Who will bear the cost of overseas remittance
Generally, SHA is chosen. SHA is generally the If the full amount is received, the other party will receive as much as you remit.
The fees charged by the intermediary bank will not be known in advance when making the remittance.
Because sometimes you have to complete the remittance to know whether it has gone through the intermediary bank. This fee is initiated by the intermediary bank. Then they will send a telegram to the bank where you remitted the money, and the bank will notify you. To pay the transfer fee.
Then, some banks require transfer by the intermediary bank, but do not charge transfer fees.
It is recommended that the payee should make a detailed consultation with his account bank before remittance.
This is required here in China The main ones are
your own account, foreign currency, ID card, the other party’s account number, account opening bank, account opening bank address,
If Canada has a bank number, most European countries require IBAN, so you need to consult clearly, especially in the UK, IBAN is the most important.
In most cases, transfer fees rarely occur, so don’t worry too much, they are usually within 100RMB.
Cross-border remittance methods
Cash
When international students depart for the country where they study, they should carry a certain amount of foreign currency cash, which is mainly used for early living expenses and small emergency expenditures. The State Administration of Foreign Exchange has relevant regulations on the amount of foreign currency that can be carried at one time. If it exceeds the limit, you must apply for a "Permit for Carrying Foreign Currency Out of the Country".And take the initiative to show it to the customs when leaving the country. The "Permit for Carrying Foreign Currency Out of the Country" can be applied for at a bank, and a handling fee of approximately RMB 10 is charged for each "Permit". Carrying cash can be used for immediate payment and is low-cost, but this method is neither convenient nor safe. Once the cash is lost or stolen, it cannot be compensated. Therefore, in addition to carrying the necessary small amount of cash when studying abroad, it is best to carry large amounts of foreign currency through other methods such as remittances.
Telegraphic transfer
When remitting money to children who are preparing to study abroad or are already abroad, most of them The first thing people think of is wire transfer, which is to transfer money directly to the payee's account through the international inter-bank telecommunications system. Telegraphic transfer has many currencies, is safe, fast, and can be transferred around the world. It can be transferred directly to the payee's account, but the fee is relatively high. It is more suitable for knowing the payee's name, account number and receiving bank information, and ensuring that the remittance arrives in the account. Customers with higher requirements on time and security.
Generally speaking, the fee for wire transfer is divided into two parts. One part is related to the amount of wire transfer, that is, a handling fee of 1‰, and the other part has nothing to do with the amount of remittance, but is related to It depends on the number of transactions, that is, a telecommunications fee will be charged for each transaction. The charging standards of different banks vary widely, so customers can make comparisons when choosing a remittance bank. It should be noted that since remittances are subject to intermediary bank deductions, and the amount of deductions during the remittance process cannot be predicted, the remitted tuition fees or deposits for studying abroad may not be received in full, affecting visa processing or registration. Therefore, you need to collect as much as possible. Since remittance fees generally have a maximum limit, the larger the amount you remit each time, the more cost-effective it is. Therefore, if conditions permit, it is recommended to remit more at one time. Do not divide it too many times, otherwise you will need to pay a lot more handling fees. .
Foreign currency draft
For those who study abroad for the first time, do not have an overseas account and carry a relatively large amount of foreign currency funds For large ones, foreign currency drafts can be used.
Personal foreign currency bills can be issued in all foreign currency savings currencies established by banks. Foreign currency bills are convenient and safe to carry and pay, with low handling fees, and can be reported as lost and refunded.
However, this method has an obvious disadvantage, which is that the funds arrive slowly, because when the money order is withdrawn overseas, it needs to be collected and collected. All times must comply with the regulations of the overseas accepting bank. Therefore, people with ample time can choose this method.
Travel checks
In European and American countries, travel checksTickets are widely used like cash and can be used for shopping, dining, paying insurance premiums, etc. Travelers' checks have the characteristics of cash and money orders, making them flexible and convenient to use. Travelers' checks also have some disadvantages: if they are not exchanged at a free exchange point, you may need to pay a certain fee; when you buy them at a domestic bank, you have to pay a certain handling fee, which is usually 1% of the face amount, and there is no cap. In addition, some economically underdeveloped countries or regions may not accept travelers checks for direct consumption, so please inquire before choosing to use them.
Credit card
Major domestic banks have launched international credit cards, or both RMB and specific Foreign currency accounts, or specialized single foreign currency accounts, can be used abroad. Some banks have also specially launched credit cards for international students, which basically provide a rich selection of currencies in major study abroad countries and regions. Therefore, if you need to carry more foreign currency funds, you may consider depositing part of the foreign currency into a credit card. However, credit card applications generally take some time, so you should apply in advance.
Comparison of five channels for remitting money abroad
Wire transfer is convenient and fast
According to Ms. Huang from the Personal Finance Department of Bank of China Shenzhen Branch, wire transfer is a relatively common method for remittances abroad. Many schools now require students to wire tuition fees directly to designated accounts. Wire transfers generally arrive in your account in two to three working days, and are divided into foreign exchange remittances and foreign banknote remittances.
If foreign exchange remittance is adopted, Shenzhen Bank of China will charge a handling fee of one thousandth of the remittance amount and a telegraph fee of RMB 150 (RMB 80 for Hong Kong and Macao) ).
If it is a foreign banknote remittance, in addition to the one-thousandth handling fee and telegraph fee, a certain "banknote transfer" fee will also be charged. The fee is charged based on the price difference between the day's "banknote sale and foreign exchange purchase".
According to reports, the fee for banknote transfer arises because as far as personal savings are concerned, foreign currency can be directly converted into foreign banknotes, but foreign banknotes cannot be converted into foreign currency at will. , when the remitter "remits" cash, since the cash is in physical form, the bank must transport it abroad, and the transportation costs will be borne by the customer, which is manifested as "selling cash and buying foreign currency" (the customer sells cash , buy spot currency).
The fees and handling fees for "banknote transfer" can be converted into RMB based on the exchange rate of the day. After conversion, the minimum handling fee is RMB 50 and the maximum is RMB 260. Yuan.
Bill remittance is relatively cheap
According to a person from Bank of China Shenzhen Branch, bill remittance is a remittance provided by the bank. A person draws a money order and then takes the money order out of the country in person, or sends the money order abroad by mail. There is no telegraph fee for draft transfer, and other charging items and standards are the same as those for wire transfer.
Although the cost of draft remittance is relatively cheaper, it is not as fast as wire transfer, and draft remittance needs to go to the overseas branch of the invoicing bank or the designated collection of the invoicing bank. Go through the payment procedures.
The validity period will be returned to the original issuing bank.
Control your credit card expenses
Before your child goes abroad, you can go to a local bank to apply for a An international credit card, in the form of a main card and an additional card. The main card of the credit card will stay with you, and the additional card will be taken away by your child. Overseas, children can use this additional card for daily consumption, which generally does not charge any additional handling fees (the bank will automatically convert it into the currency of your credit card for settlement based on the foreign exchange trading price announced by the international credit card organization). Some schools even allow you to pay tuition directly with a credit card. The bank will send you the bills of your children's expenses on time every month, so that you can keep track of your children's expenses abroad at home. The credit card is your half "housekeeper" for controlling your children's expenses abroad. In addition, you can enjoy an interest-free payment period of 20 to 50 days when you use a credit card to facilitate fund turnover for you and your children. However, we need to remind you that it is not cost-effective to use international credit cards to withdraw cash abroad. For example, when withdrawing cash abroad with the Great Wall International Card of Bank of China, a handling fee of 3% of the withdrawal amount will be charged.
Western Union and Quick Cash are available immediately
Currently, professional remittance companies are cooperating with domestic banks. , launched a series of fast cross-border remittance services, such as Western Union remittance in cooperation with the Agricultural Bank of China and the post office, and speedy gold remittance in cooperation with the Industrial and Commercial Bank of China. This method of remittance can be transferred to the account immediately and is free of banknote transfer fees, intermediary bank fees and telegraph fees. Only a one-time fee is charged according to the corresponding level of the remittance amount. For example, **Western Union charges a handling fee of USD 25 for USD 1,000 to USD 2,000, and USD 30 for USD 2,000 to USD 5,000. Generally speaking, when the amount of remittance is large, the fee is relatively low; when the amount of remittance is small, the fee is relatively low.It’s high when used.
Travelers' checks are flexible and convenient
Travelers' checks are flexible and convenient to use, and have the characteristics of cash and money orders. , has a fixed face value and a variety of denominations to choose from. There is no definite place of use and period of use. It can be used to pay tuition fees directly and for daily consumption abroad. The handling fee for handling international traveler's checks is relatively high. For example, Bank of China Shenzhen Branch charges a handling fee of 0.05% based on the face value of the purchased traveler's check.
Overseas Remittance Policy Guide
According to the relevant regulations of the State Administration of Foreign Exchange of my country, due to outbound travel, family visits, When residents need to purchase foreign exchange for business inspections, training, overseas labor assignments, etc., each person who has been abroad for less than half a year can purchase foreign exchange equivalent to US$3,000 from the bank each time, and each person who has been abroad for more than half a year can purchase foreign exchange from the bank each time. Worth $5,000.
Those who study abroad, whether they are studying at university, middle school, or primary school, can apply for tuition fees at the local foreign exchange administration with the admission notice from overseas schools and other relevant documents. The remittance payment is in full; the remittance payment for living expenses is generally equivalent to US$20,000 per person per year. If the foreign exchange purchase amount is less than 20,000 U.S. dollars, you generally need to hold relevant documents such as overseas school admission notice, passport, visa, ID card, and proof of living expenses to purchase foreign exchange at a designated foreign exchange bank; for foreign exchange purchases with an equivalent amount of more than 20,000 U.S. dollars, , you must bring your admission notice, proof of living expenses, passport, visa and ID card or household registration book to the local foreign exchange administration for approval.
The above is what the editor explains to you about "Who bears the cost of overseas remittances". Because overseas remittances do not unify China's RMB like our country does, and the exchange rates and other handling fees are also different, so when we make overseas remittances, we must understand the relevant knowledge of remittances so that we can remit money smoothly. To learn more about legal knowledge, please go to the Legal Savior website for professional consultation.
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