When doing business, many of the times there is a need for money transactions to be conducted in an expedited manner. ODM frequently will hold money in Hong Kong and release payments to factories once Quality Control is passed. Many factories want us to send money to China fast and will refuse to release our marketing gifts or promotional products until they get the money.
A common way of making money transactions is through inter-bank transfers; this includes internet banking. Inter-bank transfers can take up to 3 – 5 working days to complete the transaction. In addition, high costs are involved due to the bank’s undesirable exchange rates and high service charges. Alternatively, money transactions can be done through remittance agencies.
There are many remittance agencies in Hong Kong, which can be found around the train stations. Check out the nearby remittance agencies and find one with reasonable exchange rates and service charges. There are over 6 agencies on the same block as our Hong Kong office. Of course, it is important to find one with friendly staff and good service as well. Through these remittance agencies, we can send money to China same day.
Opening an account with the agency is just like having a “membership” at a clothing store, which allows them to identify you as a client. Important details such as company name, address, bank account number etc. must be given to the agency. After which, you are ready to start remitting money to China.
First of all, you must prepare the money to be transferred to China. This sum of money can either be transferred to the remittance agency or brought down in cash. Do take note that this sum includes the service charge as well as difference in currency exchange rates.
It is important to also provide the full bank details of the receiving account in China. We give the details in Chinese. These details include –
Usually transactions done from one country to the other would require a currency exchange. In this case, the currency exchange rate will be determined by the agency for remittance. Note typical spreads below.
Similar to bank transactions, a service fee will be deducted for every remittance and transaction. These service fees are usually cheaper than those at banks.
After attaining all the necessary details and payments, the remittance will be done by the agency on your behalf. This way, we send money to China through remittance agencies.
Finally, a remittance advice will be given as receipt of this transaction. The remittance advice will contain the various information –
And the transaction is complete! The receiver should expect to receive the remittance in the next couple of days!
ODM have experience in sending things to China. Have a look at these blogs….
What is the last item you sent to China, and did you have fun with the process?
A common way of making money transactions is through inter-bank transfers; this includes internet banking. Inter-bank transfers can take up to 3 – 5 working days to complete the transaction. In addition, high costs are involved due to the bank’s undesirable exchange rates and high service charges. Alternatively, money transactions can be done through remittance agencies.
It is faster to complete money transactions . Some international transfers can just take minutes. Costs involved can be reasonable flat fee service charges. Shop around and compare the rates and the spread. The exchange rate for RMB transfers is not much different to the big banks. Reasonable transaction fees.
Full Bank Name Bank Account Holder’s Name Bank Account Number Amount Transferred in both currencies Currency Exchange Rate Service Fee
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