A settlement service that the bank remits, at the client's application and on behalf the client, a stipulated amount of money to a non-local beneficiary.
Domestic personal remittance service is mainly carried out electronically and in one of the following 4 forms: cash to cash, cash to account, account to cash and account to account.
• Both the remitter's city and the beneficiary's city shall be on the list of cities available for personal electronic remittance publicized by the bank.
• The beneficiary's account offered by the remitter is not frozen, reported of loss or cancelled.
• The paying account cannot be canceled prior to the receipt of the remittance by the beneficiary.
Remittance within the bank's system can be arrived within 24 hours with corresponding delay upon weekends or public holidays.
• In case of remittance failure incurred by incorrect account number or incorrect name of the beneficiary, or by the facts that the beneficiary's account has been frozen, reported of loss or cancelled, the remitter can initiate a full-amount refundment procedure with the remitting bank.
• In case that the remittance has been remitted to an account other than the beneficiary's, incorrectly given by the remitter, the refundment can be handled only before the remittance has not been credited to the wrong account. If it has been credited, the remitter cannot be refunded even if the actual withdrawal has not been made.
• The beneficiary can only check whether the remittance has arrived.
• The remitter can inquire both the status of the remittance and the reasons of failure with the remitting bank. The remitting receipt and valid ID documents may be required when making inquiries.TOP