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Outward remittance
 
 
1 Product Introduction

Outward remittance is an international payment service whereby CMB, upon request of the remitter (payer), transfers certain amount of money to the payee in a certain way via a correspondent bank.

2 Target Customers

Any customer with cross-border payment needs.

3 Product Advantages

On the back of the current dividend policies that facilitate the receipts and payments in foreign exchange, CMB has leveraged fintech to carry out deep reforms in terms of currency, route, efficiency, channel and clearance cut-off time, in order to provide the customers with the fastest and most convenient remittance access:

1.Stay-at-home online remittance: Qualified enterprises may complete all the remittance processes online via CMB’s corporate Internet banking services (U-Bank). No paper material needs to be submitted offline. Moreover, based on our various application scenarios for corporate Internet banking, we have launched other stay-at-home online services including online pre-review, inquiry on remitted fund inside and outside our bank, remittance arrival notification, among others.

2.Real-time tracking of remittance: Enterprises may track the entire handling process of each remittance on a real-time basis via Internet banking. You can identify where your money is and check your money’s status within and without the borders at any time.

3.Multi-currency remittance: CMB supports remittance of currencies in over 120 countries and regions. It can remarkably minimize the costs of foreign trade enterprises arising from conversion of less-frequently used currencies, and help enterprises explore global market.

4.Extensive clearing network delivering significant convenience in remittance: Our extensive clearing network minimizes customers’ remittance processes and helps customers reduce handling fees.

5.Fixed cost and full-amount arrival: By full-amount arrival fee deduction agreements with multiple accounting banks around the world, CMB ensures fixed intermediary banking fees for corporate customers in cross-border remittance, and enable full-amount arrival of remitted money to recipient banks’ accounts.

6.Empowerment by technology and direct access to Hong Kong: As the first bank using the block chain technology in the cross-border remittance system, CMB has realized real-time system connection between branches in mainland and Hong Kong. Money can be directly remitted between mainland and Hong Kong, thereby shortening in-transit time.

Note:
All the contents stated above are for your reference only. Please consult the local branch of China Merchants Bank for further information. China Merchants Bank reserves the ultimate right of interpretation for the contents in this page.