Time required for international wire transfer
Only banks that are connected to the national network can transfer money in real time when making a remittance. The handling fee charged by each bank for handling remittance is different. The Industrial and Commercial Bank of China charges 1%, with a maximum of no more than RMB 50; the Agricultural Bank of China charges 0.5%, with a maximum of no more than RMB 50. There is no additional fee for interbank transfers. It is best to use a bank that is in the same industry and connected to the network to handle wire transfers. Wire transfers between different banks take more days.
You can ask the bank when making a remittance about the difference in the number of days between the same industry and non-industry remittances. The length of time is also related to the remittance method selected (normal or expedited, etc.). Of course, the handling fee also varies.
International wire transfer operation process
(1) When making a wire transfer, the remitter fills out a remittance application form and indicates that the remittance method is used. At the same time, the remittance amount and the required fees are handed over to the remittance bank and a wire transfer receipt is obtained. After receiving the remittance application, the remitting bank should carefully review the application to prevent delays or unexpected losses of the remitted funds due to errors in the application. If there are any unclear points, the remitting bank should contact the remitter in time.
(2) When the remitting bank handles the telegraphic transfer, it will send a payment instruction to the remitting bank by telegram or telex according to the content of the remittance application. The content of the telegram mainly includes: the remittance amount and currency, the name, address or account number of the payee, the name and address of the remitter, a note, the position payment method, the name of the remitting bank or the SWIFT system address, etc. In order for the remitting bank to confirm that the content of the telegram is indeed issued by the remitting bank, the remitting bank shall add the secret code (testkey) agreed by both banks before the main text.
(3) After receiving the telegram or telex, the remitting bank shall check whether the secret code is consistent. If it is not consistent, it shall immediately prepare a telegram to inquire with the remitting bank; if it is consistent, it shall prepare a telegraphic transfer notice to notify the payee to withdraw the money. The payee takes two copies of the notice to the remitting bank to withdraw the money, and after the payee signs the receipt, the remitting bank will pay the remittance based on it. In practice, if the payee has an account at the remitting bank, the remitting bank often does not prepare a remittance notice, but directly credits the money to the payee’s account by telegram, and then sends a collection notice to the payee without the payee signing a receipt. Finally, the remitting bank sends a paid debit advice to the remitting bank.
The telegram fee in the telegraphic transfer is borne by the remitter, and the bank generally handles the telegraphic transfer business on the same day, so for remittances of larger amounts or remittances through SWIFT or inter-bank transfers, telegraphic transfers are often used.