International Exchange and Methods of Remittance 国际.ppt

Part Five International Exchange and Methods of Remittance,Chapter One Outline of International Exchange,Specified method and condition Transfer funds from one part to another Avoid trouble of delivering cashes, accelerate settlement , make full use of exchange, promote development of economy and make foreign exchange bank become clearing center getting considerable fees.,International Exchange,国际汇兑是通过把一个国家的货币兑换成另一种货币，并借助各种信用工具，将货币资金转移到另一个国家，以清偿国际间由于贸易或非贸易往来产生的债权债务关系的专门性经营活动。 广义:国际汇兑是国际结算行为； 狭义:国际汇兑特指国际银行间的汇款业务,Remittance & Reverse Remittance,Transference of instruments results in oversea transference of funds. Transference of instruments falls into two kinds: Remittance（顺汇,汇付法） payer or debtor gives funds to bank on his own initiative, entrusting the bank to use instruments transferring funds to payee or creditor.,Procedure,Instrument and funds move in same direction Typical business: remit funds(T/T, M/T, D/D),Money,Money,Reverse Remittance（逆汇,出票法） Payee or creditor draws draft and entrust bank to use instruments to get paid from foreign debtor.,Procedure,Instrument and funds move in different direction Typical business: collection , L/C,Debtor Importer Drawee,Bank,Claimant Exporter Payee,Instruments,Active,Claim,Money,Money,International remittance vs. domestic remittance,Same in nature: transfer funds but different ways to deal : relates different countries,Differences between International remittance and domestic remittance,1、国际汇兑的资金是外汇，也可称为可自由兑换的货币，因此常常伴随外汇买卖行为。 国际汇兑是通过国际间银行的“汇”与“兑”实现国与国之间的债权债务的清偿和国际间资金的转移。 “汇”是将货币资金在国际间转移；“兑”是不同国家货币之间的相互转换,2、国际汇兑中的收款人可以是全球任何地方的个人或企业。 3、国际汇兑的付款人一般应是付款货币清算中心所在地的银行。 4、国际汇兑若采用第三国货币清偿或授受时，手续较多，费时较长，增加了客户的资金占用，不利于其资金周转，经办银行可以提供融资。这样，经办银行在国际汇兑业务中不仅有手续费收入，还有融资的利息收入，并可以根据汇兑的方式，不同程度地占用客户的在途资金。,Parties in remittance,1 Remitter（汇款人） who requests his bank to remit funds to a beneficiary in a foreign country, always is importer or debtor 2 Payee or Beneficiary（收款人） who is addressed to receive the remittance, always is the exporter or creditor 3 Remitting Bank（汇出行） who is entrusted to remit the funds outward 4 Paying Bank（汇入行也称解付行） who is entrusted by the remitting bank to make payment to the payee,1 Remitter,2 Payee,3 Remitting bank,4 Paying Bank,Main parties are mentioned above, but if remitting bank and paying bank have no direct account relationship, intermediary bank (转汇行) will be involved Intermediary bank (转汇行) : transfer funds to paying bank for remitting bank or collect funds for paying bank.,Relations between parties,1 Payee and payer Non-trade: transfer funds Trade: debt and credit Remitter and remitting bank : trustor and trustee,Remitting bank and paying bank : relationship of both correspondent and trust Payee and paying bank: Payee has an account in paying bank or has no relationship with paying bank .,Chapter Two Methods of Remittance,The manner by which the payment instruction from remitting bank to paying bank. There are three types : 1 Telegraphic Transfer, T/T（电汇） 2 Mail Transfer, M/T（信汇） 3 Remittance by Bankers Demand Draft, D/D（票汇）,Methods of Remittance,1 Telegraphic Transfer, T/T（电汇） Payment instruction given by the remitting bank to the paying bank will be telecommunication, such as cable, telex or computer system.,Procedure of T/T,Characteristics of T/T,1 Belongs to remittance 2 Fastest way to collect funds, while cost is also high: as technology develops, cost has a tendency of going lower 3 Has priority to other methods, settled in a single day and bank cannot take up funds Safe : use telex and SWIFT mostly Control Documents: Test Key & SWIFT certificate (证实押),2 Mail Transfer, M/T（信汇）,Payment instruction given by the remitting bank is transmitted by mail or by courier. Characteristics of M/T: 1 lower cost 2 but slower 3 funds can be taken up for short time by bank 4 Control Documents: Specimen of authorized signature book(印鉴）,Procedure of M/T,T/T vs. M/T,T/T & M/T are almost the same except that instruments are different . T / T: Cable Telex Telegram M/ T: M/T Advice P.O (Payment Order),3 Remittance by Bankers Demand Draft, D/D（票汇）,Payment instruction is written down directly on the surface of the bank draft. A bank draft is a negotiable instrument drawn by the remitting bank, ordering its overseas correspondent bank to pay on demand the stated amount to the holder of the draft.,票汇是汇出行应汇款人的申请，代其开立以汇入行为付款人的银行即期汇票，并交汇款人，由汇款人自寄或自带给国外收款人，由收款人到汇入行凭票取款的汇款方式。,Procedure of D/D,Characteristics of D/D,1 Its convenient for the payee to collect funds for he can go to any correspondent of the remitting bank. 2 The draft can be negotiated. 3 The delivery of the draft is outside the banking system. The bank draft should be handed over to the remitter, who may dispatch or even bring it to the beneficiary abroad.,Characteristics of D/D,The paying bank do not have to advise the payee, conversely the payee present for payment. 5 Control Documents: counterfoil（票根）,票汇业务中，中心汇票常常代替银行即期汇票。 中心汇票是各家银行开出的以汇票票面货币的清算中心所在地的银行为付款行的汇票。 汇款业务中采用“中心汇票”的优点 1 中心汇票的流通性较强，方便了银 行客户。 2 采用中心汇票汇款可以不占用汇出 行资金。,Chapter Three Reimbursement of Remittance Cover (汇款的偿付),汇款头寸偿付 , 俗称“拨头寸” The paying bank credits the funds against the payees account, which should be reimbursed by the remitting bank prior or after the payment. 按照国际惯例，汇出行在发出汇款委托书的同时，必须将头寸拨付给付款行，使付款行不致因执行付款指示而垫付头寸。,每一笔汇款必须注明拨付头寸的具体指示，即每一笔汇款必然引起一笔相同金额的头寸偿付业务。 有的银行在相互建立业务代理关系时，在代理合约中订明汇款头寸偿付的方法，有的银行则采取在逐笔汇款委托书或汇票通知书中注明头寸如何调拨。,Styles of Reimbursement in practice,1 先拨后付: 付出行在受理一笔汇款业务后，先将头寸拨给汇入行，汇入行收到头寸以后才向收款人进行解付。这是最主要的头寸调拨方式。 2 先付后偿: 汇出行受理一笔汇款业务后，先将汇款通知寄给汇入行，汇入行根据通知先垫付资金给收款人，然后向汇出行索偿。除非汇出、汇入两行有先解付、后拨头寸的代理合约，否则不能采用。,Manners to handle the cover,1 Remitting bank and paying bank have direct account relationship. Reimburse through this account. 1) paying bank opens account with remitting bank The cover instruction given by the remitting bank in MT advice (信汇委托书) or payment order(支付委托书) could be “In cover, We have credit the sum to your account with us (我们已经在你行的帐户上贷记了这笔款项) ”.,2） remitting bank opens account with paying bank The cover instruction given by the remitting bank in MT advice (信汇委托书) or payment order(支付委托书) could be “In cover, Please debit the sum to our account with you(请将这笔款项借记我行在你行的帐户)” or “In reimbursement, you are authorized to debit the face amount to our A/C held with you(授权对方借记)”.,Remitting bank and paying bank both have opened accounts with the same correspondent bank(代理行,碰头行） The remitting bank may advise this correspondent bank to keep books on both accounts with them. The cover instruction could be “ In cover, we have authorized bank X to debit our a/c and credit your a./c with them.”,Remitting bank,Bank X,paying bank,3 Remitting bank and paying bank have opened accounts with different overseas correspondent banks The remitting bank firstly advising its correspondent bank , say ,bank X to transfer the funds to the bank Y, correspondent bank of paying bank, at the meantime , to instruct the paying bank “ In cover , we have instructed bank X to remit proceeds to you”.,Remitting bank,Paying bank,Bank X,Bank Y,Two nations sign payment agreement and establish Clearing Account (清算帐户) According to the regulations set by agreement . Same as （1） but use different account ( Clearing Account). “In cover, you are authorized to debit our central banks clearing account with your central bank”. or “In cover, we have requested our central bank to credit the sum to the clearing account of your central bank with them”.,We can also use draft to reimburse in practice. Remitting bank draws a draft (payerhis correspondent bank ; payeepaying bank) with the payment order. or Paying bank draws a draft whose payee is himself to the remitting bank.,Chapter Four Application of remittance in international trade,Payment in Advance（预付货款） The importer pays the exporter before delivery of the goods. For importer: pay in advance For exporter: paid in advance For bank at importers side: remitting bank For bank at exporters side: paying bank,Characteristics,Favorable for exporters: 1）help the seller with the shortage of funds , loan of no interest 2）the seller does not have any financial risk 3）the seller can immediately use the fund to run the operation,Disadvantages to the buyer: 1）the buyer has risk that what he contracted for will be : a) supplied, b) received, c) received in a timely fashion, and/or, d) received in the quality or quantity ordered 2）tie up his capital prior to receipt of the goods or services,Used in following situations: 1 when demand for commodities is greater than supply in market. 2 the importer and the exporter have close relationship, and the importer is willing to supply funds to exporter 3 deal for the first time and the seller is doubt the buyers credit,Precautionary measures against risks:,设立解付条件 进口商在汇出汇款时向解付行提出解付条件：出口商提供全套货运单据后解付； 请出口方银行提供银行保函，保证收到预付款后发货，否则退回预付款；对进口商品折价支付。,Payment after Arrival of the Goods （货到付款）,The impo