Service Descriptions

Cross-border RMB Letter of Credit refers to L/C transaction with RMB as the settlement currency,including import L/C and export L/C.

Import L/C
when you, as importer, agree on trade settlement via L/C with the exporter, BOCOM shall issue an L/C directed to the exporter at your request, and make acceptance or payment to the exporter or other beneficiary nominated after receiving all documents from the exporter's consigned bank, given that the documents are consistent with the L/C. BOCOM may issue sight, usance, acceptance, negotiation, transferable, revolving and back-to-back L/C.
Export L/C
you, as exporter, may contact the importer and request the issuing bank to nominate BOCOM as the advising bank, so that BOCOM may advice the L/C to you as early as possible and provide you subsequent export L/C services, including presentation of documents, negotiation,acceptance, transfer of L/C, etc.

Provided that your business contract is denominated in a foreign currency, BOCOM may arrange payment under L/C in RMB if needed.

Service Features

Settling RMB could avoid exchange rate risk

Free currency exchange commission and other expenses could reduce transaction cost

Less currency crossing could simplify pricing and accounting

Without Export receipts credited to pending accounts, operation process could be simplified

Targeted Clients
Enterprises that demand import/export settlement, choose L/C as the means of settlement and want to use RMB in pricing and settlement.
Service Procedures
  • You must be a legal person or have the authorization from a legal person;
  • You must be licensed to deal in imports/exports and RMB or foreign currency settlement accounts with BOCOM;
  • The L/C you are handling must have a genuine trade background and comply with the provisions of regulatory bodies;
  • You are required to file Corporate Profile for the first time and BOCOM shall complete activation for you in RMB Cross-border Payment Management Information System (RCPMIS);
  • To apply for L/C issuance, you are required to submit an application, business contract and import permit.
Service Descriptions

Cross-border RMB collection refers to collection with RMB as the settlement currency, including export collection and import collection.

Export Collection
when you, as exporter, are required under the business contract to ship goods first and then draw financial bills or commercial bills, you may entrust BOCOM, as your export collecting bank, to collect payment for goods or services from importer.
Import Collection
you, as importer, may nominate BOCOM as import collection bank. Upon receiving collection bills sent by the collecting bank, BOCOM shall collect import payment or send payment acceptance to you according to the instruction of the collecting bank and present to you relevant collection bills.

Even though your business contract is denominated in a foreign currency, BOCOM may arrange RMB collection for you if needed.

Service Features

Settling in RMB could avoid exchange rate risks

Less currency crossing could simplify pricing and accounting

0 currency exchange commission and other expenses, could reduce transaction costs

Without Export receipts credited to pending accounts, operation process could be simplified

Easy to use and low rate

Targeted Clients
Enterprises that demand import/export settlement, choose collection as the means of settlement and want to use RMB in pricing and settlement.
Service Procedures
  • You must be a legal person or have the authorization from a legal person;
  • You must be licensed to deal in imports/exports and have opened RMB or foreign currency settlement accounts with BOCOM;
  • The collection you are handling must have a genuine trade background and comply with the provisions of regulatory bodies;
  • You are required to file Corporate Profile for the first time and BOCOM shall complete activation for you in RMB Cross-border Payment Management Information System (RCPMIS);
  • For export collection service, you are required to submit export documents and complete Application for Collection.
　　 　　 　　
Service Descriptions

Cross-border RMB remittance refers to RMB received from or sent to abroad by means of remittance, including payment for goods, etc.

Service Features

High speed, convenience and economy, to ensure safe and timely payment and quicken cash turnover for you

An efcient and robust service network of BOCOM to help shorten your remittance route

Targeted Clients
Enterprises that demand import/export settlement, choose remittance as the means of settlement and want to use RMB in pricing and settlement.
Service Procedures
  • You must be a legal person or have the authorization from a legal person;
  • Your remittance must comply with the provisions of regulatory bodies;
  • You are required to file Corporate Profile for the first time and BOCOM shall complete activation for you in RMB Cross-border Payment Management Information System (RCPMIS);
  • You need to provide the cross-border RMB receipt and payment instructions.
　　 　　 　　
Service Descriptions

Cross-border RMB factoring means that BOCOM will provide you with AP/AR management, collection, payment guarantee, settlement and funding facility services separately or combined for your RMB AR/AP, when you need services in RMB AP/AR management, counterparty credit risk management and funding facilities in imports/exports.

Service Features

Tailor-made, including import factoring and export factoring; single-factor and two-factor; collection-based factoring and factoring without recourse

If you are an importer, you enjoy better trade terms and conditions enabled by higher credit rating

If you are an exporter, you may enjoy guaranteed safety of your AR, get payment earlier and accelerate cash turnover

RMB factoring under basic contract or bills in foreign currency is supported

Targeted Clients
Enterprises that demand import/export settlement and deal in imports/exports of goods, services and equipments.
Service Procedures
  • You must be a legal person or have the authorization from a legal person;
  • You must be licensed to deal in imports/exports and have opened RMB or foreign currency settlement accounts with BOCOM;
  • The factoring transaction you apply for must have a genuine trade background and comply with the provisions of regulatory bodies;
  • The factoring transaction you apply for must conform to relevant credit policies of BOCOM and proper credit line must be set up;
  • You need to sign a factoring contract and file an application as required by BOCOM;
  • In handling the transaction, you will be asked to present business contract, commercial invoice and freight bills to BOCOM.
　　 　　 　　
Service Descriptions

By cross-border RMB direct investment services, BOCOM will open RMB settlement account handle payment and settlement of investment capital (including upfront costs, statutory capital, capital increase/decrease, profit distribution) and advise on olicies when you make cross-border investments in RMB.

Service Features

Mitigate risks in currency mismatching and simplify consolidation of financial statements

Simplify currency exchange process and save exchange costs

Be supported by cross-border RMB loan

Be supported by cross-border direct investments in mixed currencies

Targeted Clients

Domestic and foreign enterprises that make cross- border direct investments in RMB;

Foreign-invested enterprises established in China;

Chinese shareholders of enterprises acquisited or merged by foreign investors.

Service Procedures

To apply for cross-border direct investments, you are required to present to BOCOM:

Application for Remittance;
Certificate or document of approval for overseas direct investments issued by competent authorities;
Other materials required

To apply for domestic direct investments, you are required to present to BOCOM:

Laws and regulations or written permissions by competent authorities that prove your activities in China;
Tax certificate (if any);
Other materials required.

To apply for opening RMB settlement account, you need to provide the following materials in Chinese:

Application for opening account;
Certificate of legal registration at home or abroad;
Laws and regulations or written permissions by competent authorities that prove activities in China;
Signatures or seals such as ofcial seal, financial seal and authorized signatory for account.

Service Descriptions

You may open a RMB non-resident account (RMB NRA) in BOCOM for RMB payment if you are registered overseas and intend to use RMB in settlement with your trade counterparty.

Service Features

Help you complete the most efcient RMB cross-border payment and receipt

Help you realize swift transfer of RMB fund abroad

Your NRA enjoys interest income on domestic RMB savings

Targeted Clients
Enterprises that are legally registered overseas and need RMB cross-border or overseas payment and receipt.
Service Procedures

To apply for opening RMB NRA, you need to provide the following materials in Chinese:

Application for opening account;
Certificate of legal registration abroad;
Laws and regulations or written permissions by competent authorities that prove your activities in China;
Specimen signatures such as ofcial seal, financial seal and authorized account signatory.