It will mainly be considered on the example of the Bank of China (Bank of China), but in other banks in China, the process is similar.
The money transfer bank accepts the sender's application by accompanying a telegram, telex, or SWIFT (currently SWIFT is more commonly used) to notify the branch or correspondent bank where the recipient is located.
You can process foreign currency money transfers through channels such as Bank of China Personal Internet Banking, Mobile Banking, Overseas Financial Online Application, and Bank of China branches.
1. If the amount of the outgoing money transfer does not exceed 50,000 US dollars, you can log in to your personal online banking and work with the "Transfer and money transfer - International money transfer in foreign currency" function.
You can also log in to mobile banking and go through the "Domestic cross-border transfer" or "Domestic cross-border transfer (special zone) - Cross-border transfer" section to work.
2. If the transfer amount is more than the equivalent of USD 50,000, you can bring your passport, card/savings book, etc. to the Bank of China branch for processing.
Cross-border outgoing money transfers can be transferred to others, but original identification documents, a card/passbook and a power of attorney from both the sender and the agent must be provided; for minors - in order to process cross-border money transfers, they must be processed by guardians on their behalf.
WHEN YOU COME TO THE BANK BRANCH FOR TRANSFER:
Notify the counterparty bank:
Account number (not card number)
Branch name and branch number
recipient's contact phone number
For more information, call the Bank of China customer service hotline 95566.
It is best to convert to US dollars in China and then transfer so that the exchange rate is clear. The yuan is not a freely convertible currency. First you need to buy foreign currency and exchange it for US dollars. Individuals within the country purchase foreign currency with ID cards each year for a maximum of $50,000, and the upper limit for money transfers abroad is $50,000 per day.
Bank of China fee standard: The minimum fee is 50 RMB per transaction and the maximum fee is 260 RMB per transaction.
Foreigners should carry a certain amount of foreign currency cash when they go abroad, which is mainly used for advance living expenses and small emergency expenses.
Regarding the amount of foreign currency that can be carried at one time, the State Foreign Exchange Administration has the relevant rules.
If the amount exceeds the limit, you must apply for an "Exit Permit for the Carriage of Foreign Exchange" and actively present it to customs when leaving the country. A "Foreign Exchange Exit Permit" can be issued at a bank, and each "permit" charges a processing fee of about 10 yuan.
Carrying cash can be used for immediate payment, and it is a low cost, but this method is neither convenient nor secure. If cash is lost or stolen it cannot be refunded. Therefore, in addition to the required small amount of money when studying abroad, it is best to use other methods, such as a money transfer in a large foreign currency.
If you send a foreign currency international money transfer transaction and the transaction information is correct, the Bank of China will complete the verification of the transaction and send the payment before the next business day.
The arrival time of a cross-border foreign currency money transfer depends on the intermediary bank (if any) and the processing of the transaction by the receiving bank. For example, the intermediary/recipient bank processes in a timely and seamless manner, and the transfer can be transferred to the beneficiary's account within 24 hours. For reasons such as transaction verification, non-working hours of the intermediary bank / beneficiary bank, etc., the transfer time to the beneficiary's account may be extended, usually 3 to 7 business days for the transfer to the beneficiary's account.
If you make an international transfer through the Bank of China cash desk, the Bank of China will process and send the transfer telegram on the same day (working day).
To receive bills of exchange, customers can bring their own bills of exchange to receive foreign exchange. Or Bank of China provides a check in US dollars, but the beneficiary's bank, account number, and beneficiary's information must be provided.
The payer can send the check to a foreign recipient, and the recipient can cash it at a local bank. The Bank of China charges a fee of 0.4-0.5%, and the counterparty bank usually charges a processing fee when receiving payments, but the fee is optional, usually in the range of 15 to 30 US dollars. You can choose the selected amount for crediting to the account or partial crediting to the account.