RMB Remittance

1. Product Definition

Remittance is a type of settlement in which the remitter entrusts a bank to pay money to the payee, including telegraphic transfer and mail transfer. 

Telegraphic transfer refers to that the remitting bank, at the request of remittance, advises the paying bank by telegraph or telex and asks it to make payment to the payee. 

Mail transfer means that the remitting bank, at the request of remittance, delivers the mail transfer advice through the post office to the paying bank and advises it to make certain payment to the payee. 

2. Product Features

The simple handling procedure facilitates remitters to initiate non-local remittance. Without restriction on threshold amount, the real-time arrival of remittance can be realized within the Bank’s system. In case of remittance between different banking systems, the arrival time can be greatly shortened via the modernized payment system of the PBC or the national electronic inter-bank system. 

3. Application Procedures

The settlement of various funds in enterprises and public institutions can be made in the way of remittance settlement. The remittance service is extensively applicable to non-local settlement of funds, especially to payment of various funds in non-commodity transactions. 

When handling the service of remittance, the customer must fill in the mail transfer or telegraphic transfer voucher, including name and address of the payee, amount of remittance, and name and address of remitter, and affix the seal reserved with the Bank.