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Outward Remittance

 

How many ways can corporate customer remits the funds outside the country (outward remittance)?
What kinds of supporting documents are required when remitting the funds at a branch?
What is the minimum remitting amount required to request for a special exchange rate?
How long does it take before the beneficiary receives the funds?
What is the minimum and maximum amount required for outward remittance?
What is the outward remittance fee for remitting the funds outside the country?
What is the different between remitting the funds through Asia Cyber Banking and remitting at a branch?
What are the Asia Cyber Banking conditions for making an outward remittance?
Where can customer obtain the application for Asia Cyber Banking and Asia Cyber Banking for Trade Finance?
Why is it better to remit the funds through Asia Cyber Banking than remitting at a branch?
What are the required supporting documents when remitting the funds outside the country through Asia Cyber Banking?
For Asia Cyber Banking outward remittance transaction, where should the supporting documents be sent to?
What are the steps involved in remitting the funds outside the country through Asia Cyber Banking?
Who can assist the customer in resolving issues when remitting the funds outside the country through Asia Cyber Banking?


1. How many ways can corporate customer remits the funds outside the country (outward remittance)?

Bank of Asia is sensitive of the customer's needs for convenience, faster service and accuracy when remitting the funds outside the country; thus, we offer 2 methods of payment for outward remittance as follows:

  • Funds Transfer at a branch

The customer can contact any BOA branch in order to remit the funds outside the country. Customer does not need to have an account with the bank.

  • Funds Transfer through Asia Cyber Banking

The bank provided an alternative method for remitting the funds outside the country in order to make it more convenient for the customer. The customer is able to perform the transaction by him/herself anywhere in the world by using the internet, and no longer need to come to the bank. This approach allows the customer to save time as well as expense.

2. What kinds of supporting documents are required when remitting the funds at a branch?

If the customer would like to remit the funds or transfer the money outside the country, customer needs to provide additional supporting documents regarding the purpose of the transfer. If the remittance is for payment of goods, then the supporting documents are details and prices of the goods, such as a purchasing/sales agreement or overseas invoice. However, if the remittance is for loan payment, then the customer needs to provide the copy of loan agreement as a supportive document, for example.

3. What is the minimum remitting amount required to request for a special exchange rate?

Normally, the customer will have to remit in any currency with a value of at least USD 10,000 or more in order to be able to request for a special exchange rate. However, the rate also depends on the market condition and other external factors at that time.

4. How long does it take before the beneficiary receives the funds?

Normally, the beneficiary will receive the funds approximately within 2-4 working days, depending on the final destination of that remittance. For example, if the fund was remitted to United States, it may take up 3 days. However, if fund was remitted to Australia, it may takes only 1-2 days. The duration is due to the difference in working hours and the procedures of each countries.

5. What is the minimum and maximum amount required for outward remittance?

The bank does not set any limit on the minimum amount when remitting the funds outside the country. The customer can remits any amount desired, as long as the remittance fee is paid accordingly. In addition, the bank does not set any limit on the maximum remitting amount. However, if the customer would like to remit funds in any currency with a value of USD 10,000 or more and the remittance is not for payment of goods that already has supporting documents, then customer must submit the Thor. Tor. 4 form for reporting to the Bank of Thailand. The customer can request for the Thor. Tor. 4 form at the branch that remits the funds.

6. What is the outward remittance fee for remitting the funds outside the country?

The normal outward remittance fee is THB 550 per 1 oversea transaction, regardless of the amount. However, if the customer remits the funds through Asia Cyber Banking, then the bank will charge THB 350 only.

7. What is the different between remitting the funds through Asia Cyber Banking and remitting at a branch?

Remitting the funds through Asia Cyber Banking is an alternative method for transferring money outside the country that the bank offers to the customers. It is a way which provides convenience, faster service as well as increase transaction accuracy for the customer.

8. What are the Asia Cyber Banking conditions for making an outward remittance?

The bank offers oversea outward remittance services through Asia Cyber Banking for the Corporate that has account with Bank of Asia and has applied for Asia Cyber Banking and Asia Cyber Banking for Trade Finance.

9. Where can customer obtain the application for Asia Cyber Banking and Asia Cyber Banking for Trade Finance?

The application for Asia Cyber Banking and Asia Cyber Banking for Trade Finance can be obtained from any branch of Bank of Asia or at Bank of Asia's head office: e-International Trade, e-Commerce and e-Banking Division Tel. 0-2343-4944.

10. Why is it better to remit the funds through Asia Cyber Banking than remitting at a branch?

1. An alternative approach in remitting the funds to other country
2. More convenient and faster service
3. Increase transaction accuracy
4. Lower fee - the outward remittance fee when remit through Asia Cyber Banking is only THB 350; whereas, the fee when remit at a branch is THB 550.
5. Customer can track the remittance status to see whether the bank is processing the transaction or the transaction has already been remitted.

11. What are the required supporting documents when remitting the funds outside the country through Asia Cyber Banking?

The remitter must send the relevant documents, such as overseas invoice, purchasing/sales agreement and purchase order, to the bank after remitting the funds through Asia Cyber Banking.

12. For Asia Cyber Banking outward remittance transaction, where should the supporting documents be sent to?

The documents can be sent to head office or International Business Center via fax. Thus, the customer does not have to visit the bank. The telephone and fax numbers for the International Business Center are as follows:

Head office: Customer Service Section Tel. 0-2343-3315-17
Fax 0-2285-1412, 0-2213-2618,
0-2285-1620
International Business Center:
 
Bang-na
Tel. 0-2398-9234
Fax 0-2398-9235
Samyak
Tel. 0-2221-4451-2
Fax 0-2221-4454
Sriracha
Tel. 0-3832-6765-6
Fax 0-3832-6768
Hatyai
Tel 0-7424-7671-2
Fax 0-7424-7674

13. What are the steps involved in remitting the funds outside the country through Asia Cyber Banking?

Remitting the funds outside the country through Asia Cyber Banking can be done by logging into Asia Cyber Baking by typing in the User ID and Password. Then, select from the menu "Import&Export" and choose "Remittance". Fill out the details, and have an authorized representative electronically approve the transfer. Once the transaction is completed, fax the relevant documents for the transfer to the appropriate International Business Center.

14. Who can assist the customer in resolving issues when remitting the funds outside the country through Asia Cyber Banking?

For assistance, please contact e-International Trade, e-Commerce and e-Banking Division
Tel. 0-2343-4944.

 

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