It is best to choose domestic big banks for foreign remittance.
Bankers said that it is best to choose domestic big banks for foreign remittances, because big banks have many agencies abroad. For example, Bank of China has branches in many big cities abroad, such as new york, London, Frankfurt and Tokyo. If the remitter handles the remittance of the draft at the Bank of China, the payee can go directly to the foreign business outlets of the Bank of China to handle the payment procedures. If there is no business outlet of the remitting bank, it shall be handled at the entrusting bank designated by the remitting bank. Relatively speaking, it is not as fast and convenient to handle it in the entrusting bank as it is in the directly affiliated business hall. In addition, the network of big banks should be wider. Compared with small banks, there are fewer intermediate turnover links and remittance is more secure.
Wire transfer is convenient and fast.
According to Ms. Huang, Personal Finance Department of China Bank Shenzhen Branch, overseas remittance is a common way. At present, many schools require students to directly wire their tuition fees to designated accounts. Generally, wire transfer takes two to three working days to arrive, which is divided into foreign exchange remittance and foreign currency remittance.
If foreign exchange remittance is adopted, China Bank will charge a handling fee of one thousandth of the remittance amount and a telegram fee of 150 yuan RMB (80 yuan in Hong Kong and Macao).
If remittance is made in foreign currency cash, there is a certain amount of "cash-to-foreign exchange" fee in addition to one thousandth of the handling fee and telegram fee, which is charged according to the difference of "selling money to buy foreign exchange" on the same day.
According to reports, the cost of converting paper money into foreign exchange is because as far as personal savings are concerned, foreign exchange can be directly converted into foreign paper money, but foreign paper money cannot be converted into foreign exchange at will. When the remitter "remits" cash, the bank must transport it abroad because of its physical form, and the transportation cost will be borne by the customer, which is manifested as "selling money to buy cash" (customers sell cash to buy cash).
The handling fee and handling fee of "money to foreign exchange" can be converted into RMB according to the exchange rate of the day, and the lowest handling fee after conversion is 50 yuan and the highest is 260 yuan.
Airline remittance is relatively cheap.
According to a person from Shenzhen Branch of China Bank, bill remittance means that the bank draws a draft for the remitter, and then I take the draft abroad or mail it abroad. There is no cable fee for remittance, and other charging items and standards are the same as telegraphic transfer.
Although the cost of remittance is relatively cheap, it is not as fast as telegraphic transfer, and remittance needs to go to the foreign outlets of the billing bank or the designated collection bank of the billing bank to understand the payment procedures.
Bankers suggest that it is best to use telegraphic transfer for large remittance, because once the loss is reported, it is relatively troublesome, and the bill has a validity period of one year and will be returned to the original issuing bank after one year.
Credit card consumption is under control
Before children go abroad, they can apply for an international credit card at the local bank, and choose the form of the main card and the auxiliary card. The main card of the credit card is left with you, and the secondary card is taken away by the child. Outside the country, children can use the supplementary card for daily consumption, generally without any additional formalities (the bank will automatically convert it into the currency of your credit card according to the foreign exchange transaction quotation published by the international credit card organization for settlement). Some schools can even pay tuition directly by credit card. The bank will send your child's consumption bill to you on time every month, so that you can know your child's consumption abroad at home. The credit card is your half "housekeeper" to master your child's overseas consumption. In addition, you can enjoy an interest-free payment period of 20~50 days when you spend with a credit card, which is convenient for you and your children's capital turnover. However, it should be reminded that it is not cost-effective to withdraw cash abroad with an international credit card. For example, the Great Wall International Card of China Bank will charge a handling fee of 3% of the withdrawal amount.
Western Union remittance and currency will arrive soon.
At present, professional remittance companies have cooperated with domestic banks and launched a series of fast transnational remittance services, such as Western Union remittance with Agricultural Bank of China and Post Office, and MoneyMoney remittance with Industrial and Commercial Bank of China. This remittance can be received immediately, free of transfer fees, intermediary bank fees and telegram fees, and only a one-time fee is charged according to the corresponding remittance amount. For example, Agricultural Bank of China Western Union 1000-2,000 USD charges a handling fee of 25 USD, and 2,000-5,000 USD charges a handling fee of 30 USD. Generally speaking, the remittance amount is large and the cost is relatively low; Although the remittance amount is small, the relative cost is high.
Traveler's checks are flexible and convenient.
Traveler's checks are flexible and convenient to use, and have the characteristics of cash and money orders. They have a fixed face value and a variety of face values to choose from, and there is no definite place and time limit for their use. They can be used not only for direct tuition payment, but also for daily consumption abroad. The handling fee for handling international traveler's checks is relatively high. For example, Shenzhen Branch of Bank of China charges a handling fee of 0.5% of the face value for traveler's checks.
Guide to foreign remittance policy
According to the relevant regulations of China's foreign exchange management, when residents need to purchase foreign exchange for reasons such as traveling abroad, visiting relatives, traveling, training, and sending labor services abroad, each person who has been abroad for less than half a year can purchase foreign exchange from the bank at the equivalent of 3,000 US dollars each time, and each person who has been abroad for more than half a year can purchase foreign exchange at the equivalent of 5,000 US dollars each time.
Students studying abroad, whether studying in universities, middle schools or primary schools, can apply to the local foreign exchange administration department for full payment of tuition fees with the admission notice of overseas schools and other relevant documents; Living expenses are generally equivalent to $20,000 per person per year. Under $20,000, you can buy foreign exchange at the designated foreign exchange bank with the relevant documents such as admission notice from overseas schools, passport and visa, ID card and living expenses certificate. If the amount of foreign exchange purchased is equivalent to more than 20,000 US dollars, it must be approved by the local foreign exchange administration department with the admission notice, proof of living expenses, passport and visa, identity card or household registration book.
Self-funded overseas students who need to remit foreign exchange deposits before issuing study visas to Germany and Belgium are allowed to buy the equivalent of $3,000 as pocket money when going abroad.