According to the instructions of customers, banks entrust overseas banks or overseas institutions of domestic banks to pay a certain amount of money to designated payees in different ways. Common methods include sight draft and telegraphic transfer:
Draft remittance: A remittance bank issues a spot bank draft on behalf of the remitter, with an overseas bank or an overseas institution of a domestic bank as the remittance bank (remittance bank), and the remitter delivers it to the payee or takes it to a designated remittance bank for withdrawal. The remitting bank issues the bank draft, sends a "payment notice" to the remitting bank, and the remitting bank reviews the draft before making payment.
T/T: Remittance bank remits the money deposited by the remitter to the destination foreign bank (remitting bank) by telegram or telegram, which indicates that the remitting bank pays a certain amount to the payee, and usually uses Swift.
The above contents are for your reference. Please refer to the actual business regulations.
If you have any questions, please contact online customer service of Bank of China.
You are cordially invited to download and use China Bank Mobile Banking APP or China Bank Cross-border GO APP to handle related business.