Bank of China (Canada) (BOCC) Outward Remittances
Trade Finance
Description:
Bank of China (Canada) is entrusted by the remitter to authorize an overseas affiliated bank or a correspondent bank to pay a certain amount of money to the specified party in an agreed method of remittance. This service is used for international settlement of fund transfers and remittances.
Comments on Funding:
This service is used for international settlement of fund transfers and remittances.
– Methods of remittance include telegraphic transfer, mail transfer and demand drafts. Telegraphic transfers and demand drafts are the most frequently used.
Continuous Intake
Eligibility:
This product is beneficial to the following:
1. Importers with sufficient working capital, whose primary aim is to contain costs of financing.
2. Exporters who are amenable to cash on delivery terms but require rapid settlement once payment is made.
3. Importers who are willing to pay in advance to exporters with whom they have long-standing, successful business relationships.
Application Steps:
For inquiries, applicants must call BOCC’s service hotline: 1-844-669-5566.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
About the author
Maurice
