• Fund Transfer and Remittance
o Cashier’s Check
For local PHP payment, you may request for a cashier’s check to facilitate the transfer of your funds to a designated payee.
Payment for the check can be done via debit from your bank account. Checks can be deposited starting on the day of issuance.
Requirements:
The following information needs to be provided to proceed with the issuance:
1. Beneficiary name (Payments to “Cash” are not allowed)
2. Beneficiary address
3. Purpose (Please note that you may be asked to provide supporting documents)
o Domestic Outward Remittance
We can facilitate convenient, fast and safe transfer of funds to any other local banks located in the Philippines.
You have the option to transfer funds to other local banks via PesoNet and PhilPaSS for PHP, and PDDTS for USD.
o Cross-Border Remittance
You can receive inward remittances or make outward remittances to other banks located anywhere in the world through your account with us. We currently accept USD, CNY, HKD, CAD, SGD, JPY, AUD, GBP and EUR.
To transfer funds to an overseas beneficiary, please provide the following information:
1. Currency and amount of remittance
2. Beneficiaries name & address
3. Beneficiaries account number
4. Name, address and SWIFT code of the beneficiary bank
5. Details of the intermediary bank, when applicable
Note: Please note that you may be asked to provide supporting documents for your transaction.
o RMB Direct Remittance
You may remit RMB directly to your BOC account in China. If you have a payroll account with us, you can remit up to your annual salary amount to your BOC personal account in China.
Transaction Requirements:
• Remitter must be a BOC Manila individual customer with a People's Republic of China citizen ID (marked as Chinese National in banking system records).
• Remitter must be an existing BOC Manila payroll customer
• Beneficiary bank must be Bank of China in Mainland China. (If the RMB is remitted to another bank in Mainland China, it will be processed as a regular remittance which is not eligible for enhanced RMB remittance processing.)
• Beneficiary must be an individual customer with a People's Republic of China citizen ID and the beneficiary account shall be able to receive remittance in RMB.
• Acceptable sources of funds are salary (including bonuses), overseas allowances (required proof is a whole year’s salary tax payment voucher/demand note, employment contract, salary slip, certificate of employment (COE) or any equivalent document indicating the salary provided by one’s employer).
• No maximum remittance amount imposed provided that the remittance amount does not exceed the remitter’s total annual income.
• The remitter is required to read and agree to an RMB declaration for each remittance transaction to confirm (i) the source of fund is from salary (including bonuses) and (ii) the transaction complies with the relevant BOC Manila regulatory exchange control requirements.
• If the beneficiary is of different name from the remitter, such remittance will be subject to verification by the beneficiary bank in Mainland China which may require proof from the payee of relationship with the remitter; or the remittance may be returned in full and charges may be applied.
o RMB Advanced Purchase Remittance
RMB Advanced Purchase Remittance is a service provided to individual clients who wish to remit RMB to an account in China. The remittance is made in USD while the beneficiary will receive the funds in RMB based on the prevailing exchange rate at the time the remittance is made. Customers will have the benefit of knowing the exact exchange rate at the time of transaction.
There is a limit of USD50,000 for the exchange settlement amount each person is allowed per year. Please make sure your beneficiary has not reached the limit threshold. Otherwise, the remittance may be returned.
The beneficiary must be a Chinese national who has a Chinese National ID card and the ID number must be provided at the time of the remittance.
