The "Tong Hui Bao" is a settlement mode where ABC, as entrusted by the remitter, remits money to a payee beyond its city, on a real-time basis, through its internal system or the China National Advanced Payment System (CNAPS) of thePBOC.
"Tong Hui Bao" is a remittance service, including urgent remittance and general remittance.
Benefits
Access to fund transfer, cash remittance and inter-city inquiry; fund transfer features real-time transmission of the payment order, quick arrival of funds, and intra-day automatic clearing of exchange difference.
Procedures
1. Remitter fills out the Settlement Service Application Form.
2. ABC reviews the competed Settlement Service Application Form, collects and remits money.
FAQs
Why are some remittances credited faster than others?
"Tong Hui Bao" service is divided into general or urgent remittance. If you choose "urgent" remittance, money will be credited into the payee's ABC account on a real-time basis; if you choose "general" remittance, the remittance will be processed by the internal system and credited the next day.
Tips
The receipt for the "Settlement Service Application Form" is not a certificate of crediting into the payee's account.
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