International Remittance
International Remittance provides a way to remit funds to banks all over the world using USD and EUR. For other currency you may convert to local currency once you receive the funds at the beneficiary bank
For example, if you make international remittances to Mainland China, the funds can be exchanged into RMB once it arrives at the receiving bank. Generally, the exchange can be done through the electronic channels of the receiving bank (online banking/mobile banking) It should be noted that the foreign currency remitted to Mainland China can only be settled into RMB within the limit of US$50,000 equivalent per person per year, and the rest must be saved in the domestic accounts in foreign currency.
FEE
Below is the fee table and, you will enjoy discount via mobile banking or online banking. Please refer to the bank’s latest promotion.
Remittance to Chinese Mainland (Bank of China) (Excluding HongKong, Taiwan and Macao) |
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Amount |
Fee |
Telegraph fee |
Less or equal to 5,000 USD |
9 USD |
Free |
From 5000USD to 10000USD (Inclusive) |
15USD |
Free |
Greater than 10000USD |
0.15% |
Free |
Remittance to Mainland China (non-Bank of China) (Excluding Hong Kong, Taiwan and Macao) |
||
Amount |
Fee |
Telegraph fee |
Less or equal to 5,000 USD |
9 USD |
15 USD |
From 5000USD to 10000USD (Inclusive) |
15USD |
15 USD |
Greater than 10000USD |
0.15% |
15 USD |
Remittance to other Countries/Religions (Bank of China and non-Bank of China) (Including Hong Kong, Taiwan and Macao) |
||
Amount |
Fee |
Telegraph fee |
Less or equal to 5,000 USD |
9 USD |
15 USD |
From 5000USD to 10000USD (Inclusive) |
15USD |
15 USD |
Greater than 10000USD |
0.15% |
15 USD |
TRANSACTION LIMIT
|
Single transaction limit |
Daily transaction limit |
Mobile Banking |
500,000 USD or Equivalent to 500,000 USD |
500,000 USD or Equivalent to 500,000 USD |
Online Banking |
Q&A
1: How long does it usually take for the remittance to complete?
Answer:
Remittance to China: 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.
Remittance to other Countries: The transaction duration is mainly determined by the domestic bank's practice to review and accept each remittance record.
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 supporting documents to prove the relationship between the remitter and the beneficiary, and the source of funds of 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 to proceed and the process is complicated, yet banks require to review the documents provided by the customer to ensure the remittance can be transacted 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 transactions. 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 international 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. In case of questions, the bank will reach out to 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.