Inward & Outward Remittances

Inward Remittance:

• Inward Remittance is the receipt of funds either locally or from offshore.
• Our bank acts as paying bank for its overseas branches and correspondent banks in accordance with the payment instructions of the overseas remittance.

Outward Remittance:

• Outward remittances are the transfer and payment of funds in accordance with the remitter's instructions. Transfers may be made internationally or within Australia.
• Our bank provides prompt, safe and convenient outward remittance services. We can even provide this service in Chinese.
• Chinese Yuan Outward Remittance Service
  • Customers are able to choose to bring either AUD/USD cash or Cheques to conduct the CNY remittance transactions.
  • Highly competitive CNY outward remittance rates combined with low transaction charges.
  • CNY cash is not acceptable in any remittance transactions; both the remitter and the remittee must be individual customers.

There are three common methods of remittance: telegraphic transfer, mail transfer or by demand draft.

Telegraphic Transfer: (TT)

• Telegraphic transfer is the fastest and safest way to transfer your money overseas.
• The money can be directly credited to the beneficiary's bank account or paid to the beneficiary upon application and identification.

Mail Transfer (MT)

• This is the cheapest way to transfer money to a beneficiary.
• Funds take several weeks to reach the beneficiary.
• Money can be directly credited to the beneficiary's bank account or paid to the beneficiary upon application and identification.

Demand Draft (DD)

• A bank draft can be carried overseas, sent by mail or couriered to the beneficiary.
• A bank draft can be cashed immediately or directly credited to the beneficiary's bank account.
• Any loss or theft should be reported to us immediately so that the paying bank can be notified and arrange to stop payment. A handling fee will apply.

Please refer to our Fees and Charges schedule (PDS) for details relevant to both services.