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Inward Remittance

Overview
The Inward Remittance is a type of settlement service where a foreign correspondent bank remits money to ABC at the request of the remitter and instructs ABC to pay the remitted money to the customer (the payee). It includes telegraphic transfer (T/T), mail transfer (M/T) and demand draft (D/D), of which T/T and D/D are most frequently used. Under T/T, ABC pays the remitted money to the customer according to the SWIFT instruction of the correspondent bank. Under D/D, the customer presents the draft issued by a foreign correspondent bank, and then ABC pays the remitted money after the draft is checked and the remittance has reached ABC.

Features
1. As the fastest remittance, T/T enables customers to collect payment timely and expedite funds turnover.
2. D/D and M/T feature low costs, helping customers reduce financial costs.

Procedures
1. T/T
After receiving the remittance message from the account bank, ABC credits the amount to the payee's account or the payee may sell the exchanges in accordance with relevant regulations on the administration of foreign exchange.
2. D/D
· The customer presents and endorses the D/D issued by a foreign account bank designating ABC as the paying bank. The endorsement should conform to the authorized seal reserved at ABC.
· ABC reviews the validity of the D/D and confirms the remittance has reached ABC.
· ABC credits the amount to the payee's account or the payee may sell the exchanges in accordance with relevant regulations on the administration of foreign exchange.

Tips
1. Unclear instructions of the remitter may cause delay or failure of the inward remittance payment. Customers are advised to contact the remitter in advance to ensure the accuracy of the remittance message.
2. If the inward remittance is not received as scheduled, please inquire of ABC in time.

Note: Please contact your local branch for detailed information about the service.

Customer Service Center : 95599

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