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Remittance

Outward Remittance Service
 
With our global extensive network, we can provide you with efficient and reliable remittance services to remit money to many destinations locally or overseas, especially to China, where our parent bank is located. 
  • Special Features of our Remittance Services :
    • We can include Chinese characters in our telegraphic transfer instructions for payment to China
    • The beneficiary in China can receive either foreign currencies or Renminbi (subject to certain requirements as stated below) at your choice
    • You don't have to come to our branch in person if you make use of our mail-in remittance service, provided that the remittance amount is below $1,000.00
    • If time is not of essence, you may use our mail transfers service, which is of the same security level as telegraphic transfer but of lower cost
  • Telegraphic Transfers 
This is the most expeditious and reliable way of sending money to the recipient both locally and globally.  If you can specify the beneficiary's bank and his / her account number, the money will be credited into the beneficiary's account directly. If no account number is specified, the beneficiary will be notified to pick up the money at a bank close to his/her address by showing his/her identification  document.  
  • Mail Transfers
This service is limited to remittance to China only.  The money can reach the beneficiary in approximately 12 business days after your instruction is duly processed by our bank. If your remittance is not urgent, this is an alternative for you as the charges will be lower than that of telegraphic transfer but with the same level of security. 
  •  Demand Draft 
We can issue bank draft payable to your beneficiary drawn on our branches / correspondent banks in various countries. You will deliver the bank draft to the beneficiary and he/she can present the bank draft at our designated bank for payment . This is the most economical way to send money but the bank draft may be lost in transit and it will usually take longer time for the beneficiary to receive the bank draft mailed by you comparing to telegraphic transfer.
  • Renminbi Remittance
This is a service under wire transfer, where you pay us either USD or CAD and we can convert USD or CAD into Renminbi for you at the current exchange rate quoted by our bank. The beneficiary will receive a pre-determined amount in Renminbi in China. This special type of remittance will be subject to the following additions due to restriction in China:
 
·        The remitter has to be an individual
·        PRC Identification number of beneficiary should be provided
·        The beneficiary has to be an individual citizen in mainland China
·        The remittance should not be for capital investment purpose
·        Maximum amount of each remittance is USD50,000 equivalent
.        There is regulation in China that each individual can only convert up to USD
         50,000 or equivalent into RMB per year. If that limit is exceeded, the RMB
         remittance will be returned to remitter
 
Some of the restrictions above can be waived if the beneficiary is the remitter himself/herself. For details, please contact our branches (self-remittance service).
 
  • Mail-in Remittance
You don't have to conduct the remittance transaction at our branch in person if you utilize this mail-in remittance service. You may forward your personal cheque or money order to us with your remittance instruction. Upon clearing of your cheque or confirming your money order, we will effect the remittance for you. Amount of each transaction is limited to C$999.99 or its equivalent in USD.
  • If you do not has an account with BOCC
    • For remitting funds over C$1000 or its equivalence in other foreign currencies, please bring along two pieces of valid identification documents (at least one of them is photo-bearing) of yourself.
    • For the remittance amount and our service charges, you may bring us cash, personal cheques (subject to our standard hold fund period before we can effect the remittance) or preferably money order (subject to our verification).
    • Simply complete the Remittance Application Form. Please note that the State Administration of Foreign Exchange in China requires that you have to provide us with the ID number of the beneficiary if you choose Renminbi remittance. Do remember to check with the beneficiary beforehand.

 

Inward Remittance Service

Inward remittance service is offered to our customers with efficiency, reliability and speedy convenience. The remitter in China or elsewhere in the world can remit money to the recipient in Canada through telegraphic transfer or by way of bank drafts issued by domestic branches of BOC group.

    • In general, the customer is able to receive funds from the originator via electronic funds transfer locally and globally
    • Handling fee for receiving remittance will be levied
    • Re-routing of funds in form of outward remittance will incur additional charges

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