Outward remittance
·Remitting funds to other Banks
    ·Within China
    ·Outside China
·Remittance can be done by telegraphic transfer (TT),

Benefits to the remitter
·Compared with the letter of credit and collection, the remittance has the characteristics of simple formality and low charge;
·Telegraphic transfer is quick.
·By adopting the outward remittance operation under the item of paying upon delivery of goods, the importer can avoid trade risks such as no goods received after payment, goods shortage, and non-standardized goods quality, etc.

WHEN----When to choose outward remittance?
·The circulating funds are abundant, and at present, the main aim is to control the financial expense rather than to obtain the financing convenience.
·Under the trade settlement item, the exporter accepts the term of paying upon delivery of goods, but they have high requirement on the speed of payment;
·The importer has good cooperative relation with the remittee, and is willing to accept the condition of the prepayment.
·It is recommendable to select outward remittance for payment of materials expenses, the technical expenses, and the trade incidental expenses (including the freight and insurance)etc.;
·It is applicable to use outward remittance for payment of the residue under the trade item.

HOW----How to handle the outward remittance operation?
The Operation flow (telegraphic transfer and mail transfer are expressed in bold line, and draft transfer in dotted line)

Attentions
1. When handling outward remittances, it should be presented to the bank the following materials: a. application for outward remittance;b. Drawing note of foreign exchange account/RMB check for purchasing foreign exchange;

2. When handling the outward remittance, it must comply with the state regulations on foreign exchange management.Following valid documents required by foreign exchange regulations should be submitted:the relevant approval files for purchasing foreign exchange, the report form of BOP (if needed), and Verification Certificate of Import Payment (if needed).

Inward Remittance
- The most convenient and quickest export settlement tool

WHAT----what is the inward remittance?
The way of settlement that, entrusted by the customers, the foreign correspondent banks or sister-branches remits the fund into the domestic bank and instructs it to pay the fund to the payee.
The way of remittance includes telegraphic transfer (T/T), mail transfer (M/T), and banker's demand draft (D/D), among which T/T and D/D are used most commonly.

WHY------- Why choose inward remittance?
Telegraphic transfer, the quickest settlement tool, facilitates the exporters to speed up cash flow;
Relatively lower costs and helping the exporter to reduce the financial expenses and control the costs;
Widely used and easy to operation.

WHEN------When to use inward remittance?
To speed up cash flow and reduce financial cost, the remittance is preferred;
When doing settlement for non-trade business and capital account transactions, the remittance should be used.

HOW-----How to handle inward remittance operation?
The operation flow (telegraphic transfer is expressed in hold line and draft transfer in dotted line)

Attentions
1. If the exporter has an account in the paying bank, the inward funds will be credited to the account directly.
Otherwise, the remittance will be transferred in a reasonable way;
2. If the inward fund is not received in time, it is suggested that the payee inquiry about it to the bank in time;

Routing :State Bank of India, Shanghai has SWIFT facility . The BIC code is SBINCNSH. The Nostro account is being maintained with JP morgan Chase Bank in USA. The account details are as under
1. Account Number :
2. ABA routing Number :
3. CHIPS UID :
4. SWIFT ID :