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Remittance

Date: 2016-04-19

Remittance refers to the settlement method by which a payer authorizes a bank to pay a fixed amount of money of the payer to a payee. It is divided into mail transfer and telegram transfer. Both entities and individuals can use remittance as a method for the settlement of various payments. It has such characteristics: active payment by customers, clear amount of remittance, designated payer and handled at a counter.

According to customers’ different demands for various payments, the Bank provides multiple changes for remittance, including intra-bank remittance, real-time large-amount remittance, large-amount batch remittance and local exchange. A customer can select different channel based on the location of the beneficiary bank, amount of remittance, time limit and rate of handling fee, etc.

The intra-bank remittance can be used if the payee keeps an account with the Bank (including the personal settlement account of PSBC). The local exchange, small-amount payment or large-amount payment can be selected if the payee keeps an account with other branches of the Bank, and the small-amount payment or the large-amount payment are available if the payee has an account with other banks in other place.