Cross-border remittance

Cross-border remittance is a business in which personal online banking customers conduct foreign exchange remittances within the prescribed limit to payees who have opened accounts in banks outside mainland China. Cross-border remittance involves both telecommunications fees and handling fees, and the operation is time-consuming. Since cross-border remittance fees generally have a maximum limit, it is recommended to increase the amount of a single remittance within the maximum limit to reduce the number of remittances and save the telegram for each remittance.

1. Telegraphic transfer: In investment and financial management, the minimum fee for telegraphic transfer is 20 yuan, and the maximum fee is 1,000 yuan. In addition, telegraphic transfers also need to pay telegram fees and deductions from foreign intermediary banks. Taking ICBC as an example, the handling fee for cash remittance is 1% of the remittance amount. , the minimum is 50 yuan, and the maximum is 1,000 yuan. In addition, a telegraph fee of 100 yuan must be paid, and the deduction fee of foreign intermediary banks cannot be determined, depending on the specific region and bank. In addition, wire transfers require the recipient to have a foreign account.
2. Bills of exchange: bills of exchange are issued by the bank to the remitter, and then the person takes the money order abroad, or sends the money order abroad by mail. The bill of exchange does not charge telegraph fees, and other charging items and standards are the same as telegraphic transfers. Although the fee for draft transfer is cheaper than wire transfer, it takes longer and is about 4 days slower than wire transfer, which is suitable for those who have no requirements on the arrival time. Once lost, procedures such as reporting the loss are relatively troublesome, and the money order has a validity period of one year, and after the validity period, it will be returned to the original issuing bank.
3. Quick remittance: If you want the remittance to arrive quickly, you can consider quick remittance methods such as MoneyGram and Western Union. The biggest advantage of the quick remittance method is its speed. Generally, the entire process from the remitter to the payee can be completed within 10 minutes. However, it is required that there must be a business acceptance agency in the payee’s location, and there are not many supported currencies.
4. Cross-border remittance by mobile phone: When going to the bank counter to handle cross-border remittance business, the most troublesome thing is to encounter long queues. The biggest advantage of mobile cross-border remittance is that it can handle business anytime, anywhere 24 hours a day, without waiting in line or worrying about bank outlets closing.
5. Bank counter handling: It is also more convenient to handle cross-border remittance business at the bank counter, and the key is safer. If you don’t have to wait in line, it’s very convenient to fill in forms and other materials, and it can be done in a few minutes if it’s fast.