Overview
The Non-local RMB Transfer for Foreign Banks refers to an ABC branch which acts as the agent of a foreign bank to effectuate non-local RMB transfers, including non-local collections, payments and cash collections.
The Non-local Collection refers to RMB transfer to a branch of the foreign bank through the funds transfer system of ABC.
The Non-local Payment refers to RMB transfer beyond a city through the funds transfer system of ABC on behalf of the foreign bank.
The Non-local Cash Collection refers to an ABC branch beyond a city which transfers RMB banknotes to a branch of the foreign bank.
Features
Being quick and convenient, this option satisfies customers' needs for RMB funds transfer.
Target Customers
Foreign banks with branches in China, particularly, those approved to operate RMB businesses.
Tips
1. The foreign bank needs to enter into an agreement with the relevant branch of ABC.
2. ABC provincial branch, where the foreign bank operates, should designate a banking outlet as the RMB clearing agent for the Chinese branch of the foreign bank; ABC approves other local branches to designate a banking outlet as the RMB settlement agent.
3. RMB payment and settlement agency services shall be subject to the Measures for the Agency of Payment and Settlement Business issued by the People's Bank of China.
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