Clearing Products

Innovation and product upgrade are implemented to meet or excel customer needs:

Wire Express

Wire Express enables a beneficiary in China to receive an instant message in Chinese regarding a remittance processed by BOC-NYB.

·         The remitter should provide his/her remitting bank with payee’s correct mobile phone number in China or e-mail address or both when filling out the remittance application form, and instruct the remitting bank to input such information in Field 70 of SWIFT MT103 or Field OBI of Fedwire/CHIPS （“Remittance Information” field）in the payment order to Bank of China New York Branch (SWIFT BIC BKCHUS33). Our clearing system will send an instant SMS/e-mail notification message upon receiving the payment order from the remitting bank.

·         Each mobile phone number and e-mail address should take a separate line in the “Remittance Information” field. The symbol “@”in the e-mail address should be replaced by “+”. For example, if a payee’s mobile phone number is 12345678901 and e-mail address is aabbccdd@aabbccdd.com, they should be input in the payment order as follows:

SWIFT field 70	12345678901                aabbccdd+aabbccdd.com
or Fedwire field OBI
or CHIPS field OBI

Please do not add a slash (/) before the phone number or email address, nor place these two pieces of information in one line. The following inputs are incorrect.

Example 1:  /12345678901
/aabbccdd+aabbccdd.com

Example 2: 12345678901 aabbccdd+aabbccdd.com

·         The notification message is in Chinese and the content is as follows:
“Hello, (the remitter’s name) has wired a remittance to you via Bank of China New York Branch on Month/Day, Year. Please inquire with your Bank. Thank you. ”（This message is free of charge. ）

Full-Pay Service

Full-Pay Service ensures that a customer’s remittance is received in full by the beneficiary. It consists of two parts:

·         All the branches and subsidiaries of BOC group can opt to send SWIFT remittance instructions with an entry of ‘/OUR/’ in Field 71 if the receiving bank is located in China, such as Chinese commercial banks and policy banks, Bank of China New York Branch will not deduct any fees from the remittance proceeds, except a nominal fee from the remitting bank’s account.

·         For all the other remittances requiring full payment, the remitting bank should enter “/FULLPAY/” in Field 72 of the SWIFT remittance instruction. Our bank will work with our correspondent banks to ensure no deduction from the remittance proceeds throughout the whole process and the receipt of the remittance in full by the beneficiary. As the arrangements and requirements vary among correspondent banks who act as intermediaries, please refer all your questions to Clearing Department of Bank of China New York Branch when using this service.

Intermediary Selection Service

When a remitting bank has difficulty deciding which intermediary bank to use, we can offer its help.

We have accumulated extensive experience over years of service in selecting intermediary banks for remitting banks from China. In addition, our clearing system is capable of sorting out the correspondent banks for a receiving bank through its online connections to CHIPS and FEDWIRE database. The timeliness of this service is warranted by the Night Shift Service introduced earlier.

Operational requirement:

Banks in Asia can consult with us by phone, telex or fax beforehand, or enter ‘D’ in Field 56 or 57 in MT103/MT202 or leave them blank, thus entrusting Bank of China New York Branch to select an appropriate intermediary bank.

RMB Remittance

RMB Remittance enables the remitter to know exactly how much RMB the beneficiary will receive at the time the payment is issued.

RMB Remittance enables the remitter to know exactly how much RMB the beneficiary will receive at the time the payment is issued which eliminates foreign exchange risk and the uncertainty about the RMB amount to be received. Bank of China New York Branch is the only bank providing this service in the U.S. with Chinese government’s authorization.

Operational Requirement:

The remitting banks (outside China), which have signed the service agreement with Bank of China New York Branch, can choose BKCHUS33 as SWIFT Receiving Bank or CHIPS ABA 0326 as CHIPS Receiving Bank or FedWire routing number 026003269 as FedWire Receiving Bank and enter the designated code words to utilize this service. Please refer to the service agreement for details.

Taiwan Remittance

Taiwan Remittance enables the beneficiary’s bank in Taiwan to receive a remittance on the same day (Beijing time) that it is issued.

Through the cooperation of correspondent banks, Bank of China New York branch channels mainland Chinese customers’ remittance to Taiwan The whole process is automated with the guarantee of receipt of fund on the same day value Beijing time. The charge of this service is very competitive

Operational requirement:

The remitting bank in China should enter a preset code in field 72 of MT 103/202(Under Trade). The details are: Bank to Bank Information 72: /TAIW/“/TAIW/” should be placed at the beginning of the first line in Field 72 while leaving Field 56 of MT103 and both Field 56 and 57 of MT202 blank.

Payment with Priority

Payment with Priority enables BOC-NYB to process urgent payments before others.

At times customers may need to make a payment very urgently due to various reasons, such as trade and money market transactions, fund deployment and transfers. Under such circumstances, all you have to do is enter “/PRIO/” in Field 72 of the SWIFT instruction. Our clearing system will automatically place this payment at the front of any of the following three queues - CHIPS, FEDWIRE and internal book transfer system.

Operational Requirement:

For payments that need to be processed with priority, please enter “/PRIO/” at the beginning of the first line in Field 72 of MT103/202. Our system will automatically place those payment instructions with “/PRIO/” in Field 72 to the priority list and complete those payments ahead of others.

Should the customer need to know the status of the remittance at any time, they can check it up in   our GPIS system or contact our day time and night shift staff.

Payment at Request

Payment at Request ensures that a payment will not be released, unless the latest instruction is received.

This service is launched to meet customers’ ad hoc, often unique requests. For example, it is not uncommon for a customer to ask our bank to hold off a remittance temporarily until further instructions such as making the payment or cancelling it.

Operational Requirement:

For remittances that require special attention, enter “/HOLD/” at the beginning of the first line in Field 72 of MT103/MT202.

Asia Real-time Remittance

Asia Real-time Remittance ensures that all remittances issued in Asia will be processed immediately at the time BOC-NYB receives them.

All qualified messages of remittance to countries and regions in Asia will be processed automatically and immediately by our system. If the SWIFT instruction is not qualified or our bank is instructed to select an intermediary bank, our day time and night shift staff will process it in a timely manner to ensure that the fund will be received by the beneficiary’s bank on a real time basis. This service is available to all the beneficiary banks in China or any other Asian countries or regions without additional requirements or fee charges.

Night Shift Service

To better serve our customers in Asia, especially China, Bank of China New York branch launched Night Shift Service on March 1st, 2007 to provide our customers with clearing services during New York night time.

Night Shift Service offers customers with bilingual (Chinese and English) inquiry service, takes care of payments which have special requirements and handles all kinds of remittances on a real time basis, such as special requirement remittance, China Domestic Remittance, Asia Remittance, Taiwan Remittance and Priority Remittance,. Bank of China New York branch is the only bank in America that provides 24 hours online clearing service.

Night Shift Business Hours:

Sunday to Thursday	10:00pm—6:00am	New York Daylight Saving Time
Monday to Friday	10:00am---6:00pm	Beijing time

China Domestic Service

To deal with the time difference problem, Bank of China Head Office established a dedicated U.S. Dollar Service Team in Beijing in January 2003 by streamlining the operations of domestic and overseas branches. This team provides such services as Account Balance Inquiry (e.g. real time balance, previous day’s credit/debit volume, overdraft amount and other account information), Payment Transaction Inquiry, Correspondent Bank Information Inquiry, and Management and Transmission of Inquiry Messages. These services are convenient, safe, up-to-date and best of all, free of charge. Please contacts of U.S. Dollar Service Team at Toll Free Line: 800-810-1206 or fax at (10) 6659-3806.

Inquiry through Internet

Inquiry through Internet provides financial institution customers with the GPIS, an online inquiry system to allow them to check the processing status of their payments on a real time basis.

Customized Service Charges

We have a flexible fee structure and can provide customized fee schedules according to customer needs:

·         Differentiate the fees on payments and receipts

·         Differentiate the fees on MT103 and MT202 (Payment under Trade)

·         Set the fees according to payment amount

·         Set the fees according to remittance business volume