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L/O/G/O International Settlement Chapter three Remittance International exchange 国际汇兑 Reimbursement of remittance cover 汇 款头寸的偿付 The concept of remittance.

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Presentation on theme: "L/O/G/O International Settlement Chapter three Remittance International exchange 国际汇兑 Reimbursement of remittance cover 汇 款头寸的偿付 The concept of remittance."— Presentation transcript:

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2 L/O/G/O International Settlement

3 Chapter three Remittance International exchange 国际汇兑 Reimbursement of remittance cover 汇 款头寸的偿付 The concept of remittance Parties of remittance Methods and procedures of remittance Application of remittance

4 International exchange refers to operational activities related with the currency conversion and transfer of funds between countries in order to settle the claims and debts by payment instruments through banks. In broad sense--the international settlement In narrow sense--international bank remittance Types: International exchange payer payee Bank ABank B payer payee Bank ABank B contract Remittance:Reverse remittance:

5 If the paying bank maintains a current account with the remitting bank(1) or the remitting bank has a a/c with the paying bank(2) Reimbursement of remittance cover Remitting bankPaying bank Vostro a/c (1)in cover,we have credited you’re a/c with us Nostro a/c (2)in cover,please debit our a/c with you If there is no vostro or nostro account with each other,but the remitting bank can find a third bank,with which both the paying bank and the remitting bank maintain current account. Remitting bank Paying bank Reimbursing bank A In cover, we have authorized A to debit our a/c and credit your a/c with them debit our a/c and credit paying bank a/c with you Credit advice

6 Exercises: please write “cover instruction” for each remittance below. a.The paying bank has maintained an USD account with the remitting bank. Suppose an outward remittance in USD is made, how do you write “cover instruction” for this remittance? In cover, we have credited your account with us b.Both remitting bank and paying bank have maintained USD account with XYZ Bank, New York. Suppose an outward in USD is made, then “cover instruction” ? In cover, we have authorized XYZ Bank, New York to debit our account and credit your account with them

7 A bank, at request of its customer, transfer a certain sum of money to its overseas branch or correspondent bank, instructing it to pay a named person domiciled in that country. Based on commercial credit the concept of remittance payeeremitter Paying bank Remitting bank ② instruction goods ① Application ③ paying

8 汇款人( remitter/importer ) :  Remittance application  Submit the same amount of funds and commission  For our country, submit documents required by SAFE 收款人或受益人( payee/exporter ) 汇出行 (remitting bank) :  payment order/P.O. (支付授权书 )should be made out as instructed in the application and indicate the reimbursement of remittance cover ;  outward remittance 汇入行或解付行( paying bank ):  paying in strict compliance with the P.O. and authenticate the relevant signature or test key ;  usually paying after its receipt of the funds from the remitting bank;  clean payment;  inward remittance parties and their obligations

9 Based on the means of transferring funds, 电汇( telegraphic transfer, T/T ) the remitting bank sends the P.O. to the paying bank by cable, telex, or SWIFT, authorizing the paying bank to make payment to the payee. fast ; safe ; limited time for banks to keep the funds the contents of T/T 信汇( mail transfer , M/T ) the remitting bank transfers the funds by mailing a P.O. cheap but slow procedures for M/T and T/T 票汇 ( remittance by banker’s demand draft, D/D ) On the request of the remitter, the remitting bank draws a demand draft on its overseas branch or correspondent bank ordering the latter to pay on demand to the payee upon presentation. convenient and transferable draft on center 中心汇票draft on center 中心汇票 procedures for D/D Methods and procedures of remittance

10 FM: 汇出行 TO: 汇入行 DATE: 发电日期 TEST 密押 OUR REF NO. 汇款编号 NO CHARGES FOR US 我行不负担费用 PAY(AMT) 金额 VALUE (DATE) 起息日 TO(BENEFICIARY) 收款人 MESSAGE 附言 ORDER/BY ORDER OF (B/O) 汇款人 COVER 头寸拨付 The contents of T/T 收款人: PAY TO BANK (收款人的帐户行) FOR CREDITING A/C NO. OF 收款人

11 Remitting bank: bank of Asia, Tianjin Paying bank : bank of Asia, Luxemburg Date of cable: 9 June Test:2563 Ref No.208TT0219 Amount:USD 1, Payee:Marie Clauda Dumont,Luxemburg account No.0-164/7295/550 with Banque International du Luxemburg Message:payroll Remitter:Crystal Palace Hotel,Tianjin Cover:Debit our H.O. account FM: bank of Asia, Tianjin TO: bank of Asia, Luxemburg DATE: 9 June TEST 2563 OUR REF208TT0219 NO ANY CHARGES FOR US PAY USD 1, TO Banque International du Luxemburg FOR CREDITING A/C NO /7295/550 OF Marie Clauda Dumont,Luxemburg MESSAGE payroll ORDER Crystal Palace Hotel,Tianjin COVER Debit our H.O. account

12 payee remitter Paying bank Remitting bank (1)(2) (3) (4)(5)(6) (7) (1)Remittance application with funds and commission; (2)receipt (3)sends P.O. /telex/SWIFT instructing paying bank to make payment (4)after authenticating, notifies the payee (5)upon receipt, the payee provides the paying bank a receipt (6)the paying bank debited the remitting bank’s a/c and make payment (7)sends the debit advice and payment receipt from payee to the remitting bank (8)the debt is discharged (8)

13 remitter payee Remitting bank Paying bank 1) D/D application 2)Bank demand draft 3)bank demand draft 4)Presenting5)payment 6)Debit advice Collecting bank

14 银行开出的以票面货币清算中心城市的银行为付款行 的汇票。 出票行:汇出行 付款行:清算中心的代理行 特点: 购票人将中心汇票交收款人,收款人可委托当地银行 托收或买入,还可转让。 汇出行不寄票根,不拨头寸,当中心汇票提交付款行 时,借记出票行的帐户以付款并向其寄送借记报单。 从出票到付款前不占用出票行的资金。 Draft on center

15 According to the time of shipment and of payment :  预付货款 (payment in advance) :pay at the time of order(cash with order) or prior to shipment of the goods, commonly used in specialized and capital intensive goods.  货到付款( payment after arrival of goods :also called open account, say, cash on delivery/ 交货付现。 goods sold (售定) sold on consignment (寄售)  凭单付汇 (remittance against documents) Characteristics of remittance  risky  Unbalanced capital burden  Simple procedures and cost-efficient Application of remittance

16 出口合同规定的支付条款为装运月前 15 天电汇付款,买方延至 装运中始从邮局寄来银行汇票一纸,为保证按期交货,出口企业 于收到该汇票次日即将货物托运,同时委托银行代收票款。一个 月后,接银行通知,因该汇票系伪造,已被退票。此时,货已抵 达目的港,并已被买方凭出口企业自行寄去的单据提走。事后追 偿,对方早已人去楼空。 结论: 1 、 进口方改变了付款方式 2 、收到汇票并不等于收到钱,当企业无法辨别其真伪时,应 交银行代为审核 Case study


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