Why does cross-border transfer take fifteen working days?

The main reason is that there is no automatic clearing system for cross-border remittances like domestic RMB remittances. In essence, international remittance is actually a position transfer between domestic and foreign banks. There are many intermediate links, which require a lot of manual operation, so it is impossible to determine the time limit. Sometimes, even the remittance message has arrived at the receiving bank, but the position is still on the way. If the position is not received, in general, the receiving bank cannot record it. A remittance location may need to climb mountains to reach the receiving bank, so it's strange if it's not slow.

1. Under what circumstances can I make personal cross-border remittance?

Overseas medical treatment, study abroad expenses, family support, rent, travel, conference, publication expenses, lawyer's fees, shopping, donation, migration assets transfer, etc.

Second, what should individuals pay attention to in cross-border remittance?

1, true and legal use.

Don't lend or borrow other people's annual facilitation quota, or use it for some capital projects that are not yet open, such as overseas real estate investment, securities investment, and investment insurance. (no left, no death).

2. Provide detailed and complete collection and payment information.

The information of the receiving bank should be complete, and the SWIFT code should be provided as much as possible. Some countries had better provide another clearing number (such as BSB number of Australian dollar to Australia, ABA number of US dollar to the United States, classification code of British pound to Britain, CC number of Canadian dollar to Canada). If not, the full name and detailed address of the receiving bank are required (some remittance banks only support customers to provide SWIFT codes). The address of the payee should be as detailed as possible, and individual countries will require specific house numbers. In different countries or regions, the payee's account information will also have special requirements, such as providing IBAN number for remittance to EU countries; Remittance of US dollars to the United States should provide an account number instead of a card number. Complete collection information can improve remittance speed. In addition, remittance information should be carefully checked to avoid mistakes.

3. A convenient quota of 50,000 dollars per person per year.

The convenience limit means that it can be handled directly with the ID card (but in actual operation, the Bank of China will require customers to provide supporting documents as appropriate). If it exceeds the facilitation quota, detailed supporting materials are required. Among them, customers can choose to use the facilitation quota of 50,000 US dollars to purchase foreign exchange for studying abroad, or they can choose to provide the bank with valid personal identity documents, admission notices, tuition bills and other materials that can prove the authenticity of foreign exchange for studying abroad, and handle foreign exchange purchase without occupying the facilitation quota.

4. Try to choose a more professional bank.

Cross-border remittance process is far more complicated than domestic remittance, and it is often troublesome to solve the problem.

5. There are differences between bank charges and exchange rates, so shop around.

The remittance fee has two parts, including telegram fee and handling fee. Some banks will give preferential treatment to VIP customers, and remittance through electronic channels will also have certain preferential treatment. For overseas branches of remittance banks, remittance through electronic channels is even free.

Third, how to choose the way to bear the expenses?

International remittance is very expensive. There will be telegram fees and handling fees when remittance, and there may be entry fees, intermediary fees, correction fees, inquiry fees and so on when funds go abroad. There are three ways to bear the expenses, that is, we, Saudi Arabia and Ben.

1, we mean that domestic and foreign bank charges are borne by the remitter.

2.SHA means that domestic bank charges are borne by the remitter and foreign bank charges are borne by the payee.

3. This means that domestic and foreign bank charges are borne by the payee and deducted from the remittance amount.

How to choose depends on the actual situation, such as remittance fee, periodical fee, conference fee, etc. , and the remittance fee needs to be borne by the remitter. It doesn't matter if you remit money to your home account. However, in practice, these three ways of bearing expenses are not randomly selected. For example, some banks don't support BEN method at all. In addition, in personal international remittance business, banks generally don't accept our way, because after the remittance arrives, the remitter needs to cooperate with some foreign expenses to deduct it from the remitter's account to prevent the customer from dropping the line.

Pick a burden, banks can't sue customers for those tens of dollars, they can only choose to pay in advance, so in practice, SHA method is the most widely used and the most worry-free for banks.

4. Can I receive the account in full if I choose the remitter's expense bearing method?

As mentioned above, in some remittance scenarios, the remitter needs to bear all the expenses. If we are selected (that is, all the handling fees are borne by the remitter), in most cases, the other party will receive the full amount; However, in some cases, in the process of posting remittance to capital settlement, some expenses are not within our expenses, so it is impossible to guarantee full payment. Therefore, if you want the payee to receive a certain amount, it is not safe to choose our method.

5. How to realize full payment?

1, remittance of funds.

This is the stupidest way. As for the amount of extra remittance, it is not easy to determine. I can only say that in most cases, it is almost tens of dollars. If the payee is a school, many remitted funds can be returned to students. It's best to know in advance. As for other situations, specific communication is needed.

2. All products received

In fact, many banks have launched full payment products, and customers only need to pay a fixed fee (for example, US dollar remittance, usually about 25 dollars) in addition to the normal remittance fee to realize full payment. However, there are still great limitations. For example, remittance currencies are mainly US dollars, euros and Australian dollars. , some banks support limited collection areas. For example, ICBC pays US dollars in full, which is only applicable to overseas remittances whose remittance destination is outside the United States.

3.GPI remittance

GPI (Global Payment Innovation Service) is a new remittance method introduced by SWIFT around 20 17 (SWIFT is a nominally neutral organization, and its SWIFT system is the most important financial communication network system in the world. Through this system, all the unrelated financial institutions in the world can be connected in series, and domestic banks must access this system if they want to participate in international settlement. GPI adopts blockchain technology and cloud storage technology, which can realize fast payment between GPI banks, transparent bank deduction fees and tracking payment status at any time. Compared with the traditional remittance method, GPI can predict all expenses at the time of remittance, so as to realize full payment. GPI has developed rapidly since its launch. At present, many domestic banks have supported GPI remittance, but they still cannot cover most banks (including domestic banks and overseas banks), which means that not all remittance businesses support GPI.

6. How soon will it arrive?

Under normal circumstances, the average time for international remittance to reach the account is about 3-5 working days. If the remittance route is complicated, the time may be increased by 1-2 days after passing through multiple transit routes. If the remittance path is simple, it may arrive in a day. If you use GPI products, it will generally be faster, and generally it will take 1-2 days.