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Gross Settlement

Corporate Remittance and Cashing Business

About

1.Remittance and cashing is a method of settlement which allows the bank to pay the remittance from the remitter to the recipient; it is applicable to payments of either companies or individuals.
2.Use remittance as the settlement method: It has two methods, the Mail Transfer and the Telegraphic Transfer for you to choose from.

The voucher for Remittance and cashing to be issued shall register the following items:

1.Appointment for unconditioned payment;
2.The confirmed amount;
3.Name of the recipient;
4.Name of the remitter;
5.Location for payment and the name of the paying bank;
6.Location for remittance and the name of the remitting bank;
7.Date of appointment
8.Signature of recipient.
9.If both the remitter and the recipient are the individual persons and wish to withdraw cash from the paying bank, they shall write “CASH” in the box of “AMOUNT OF REMITTANCE” on the remittance voucher before filling in the amount for remittance.

Appointed collection at the same city

 

1.Within the same city when the recipients are collecting the public utility charges or based on the regulation of the State Council, they may use the service for collection at the same city
2.When the service will be used for collection of public utility charges, the economic contract signed by both parties shall be made available.
3.The payers shall authorize the open bank and be approved by the open bank, which shall also be approved by the local branch bank after being reported to China People’s Bank.

Frequently asked questions

For mail and telegraphic transference in B2B collection at the same city, which will be faster? Will both ways cost the same amount of time?

Answer: The method of settlement will make no difference whether you use MT or TT for B2B service, so the money transferred will arrive at the same time.

Will the remittance from another location support real time arrival? If not then how long it will take?

Answer: The in-system remittance has two different circumstances: at the same city or from another city. Remittance at the same city will be processed with only one transaction (8081 same city transference) and it can arrive immediately;
The remittance from another city requires 3 transactions (8012 front office, 8013 entry by back office and 8014 approval by back office), and it needs to be operated by 3 accounting staff and will take longer time than at the same city. As the circulation of slip may cost some time it will not arrive immediately but in about one hour.

What is the difference for arrival between In-system remittance and cross-bank remittance?

Answer: If the cross-bank remitting will also happen at the same city, the arrival time will depend on the time for note exchange of the People’s Bank. Usually we submit note in the morning to have them exchanged at the noon time, so it is expected to arrive in the afternoon. If it missed the noon-time exchange or if it is submitted in the afternoon, then it may arrive in the morning the next day.
If the cross-bank remitting will happen between the cities, the arrival will depend on the shutdown time of the People’s Bank’s payment system as our service is supported by such a system. The People’s Bank will usually close its payment system at four o’clock in the afternoon, so the remittance paid before 4 pm will arrive in the same day if the paying bank has also joined the system of the People’s Bank. For bank using other systems, the arrival time may vary with the remitting channels.


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