- What’s the difference of 3 type OTT charges (our, beneficiary, share)?
Our: OTT handling fee, cable fee, correspondent bank charge are to be borne by the remitter, fee will be deducted from remitter’s saving accounts;
Beneficiary: OTT handling fee, cable fee, correspondent bank charge are to be borne by the beneficiary , fee will be deducted from the OTT transfer amount;
Share: OTT handling fee, cable fee, are to be borne and deducted from remitter’s saving accounts, correspondent bank charge is to be borne by the beneficiary and deducted from the OTT transfer amount.
- What is the definition of Chinese resident in online banking Oversea Fund Transfer?
The term “Chinese residents” in the “PROCEDURES GOVERNING THE DECLARATION AND STATISTICS ON INTERNATIONAL RECEIPTS AND PAYMENT” refers to:
（1） all natural persons who have resided within China over one year except students and patients from foreign countries or from the regions of Hong Kong， Macau and Taiwan and foreign staff of foreign embassies or consulates in China and their families；
（2） Chinese citizens staying abroad for a short duration （less than one year）， Chinese students studying abroad， Chinese patients seeking medical treatment abroad and staff of Chinese embassies or consulates and their families；
（3） enterprises or institutions （including foreign investment enterprises and foreign-capital financial institutions） with legal person status established within China according to law and foreign offices quartered in China by bodies corporate abroad （not including offices quartered in China by international organizations nor foreign embassies or consulates situated in China）； and
（4） Chinese governmental organs （including Chinese embassies or consulates situated abroad）， public organizations and army units.
- What are the advantages of applying for overseas fund transfer online?
There are several advantages to overseas fund transfer you apply through online banking or mobile banking. First, you can submit your application anytime and anywhere, saving your waiting time at branches, and will not delay your usual working time. At the same time, it takes less time of Remittance to account by submitting online than the at the counter, and some beneficiary banks can even arrive at the account within a few minutes at the fastest. Finally, the rates of overseas fund transfer made online through our bank will also be more favorable than over-the-counter rates (there is no difference of the online and over-the-counter rates only for Priority Banking Customers and Priority Banking-Private Wealth Customers).
- What is the shortest time to process my overseas fund transfer application submitted online?
You can submit an overseas fund transfer application through online banking or mobile banking 7×24 hours. For fund transfer to private recipients, if you submit between 8:00-18:00 on working days, our bank’s system will immediately process the fund transfer, and you will receive a text message from our bank after your funds are transferred. If you are a domestic resident transfer fund to business, it may need to be handled by relevant staff of our bank before you can remit (fund transfers made by overseas individuals to private and business during trading hours on working days will be processed immediately by the system).
If you submit your application on weekends/holidays, or outside 8:00-18:00 on working days, our bank will start processing your fund transfer application from 8:00 on the next working day.
You can check the fund transfer transaction history to know the current status of the fund transfer. If the status is “Submitted”, it means that our bank is still processing. If the status is “successful”, it means that the overseas fund transfer has been processed by our bank and remitted to our bank. Please check the beneficiary bank for the specific receipt time.
- When will the overseas fund transfer application I submit online be on the account?
Cross-border fund transfer is different from domestic fund transfer. Generally, it is affected by the processing time of the overseas intermediary bank and the beneficiary bank. In particular, the collection destinations that cross time zones with China (such as the United States and Canada) may be affected by the business hours of local banks and the clearing time of the currency. Some banks receive cross-border fund transfer manually and may also be subject to local regulatory requirements and need to be confirmed with the beneficiary before they can be credited. For overseas fund transfer to private payee, if the application submitted between 8:00-18:00 on working days, it will be processed immediately and remitted out of our bank in near real time. For fund transfer to Hong Kong, some receiving banks (such as Standard Chartered Hong Kong, HSBC Hong Kong) can generally arrive at the account within a few minutes at the fastest. For example, fund transfer to banks in the United States, Singapore, and Australia can generally be received within the next working day (China time).
- Is the content of filling in the form at the counter the same as filling in the form online?
Regardless of whether the application is submitted online or offline, the basic information required for overseas fund transfer is the same. However, for applications submitted online, except for the first time the payee is created, once the remitter information is created and fund transfer to the same payee in the future, the system will automatically bring out the content, omitting the need to refill all basic information. Some information, such as the amount of the fund transfer, the transaction code of this fund transfer, and the method of bearing domestic and foreign expenses, etc., need to be filled in each time. If necessary, you can complete the last step of the overseas fund transfer application via online banking or mobile banking, click to view, save or print the “Overseas fund transfer Application Form”.
- When I create a new beneficiary in Online Banking, I must fill in the SWIFT Code, what if I don’t know the SWIFT Code of the beneficiary bank?
In general, whether you submit a fund transfer application through a branch or an online channel, you are required to provide the SWIFT Code (also known as BIC “Bank Identification Code”) of the beneficiary bank. If you do not know the SWIFT Code of the beneficiary bank, you can try the fuzzy search function when creating a new beneficiary in personal online banking, and search by the destination country/region and the name of the beneficiary bank. If you find the correct name of the beneficiary bank, you can check and confirm the “BIC/SWIFT code” after selecting it. You can also contact the beneficiary bank to confirm in advance to ensure the accuracy of your fund transfer and avoid the loss of the beneficiary bank’s refund and handling fee later.
- What should I do if the purpose of my foreign exchange payment is inconsistent with the purpose of purchasing foreign exchange at that time?
If the purpose of your foreign exchange payment is inconsistent with the purpose of purchasing foreign exchange, and you have completed the purchase of foreign exchange in our bank, you need to confirm the purpose of purchasing foreign exchange with our bank again during the fund transfer operation in online banking or mobile banking, and then continue the fund transfer application. .
Why can’t I tick the check boxes in front of “ I have read and understood the Retail Banking Service Charge Table, and agree to bear charges related to Overseas Telegraphic Transfer.” and “I have read and understood the Risk Alerts for Individual Foreign Exchange Transactions, and agreed to abide by it”?
Click the hyperlink to read, understand and accept charges related to Overseas Telegraphic Transfer and Risk Alerts for Individual Foreign Exchange Transactions. Then you can tick the check boxes.
What do fund transfer postscripts and transaction postscripts usually fill in?
For overseas fund transfer submitted through our online banking or mobile banking, you need to select your fund transfer transaction code from the drop-down menu. After selecting the code, the transaction postscript will be automatically filled in by the system for you/or you can select the description pre-set by our bank. There is only one transaction code and transaction postscript for overseas residents. You can decide whether to fill in the fund transfer postscript. Generally, you can fill in the postscript you want the recipient to see.
- There are so many BOP transaction codes, how should I tick?
If you are an overseas resident, you can only select the option of “822030-境外存入款项调出” from the drop-down menu when submitting overseas fund transfer online.
If you are a domestic resident, please select the option that best suits your purpose from the drop-down menu according to your actual purpose of fund transfer. If your fund transfer is for travel, please select 223029-其他私人旅行; if your fund transfer is for study abroad and education, please select 223022- 留学及教育相关旅行（一年以上）或223023-留学及教育相关旅行（一年及一年以下）; if not in the above two situations, please select the BOP transaction code according to the actual situation.
- Is there a limit on the amount of money submitted online?
For overseas fund transfer applications submitted by our bank through online banking or mobile banking, the upper limit of the fund transfer amount will be determined according to your customer type. (If you are our Priority Banking or Priority Private Banking customer, you can make overseas fund transfer in foreign currency equivalent to RMB 300,000 per day through our online channels. For Premium Banking customers, overseas fund transfer in foreign currency equivalent to RMB 200,000., For personal banking customers, overseas fund transfer in foreign currency equivalent to RMB 100,000). For domestic residents, the single fund transfer amount and daily accumulated amount of overseas fund transfer under recurring items through our bank (including but not limited to over-the-counter, online banking, and mobile banking) shall not exceed USD50,000 (US$50,000) or its equivalent in foreign currency . If necessary, you can visit one of our branches to provide proof materials for overseas fund transfer.
- Can the fund transfer I have submitted be cancelled?
For overseas fund transfer submitted online through our bank, once you enter the mobile phone verification code and click “Submit”, if the fund transfer is not rejected for other reasons, the order cannot be cancelled. Please be careful when submitting online overseas fund transfer applications.
- If my overseas fund transfer is refunded by the beneficiary bank, will the fees charged to me be refunded to me?
If your fund transfer is refunded by the beneficiary bank due to reasons other than our bank, such as the beneficiary information you provided is incorrect, the beneficiary account does not exist/has been closed or the beneficiary cannot be credited, etc. , the fees charged by our bank will not be refunded.
- How is the intermediary bank determined for the fund transfer I submit through online banking/mobile banking? Can I choose?
When you submit an overseas fund transfer application through our online banking or mobile banking, our bank will automatically select an available intermediary bank for you according to the beneficiary bank and fund transfer currency.