Outward Remittance is a type of settlement service where CEXIM transfers a specified amount of foreign exchanges to the designated payee or creditor via our correspondents, as per instructions from the remitter (our customer). It includes telegraphic transfer (T/T), demand draft (D/D) and mail transfer (M/T), of which T/T is most frequently used.
Our Service: Reporting balance of international payments, verification of payments in import trade, enquiry and reply service and etc. If you face a temporal shortage of funds, you can apply for our finance service under outward remittance.
Benefits for Remitters (Importers)
Simple Steps and Low Cost: Compared with documentary credit and collection, it requires simpler procedures and lower charges;
Trust Won by Fast Speed: As the fastest remittance method, T/T enables customers to make payment promptly and therefore gain trust from the payee;
Securing the Delivery of Goods: Under open account, payment can be made after delivery of goods.
When Do You Choose Outward Remittance?
The importer and the exporter co-operate for a long time and have a mutual trust, so payment in advance is acceptable to the importer or open account is acceptable to the exporter;
The commodity to be traded is in a buyer’s market in which the credit standing of the importer is high while that of the exporter is less so, so the importer requires open account;
The supply of goods is tight and the importer is willing to pay in advance to facilitate the trade;
Insurance and freight costs, commissions, sample fees and proceeds from a claim can be paid by outward remittance;
Final payment in trade can be paid by outward remittance.
The outward remittance should be subject to foreign exchange regulations in China, and valid documents should be submitted if required by the regulatory authority of foreign exchange;
Please provide the following documents: application form for remittance, commercial documents, payment order to foreign exchange account or RMB cheque for foreign exchange purchase.