Outward Remittances

By mmuise
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.

Deadline: Continuous Intake
Eligibility:

This product is beneficial to the following:

  • Importers with sufficient working capital, whose primary aim is to contain costs of financing.
  • Exporters who are amenable to cash on delivery terms but require rapid settlement once payment is made.
  • 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:

n/a

About the author
mmuise