1. What is cross-border remittance?
Cross-border remittance refers to the foreign exchange remittance business of individual online banking customers to the payee who opens an account in a bank outside the mainland within the prescribed limit. Cross-border remittance has both telecom fees and handling fees, which is time-consuming to operate. As the handling fee for cross-border remittance generally has a maximum amount, it is suggested to increase the amount of a single remittance as much as possible within the maximum amount to reduce the number of remittances and save the telegraph fee for each remittance. Generally speaking, the cost of telegraphic transfer is divided into two parts, one is related to the amount of telegraphic transfer, that is, the handling fee of 1‰, and the other is not related to the amount of remittance, but related to the number of transactions, that is, a telecommunication fee is charged for each remittance. There is a big difference in fees charged by different banks, so customers can make a good comparison when choosing remittance banks. It should be noted that remittance is deducted by the intermediary bank, and it is impossible to predict the amount of deduction during the remittance process, which may lead to insufficient payment of tuition fees or study abroad deposit remittance, which may affect visa application or registration. So try to remit as much as possible. Because there is generally the highest remittance fee, the more remittances each time, the more cost-effective. Therefore, if you have the conditions, it is recommended to remit more money at one time, not too many times, otherwise you need to pay a lot of procedures.
2. What is bank wire transfer?
Bank wire transfer At present, all major banks in China can handle international wire transfer business. The following table is the main provisions of international remittance by banks. Please consult your local bank for details. According to the regulations of the State Administration of Foreign Exchange, US$ 2,000 in cash and US$ 0/0000 in cash can be remitted abroad at one time (when the US dollar purchased by the bank is deposited in the passbook or remitted immediately, it is regarded as cash), and there is no need to declare it. Please bring your ID card to the bank window. According to the new foreign exchange purchase policy implemented in May 2006 1, residents under $20,000 a year (excluding their own foreign exchange) can purchase foreign exchange with their ID cards without other certificates. When filling out the form, they can write "overseas mail order" or "outbound travel". Pay attention to determine which bank to remit money and which bank to purchase foreign exchange, otherwise you will lose the difference between paper money and foreign exchange. It is best to find local big banks (branches above the district) to purchase foreign exchange and remit money, because big banks are skilled in business and policies are in place. It is more convenient for BOC and ICBC to remit money at home, and the handling fee of ICBC is slightly lower, even there is no charge for changing jobs abroad, but ICBC often requires proof of remittance, which depends on the regulations of banks in various regions.