1. International remittance services
Inward remittances from abroad
Inward remittances from abroad represent a mode of financial settlement, by which an overseas remitter transmits payment in foreign currencies to a domestic recipient through a bank.
There are three categories of such remittances – including those by telegraphic transfer, mail transfer and demand transfer. Telegraphic transfers are prompt, while mail transfers are less expensive; demand remittances are portable and transferable, with a greater level of convenience and flexibility for users.
Outward remittances to foreign countries
Outward remittances to foreign countries represent a mode of financial settlement, by which a domestic remitter transmits payment in foreign currencies to the recipient abroad,, through a bank.
There are three categories of such remittances – including those by telegraphic transfer, mail transfer and demand transfer
2. Personal exchange settlement services for residents
Personal financial settlement conducted by China residents under current accounts: When a domestic resident from China conducts financial settlement under their current accounts involving the settlement of income in foreign currencies (such as royalty income, author’s remuneration or family maintenance), they are required to produce documentary proof such as personal identity documents.
Personal financial settlement conducted by China residents under capital accounts: When a domestic resident from China conducts financial settlement under a capital accounts involving the settlement of income in foreign currencies (such as foreign-investment income), they are required to produce approval documents issued by the foreign exchange administration bureaus, together with their personal identity documents. For details, please consult the local branch of BOCOM or forex administration bureau.
Personal financial settlements conducted by non-residents: non-residents conducting currency remittances are required to provide their valid identity documents.
3. Personal purchase of foreign currencies for China residents
Personal purchases of foreign currencies for residents from China refer to the latter’s application to a bank for the purchase of foreign currencies, given their need to travel abroad or for other special reasons.
The MoneyGram service is a fast mode of inter-personal remittance of money around the world, by which fund transfer from the remitter to the recipient can be completed within ten minutes, with speed and convenience being its distinguishing features.
Target customers of MoneyGram services include the community of new immigrants, overseas students and their parents, leisure and business-class travelers and businessmen and are particularly suitable for providing emergency cash remittances to customers abroad.
5. South Korea flash remittances
This product is particularly appropriate for cash remittances from South Korea into China. Remitters from abroad only need to submit a remittance application to a BOCOM-designated bank in South Korea, following which the recipient from China will be able to receive the remittance in a relatively short time. This resolves the old issues of remitting US currency, which require settlement via the United States that impede on-time arrival of the remittance to its destination and a higher fee deduction by the depository bank from abroad.
South Korea-based individuals engaging in China trade and labour exports, who are required to remit US currency to China.
This product of BOCOM has gained widespread acceptance in areas of South Korea where communities of Mainland Chinese are most concentrated.