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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.

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