How to conduct a USD remittance via Bank of China New York Branch?

Bank of China New York Branch (BOCNY) is a real time on-line member bank of the two major payment systems in the U.S.---CHIPS and FEDWIRE. With the advantage of broad network of oversea branches and global correspondent banks, BOCNY is not only the principal U.S. dollar clearing channel of Bank of China Group worldwide, but also the No. 1 choice of U.S. dollar wire transfers to and from China by many financial institutions, corporations and individuals.

With years of great efforts on clearing business, BOCNY has developed its own prior clearing system GPS (Global Payment System) which process payment automatically, and formed an experienced expert team. With customers’ satisfaction at the center of everything we do, we are striving to provide you with fast and secure wire transfer solutions.

Clear and efficient instruction will avoid unnecessary delay and unexpected charges, in order payee get the funds on time, you may refer to following notes and examples of MT103, MT202 to and from China.

In a qualified payment order, it should include the following information:

Field 50 the ordering customer information

Field 53 correspondent bank for ordering institution

Field 56 intermediary bank (here Bank of China, New York Branch)

Field 57 beneficiary bank details (You may use BIC Code, English full name and address in case our operator handles the unqualified payment)

Field 58 or 59 beneficiary information

Inward (To China) Remittance---- MT103/CTR/SN

Inward (To China) Remittance---- MT202/BTR/SB

Outward (From China) Remittance---MT103/CTR/SN  

Outward (From China) Remittance---MT202/BTR/SB

FAQs in Remittance

Inward (To China) Remittance---- MT103/CTR/SN

If your clients open an account with Bank of China or any major banks in China, you can advise your bank (remitting bank) to choose BOCNY as intermediary bank (SWIFT: BKCHUS33), We will transfer funds to correct bank at the very first second. Our payment system will process qualified payments automatically, for unqualified payments; our experienced operators will handle the payment as per the original payment order.

Field No.	Field Name	Examples	Notes
20	Sender’s Reference	123456789
23B	Bank Operation Code	CRED
32A	Val Date/Currency Amount	YYMMDD USD 1,000.00
50K	Ordering Customer	ABC 123 Avenue, New York, NY 12345	Remitter's name location, zip code
52a	Ordering Institution	XXXXUS33	If sending bank differs from ordering bank
53a	Sender’s Correspondent	XXXXCNXX
56A	Intermediary Institution	BKCHUS33	If the receiver of the Swift is not Bank of China, New York
57a	Beneficiary’s Bank	XXXXCNXX	In form of BIC Code or bank name and location
59a	Beneficiary	/123456 BCD (Or Beneficiary’s Location)	Beneficiary's Acct No. and Name, location details
70	Remittance Info	/INV/123456	The use of funds
71A	Details of Charges	SHA or OUR or BEN
72	Bank to bank info.	/ACC/XXX Branch

Inward (To China) Remittance---- MT202/BTR/SBMT202/BTR/SB actually includes COVER PAYMENT and payment for L/C AND COLLECTION

In the case of COVER PAYMENT, Please quote relative MT103 Reference; in the case of payment  for L/C AND COLLECTION, Please quote related reference, for many institutions of Bank of China, the reference usually start with “BP” or “OC”.     

Field No.	Field Name	Examples	Notes
20	Sender’s Reference	123456789
21	Related Reference	XXXXXXXX	Actually start with BP/OC for L/C or Collection, NONREF. for Cover Payment
23B	Bank Operation Code	CRED
32A	Val Date/Currency Amount	YYMMDD USD 1,000.00
52a	Ordering Institution	XXXXUS33	If sending bank differs from ordering bank
53a	Sender’s Correspondent	XXXXUS33
56A	Intermediary Institution	BKCHUS33	If the receiver of the Swift is not Bank of China, New York
57a	ACCT with Institution	XXXXCNXX	In form of BIC Code or bank name and location
58a	Beneficiary Institution	BKCHCNBJXXX
72	Sender to Receiver info.	/ACC/XXX Branch	The presence of this field will in most cases require manual intervention. Accepted codes are: /ACC//BNF//INS//INT//PHON//PHONBEN/ /PHONIBK//REC//TELE//TELEBEN//TELEIBK/ /CLSTIME/ Codes apart from the above will be subject to charges.

Outward (From China) Remittance---MT103/CTR/SN

Field No.	Field Name	Examples	Notes
20	Sender’s Reference	123456789
23B	Bank Operation Code	CRED
32A	Val Date/Currency Amount	YYMMDD USD 1,000.00
50K	Ordering Customer	ABC X ST,X AVE. Beijing, China	Remitter's name location, zip code
52a	Ordering Institution	BIC CODE	If sending bank differs from ordering bank
53a	Sender’s Correspondent	XXXXUS33
56A	Intermediary Institution	BKCHUS33	If the receiver of the Swift is not Bank of China, New York
57a	Beneficiary’s Bank	XXXXXXXX XXX branch	In form of BIC Code or bank name and location
59a	Beneficiary	/123456 BCD (Or Beneficiary’s Location)	Beneficiary's Acct No. and Name, Location details
70	Remittance Info	/INV/123456	The use of funds
71A	Details of Charges	SHA or OUR or BEN
72	Bank to bank info.	/ACC/XXX Branch

Outward (From China) Remittance---MT202/BTR/SB

Field No.	Field Name	Examples	Notes
20	Sender’s Reference	123456789
21	Related Reference	XXXXXXXX	L/C or Collection related Payment Cover Payment
23B	Bank Operation Code	CRED
32A	Val Date/Currency Amount	YYMMDD USD 1,000.00
52a	Ordering Institution	XXXXCNXX	If sending bank differs from ordering bank
53a	Sender’s Correspondent	XXXXCNXX
56A	Intermediary Institution	BKCHUS33	If the receiver of the Swift is not Bank of China, New York
57a	ACCT with Institution	XXXXXXXX XXX branch	In form of BIC Code or bank name and location
58a	Beneficiary Institution	BIC CODE
72	Sender to Receiver info.	/ACC/XXX Branch	The presence of this field will in most cases require manual intervention. Accepted codes are: /ACC//BNF//INS//INT//PHON//PHONBEN/ /PHONIBK//REC//TELE//TELEBEN//TELEIBK/ /CLSTIME/ Codes apart from the above will be subject to charges.