must go to the house number in detail.