Foreign Exchange Telegraphic Transfer (T/T)

The Foreign Exchange Telegraphic Transfer (T/T) is a settlement mode in which ABC, as instructed by the remitter, pays foreign exchange via SWIFT to the designated payee.

Foreign currency T/T may be inward or outward.

Outward T/T is a service in which we, as entrusted by the remitter, remit via SWIFT foreign exchange to the payee's bank account designated by the remitter through our correspondent bank overseas.

Inward T/T is a service in which we, as instructed by our correspondent bank overseas via SWIFT, transfer the foreign exchange to the designated payee.

Features

We offer quick T/T in US dollar, Japanese yen, Hong Kong dollar, Euro and British pound at relatively low cost. T/T is the most popular mode of remittance today. Generally the customer can receive money within 1-3 working days.

Procedures

1. Outward T/T

(1) The remitter fills out the Outward Remittance Application Form.

(2) The remitter pays ABC an amount equal to the money to be remitted, plus service fee and postal fee. The outward remittance may be made from the spot exchange account or by purchase of foreign exchange from ABC.

(3) You must provide valid documents to us as required by the State Administration of Foreign Exchange in line with the nature of your foreign exchange payment.

(4) After accepting your application, we will give a remittance instruction overseas and the receipts will be delivered to you.

(5) If changes need to be made to the remittance instruction, you should file an application for such changes.

(6) Refund of remittance: You submit a written application and remittance receipt to demand a refund of remittance from the payer's bank. Money remitted will be refunded after the payer's bank gives the consent to refund, and the remittance is collected.

2. Inward T/T

(1) We receive remittance message from the correspondent bank and, after the message is reviewed and affirmed, we will complete crediting or foreign exchange settlement formalities for the customer pursuant to the foreign exchange policy of the State.

(2) After receiving the notice of crediting that we issue, the customer fills out the Foreign Income Declaration Form, affixes its corporate financial seal on the form, and delivers it to us to go through international payment declaration and export proceeds sale formalities.

Application Channels

Banking Department of the Head Office of ABC; branches approved by banking regulators and the Head Office of ABC to operate international settlement business.

FAQs

1. Are fees charged on T/T and D/D at the same rates?

Their service fee is at the same rate, but T/T is subject to an additional telegraph fee. 

2. What is the outward remittance receipt for?

If the payee does not receive money within the usual period of time, you may inquire about or modify remittance information with the bank using the receipt, or retain it as a reference for the next remittance.

3. What foreign exchange rules govern outward remittance?

Outward remittance must comply with relevant foreign exchange rules and policies of the State. Valid documentary evidence as required by foreign exchange policies of the State must be submitted, such as the foreign currency payment documents under trade or non-trade accounts, written approval for foreign currency payment under non-trade accounts, declaration form of international receipts and payments, import verification sheet (if necessary) and foreign payment declaration form under non-trade (including capital) accounts (if necessary).

4. Should I open a foreign exchange account for inward remittance?

If you have an account with ABC, we will directly credit the remitted amount into your account; if you have no account with ABC, we will transfer foreign exchange for you using a reasonable method.