CNY Pre-settlement Remittance is a remittance method in which the remitter converts USD or any other foreign currency funds into RMB in Cambodia at the exchange rate on the day of remittance at  Bank of China Phnom Penh Branch, after which the funds will be remitted to the domestic beneficiary’s RMB account in Mainland China

This is a one-stop remittance & exchange service which the customers can lock the exchange rate during remittance, whilst the recipient does not need to settle the foreign exchange in Mainland China. Note: this type of remittance will also be restricted by the domestic annual foreign exchange settlement limit of 50,000 USD.

This remittance service can support remittances to all domestic banks via bank counters. For mobile banking/online banking, the collection accounts of four major domestic banks can be supported. The four major banks are Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, and China Construction Bank.

Below is the fee table and you may enjoy discount via mobile banking or online banking. Please refer to the bank’s latest promotion.

1: How long does it usually take for the remittance to complete?

Answer:

The transaction completion time is mainly determined by the domestic bank's practice to review and accept each remittance record. Generally, it takes 1 to 3 working days. For remittances to the same account, the transaction duration of the first remittance is relatively long, whilst the transaction duration of subsequent remittances is much shorter.

We recommend choosing Bank of China as the beneficiary bank, so that our Bank can assist in communication and ensure a smooth remittance process. In addition, customers are requested to keep their communication channels open after the remittance is submitted, especially for the first remittance as the receiving bank may enquire for relevant information. If the remittance has not been received after three working days, you may call us at +23988886-extension 8826, and our staff will assist in making enquiries.

2. What documents are generally required?

Answer:

If the remittance amount exceeds or equals to the equivalent value of 10,000 USD, remittance supporting documents are required. General remittance requires supporting documents to prove the purpose of the remittance.

When making remittance to Mainland China, some receiving banks would require documents to prove the relationship between the remitter and the beneficiary, and the source of funds for the remittance, such as employment contracts, salary records and other proof of employment and income.

You may perceive that bank remittance would require a lot of documents and the process is complicated, yet banks require the documents provided by the customer to ensure the remittance can be received in a safe and timely manner. Other unofficial channels might require fewer documents or even none, which seems to have saved time, however there may be higher intrinsic risk in the related transaction Bank of China is conversant with Chinese domestic policies and requirements of domestic banks whilst we can also provide additional pre-checking service to reduce excessive waiting time for review and we can also facilitate provision of proof materials to  domestic banks, thereby saving time for repeated communication.

3. How to provide the document when conducting an CNY Pre-settlement Remittance via mobile banking.

Answer:

After submitting your international remittance application through Mobile banking, you may submit the supporting document to osd_pp@bankofchina.com.kh. The bank will process your transaction upon receipt of the supporting document. For any questions, the bank will contact you through your contact information saved in our bank. Please make sure the contact information is correct.

The contact information includes mobile number, telephone number, and email.

If you have any question about the transaction, you can also contact the bank by calling +855(23)988886 – 8826.