Chapter 3 Remittance.

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1 Chapter 3 Remittance

2 Main contents Outline of remittance Concept of remittance Parties of remittance Types and procedures of remittance Advantage and disadvantage of remittance Application of remittance in International trade Case study:Risk prevention for remittance Summy---Comparison of T/T,M/T,D/D

3 Differences between remittance and reverse remittance;
Focus Differences between remittance and reverse remittance; Procedures of T/T & D/D both in E and Chinese; Comparison of M/T,T/T & D/D Risks and prevention for importer by payment in advance & exporter by payment after goods delivery Preview Reading Case on P81 thinking: Do you think the importer would reject the goods ? Why? Do you think it really difficult to indentify the B/L number? What ’s his real intention? What can we do for it as an exporter?

4 Case study assignment 时间：2015.12.12 任务安排：
Group 1：Brief Introduction of the case T/T P81 Group 2：Do you think the importer would reject the goods ? Why? Group 3：Do you think it really difficult to indentify the B/L number? What ’s his real intention? Group 4：What can we do for it as an exporter? 要求： 1、1和4组发言时间不超过5分钟，2和3组发言时间不超过3分钟； 2、脱稿，可以带小卡片，准备1-2张PPT发给学委。 3、可以2人配合，一英一中，英文语速不宜过快，让听众听懂。

5 案例提问 1、what kind of goods in the trade? Suppose fresh fruit or vegetable? 2、As considering combination trade terms & payment terms ,what is the best partner for T/T from the view of an exporter?

6 Key words Reimbursement of remittance cover 拨头寸 Remittance 汇付，顺汇
Reverse remittance 逆汇,出票法 Remitter 汇款人 Remitting bank 汇出行 Paying bank 汇入行，解付行 Beneficiary or payee 收款人，受益人 Payment instruction\order 付款委托书 Reimbursement of remittance cover 拨头寸 T/T M/T D/D Payment in advance Open account / payment after goods arrival Consignment

7 Outline of remittance P67
Based on the movement direction of the instruments in relation to the funds,two typies: 谁出票？ 出什么票？ Remittance : （顺汇，汇付法） Reverse remittance: （逆汇，出票法） contract contract payer payee payer payee Funds Funds Credit instruments: Telex with test key;draft T/T,M/T,D/D,Collection,L/C belongs to what kind of types? 谁出票？出什么票？ Bank A Bank B Bank A Bank B Instruments Instruments What is the instrument in remittance or reverse remittance? How to authenticate the instrument? P75 T/T,M/T,D/D,Collection,L/C belongs to remittance or reverse? why?

8 Concept of remittance P68
Remittance refers to a bank(the remitting bank), at the request of its customer (the remitter), transfers a certain sum of money to its overseas branch or correspondent bank(the paying bank) instructing it to pay to a named person (the payee/beneficiary) or corporation in that country. Remittance is widely used for the settlement of both trade and non-trade settlements. Q2:Whether the banks should be responsible for the payment？So it is commercial or bank’s credit？ Q1:What’s the relationship between these 2 banks？

9 Workflow of remittance
Whether the instruction attach shipping documents or not? How to transfer? Goods Payee/ Exporter Remitter/ Importer with shipping Docs ①Application with funds ③ paying ② instruction /order Remitting Bank 汇出行 Paying Bank 汇入行 Whether the instruction attach shipping documents or not? How to transfer? 汇出行 汇入行

10 parties and their obligations P68-69
Remitter(汇款人）——buyer and importer The party who will make the payment. Person who requires his bank to remit funds to the beneficiary in a foreign country. Remitting Bank(汇出行）——importer’s bank The bank who remits the funds at the request of a remitter to the paying bank and instructs the latter to pay a certain of money to a beneficiary.

11 parties and their obligations P68-69
Paying bank(汇入行/解付行）——exporter’s bank A paying bank is the bank entrusted（被委托） by the remitting bank to pay a certain sum of money to a beneficiary. The paying bank usually locates in the same city as that of the exporter. Payee/Beneficiary(收款人/受益人）——exporter Is the person who is addressed to receive the funds by remittance.

12 Methods and procedures of remittance P69
1 T/T—— 电汇 Telegraphic Transfer 2 M/T—— 信汇 Mail Transfer 3 D/D—— 票汇 Demand Draft

13 Methods and procedures of remittance P69
payment instruction is M/T or T/T? Based on the means of transferring funds 电汇（telegraphic transfer, T/T） the remitting bank sends the P.O. to the paying bank by cable, telex, or SWIFT, authorizing the paying bank to make payment to the payee. fast ; safe ; limited time for banks to keep the funds 信汇（mail transfer，M/T） the remitting bank transfers the funds by mailing a P.O. ,trandiional methods,slow & unsafety procedures for M/T and T/T

14 Payee (exporter) Remitter (Importer) Remitting bank Paying bank
Procedure of M/T & T/T P72-73 Payee (exporter) Remitter (Importer) contract (1) What is P.O.? P71 (2) (4) (5) (6) How to authenticate? (3) Remitting bank Paying bank (7) (1)The remitter fills out the Remittance application with funds and commission to remitting bank ; (2)Remitting bank retuns receipt to remitter and debits his a/c (3)sends P.O. (or instruction) By cable/telex/SWIFT instructing paying bank to make payment ——P71 (4)after authenticating(认证） by paying bank, notifies the payee with a copy of receipt (5)upon receipt,the payee presents the paying bank the copy receipt (6)Check the identity of the payee then make payment (7)Paying bank will claim reimbursements according to the clause in the cable message How to reimbursement Procedure of M/T & T/T 结汇水单 结汇水单

15 Methods and procedures of remittance P69
票汇（remittance by banker’s demand draft, D/D） On the request of the remitter, the remitting bank draws a demand draft on its overseas branch or correspondent bank ordering the latter to pay on demand to the payee upon presentation. 汇出行应汇款人的申请，代汇款人开立以其分行或代理行为解付行的银行即期汇票 ,可称为银行支票。如果汇出行与汇入行是联行还可视为银行本票，此票不需拨头寸。 procedures for D/D

16 Any Advantages comparing with T/T?
What kind of draft in D/D? P73 Procedure of D/D P73-74 remitter payee bank demand draft ④ D/D application ① ② Bank demand draft Presentatin payment ⑤ ⑥ How to authenticate the draft ?D/D is banker’s credit? Reimbursement Paying bank Remitting bank 适用于一手交钱、一手交货的贸易。 ⑦ ③ Notification Any Advantages comparing with T/T? 适用于一手交钱、一手交货的贸易。

17 Procedure of D/D P73-74 1)The remitter applies for remittance to remitting bank. 2)The remitting bank will check the remitter’s account .if it is positive, the remitting bank will debit the account and draw a draft on the paying bank pay or pay to the order of the beneficiary. 3)The remitter will send the draft to the beneficiary. 4)The remitting bank will send a notification to the paying bank about the information of the draft via inter-bank system. 5)Upon receipt of the draft, the beneficiary will present the draft for payment to the paying bank. 6)After authentication of the draft against authorized signature ,the paying bank will release the funds to the beneficiary. 7)Paying bank will claim reimbursements according to the clause in the notifacation. What kind of draft in D/D? Banker’s demand clean draft

18 票汇结算业务程序（D/D） ①汇款人填写票汇汇款申请书，交款付费给汇出行 ②汇出行开立一张以汇入行为付款人的银行即期汇票交给汇款人
③汇款人将汇票寄给或直接交给收款人 ④汇出行将汇票通知书交给汇入行 ⑤收款人背书并提示银行即期汇票给汇入行要求付款 ⑥汇入行借记汇出行帐户，取出头寸，通过银行印鉴验证汇票的真实性后，解付汇款给收款人 ⑦汇入行将借记付讫通知书给汇出行，通知它汇款解付完毕

19 Diagram Advantage disadvantage
Advantage and disadvantage of remittance P77 1、easy 2、efficient and fast 3、Low cost 4、avoid the risk of fluctuation in exchange rate Advantage disadvantage 1、Commercial credit, Risky 2、Unbalanced capital burden for exporter and importer What kinds？最近瑞士银行有100亿美元不明收款人汇款 What kinds of risks？ P79/80

20 Application of remittance P78-80
2 Methods 1.Open account 2.Consignment Payment in advance

21 Case study “30% T/T in advance and the remaining within 45 days of delivery + CIF” What do you think as a saler ？ 对于卖方来说，有30%预付，同时余款见提单等清关文件副本付款。从一般意义上来说，大家都认为清关文件原件在自己手上，而且用的是CIF成交方式，客户不付钱是无法清关的，相对来说风险比较小。这是否意味着T/T的付款方式就万无一失。

22 Application of remittance
According to the time of shipment and payment : 预付货款(payment in advance) pay at the time of order(cash with order) or prior to shipment of the goods, commonly used in specialized and capital intensive goods. Risks for importer: 钱货两失，货单不一致P79 Cite for capital intensive goods Q1.What are the importer’s main concerns ? P79 Q2.How to prevent risks for the importer? P79 Q3.Payment in advance is used for? P79

23 Application of remittance
货到付款/赊销/售定（ open account/ payment after arrival of goods） also called be sold out(售定） 例如，由于鲜活商品难以确定数量，因此我国对港澳地区出口鲜活商品采用售定（货到付款）的结算方式。 Q1.What are the exporter’s main concerns ? P80 Q2.How to prevent risks for the exporter? P80 Q3. O/A is used for? P80

24 Application of remittance
寄售（ consignment） ——即委托代理销售 Q1. Difference between O/A & consignment Q2. Risks for exporter Q3.consignment can be used for ？P81 ----推销新产品、卖方故意在买方市场囤货（集中化战略）， 处理滞销品或促销结束后处理展品。

25 外管局关于预收或延期及预付货款的相关规定
企业贸易信贷可收（付）汇额度由该企业前12个月出口收汇（进口付汇）情况、企业预收（付）货款或延期收（付）款登记情况及贸易信贷控制比例等确定。贸易信贷控制比例由基础比例和调整比例组成。一般企业出口预收货款和进口延期付款基础比例设定为30％，预付货款基础比例设定为10％

26 赊销方式下出口方风险风险一： 货到单未到，进口国海关无单放货
　 赊销方式下出口方风险风险一： 货到单未到，进口国海关无单放货 凭正本提单提货是国际海运的基本原则，但无单放货的行为在国际货物运输过程中时常发生。主要是因为现代航运货物在海运途中的时间缩短，而提单却因为流转环节多，速度慢，经常出现船货已到而提单未到的局面（俗称货到单未到）。于是承运人往往凭提货人的提单副本和担保函无单放货。墨西哥以及南美洲部分国家的法律强制规定承运到该国港口的货物必须交付给当地海关或者港口当局，由收货人向海关或者港口当局提取货物，而这些国家的海关或港口有的规定允许进口商可凭提单副本提取货物。

27 赊销方式下出口方风险风险二： 进口商再讨价还价风险
案例：我方收到T/T的50%定金后发货，货物抵达后对方付余款后出口方指示船公司电放提单。船货抵达方港口后，我方立即通知进口商付款提货，此时电话、邮件等一切联系方式对方均不予回复。你认为事件会如何演变？ 如此1个月后，对方突然联系我方，要求10%降价，我方无奈只能接收。 原因：这不属于诈骗。该进口商是非常精明的，但是却严重损伤了出口商利益。按国际惯例我方船货可在对方港口免费停放7至14天，有时进口商和目的港关系好，即使货物停放对方港口一个月也没有问题，不必交滞期费，我出口商不明情况，以为上当，所以当对方提出降价后立即同意。

28 外贸FOB论坛案例： 2008年与Chile客户的一单赊销生意
客户提出的解决方案是：先放B/L给他们，他们收到货，二个月内他们有把握可以卖出好价钱，到时候再付70％余款给我们，另付1％的利息。当时他们的上海办事处还与我们签定了法律合同。 这样做其实风险是很大的，任何做生意的人都只是谋利，所谓和气生财，没人愿意上法院，更何况这是国际纠纷。所谓的合同，远没有付款水单来得有保障。 你认为我公司应该采取什么对策？

29 外贸FOB论坛案例： 2008年与Chile客户的一单赊销生意
于是我们给出的解决方案基本上是一个缓兵之计：让客户再支付40％的余款，余下的30％可以延至二个月以后再支付。法律合同我们签了，当时也是想着最差的结果就是这30％的余款收不回来罢了，总比70％收不回来要好得多。再加上对方港口已经产生巨额的滞港费，已经刻不容缓了。 于是我们顺利收到40％的余款，寄B/L，客户收货。问题是，收到货后二个月过去了，客户很礼貌地写来电邮说他们没钱支付余下的30％。这也就是我们想象到的最差的结果了。一年过去了。其间我们每月发电邮，没有回复，且最糟糕的是，他们的上海OFFICE居然连电话都打不通了。

30 Risk prevention for remittance
从贸易角度来看 如果双方缺乏信任，则采用该方式风险很大。因此，企业对汇付风险的防范首先在于加强信用风险管理，同时，为了保障其权益，减少风险，可以在买卖合同中规定保障条款，以获得银行信用担保或第三方的商业信用加入。 从银行角度来看 银行收到付款指示时，由电脑系统自动识别与控制，对指示行所有的付款指示在确认已收妥相应的头寸后方予以解付，以避免头寸风险的发生。对于经常发生头寸风险问题的国外汇款银行，应格外注意。当退汇时，银行要注意按国际惯例办事，防范头寸风险。

31 T/T方式下出口商风险防范（笔记） ⑴ 加强信用风险管理，提高自我防范意识，同时加强危机公关管理。
⑵ 目前在欧洲国家普遍采用O/A方式的根本原因在于政府对中小企业建立统一的信用等级评估体系管理，并鼓励企业积极参与国际保理（international factoring）业务。内容包括：1、贸易融资；2、销售分户账管理；3、应收账款的催收；4、信用风险控制和坏账担保 。 ⑶ 出口商在合同磋商阶段尽量争取较大比例的前T／T； ⑷ 多种支付方式结合使用，如T/T + 信用证（或托收）；T/T+银行保函 ⑸ 非信用证方式下投保买方信用保险

32 操作题训练 2006年12月，杭州商实进出口公司（HANGZHOU SHANGSHI IMP. AND EXP. CORP.,10 WENYI ROAD,XIHU DISTRICT,HANGZHOU,CHINA）（简称买方）从日本住金物产株式会社(SUMIKIN BUSSAN CORPORATION 3-2 SAKE I-CHOME,OSAKA,JAPAN)进口一批IBM计算机（简称卖方）。两家长期有业务往来，彼此十分了解和熟悉，并且都有良好的资信。因此，签订了一个购买价值为8万美元的销售合同，合同中双方商订采用票汇方式下的预付货款，预付1万美元。

33 操作题训练 杭州商实进出口公司的开户行是中国银行浙江分行（地址是：18,WENYI ROAD,XIHU DISTRICT,HANGZHOU,CHINA），账号是№ 。日本住金物产株式会社的开户行是东京商业银行（地址是：3-8 SAKE I-CHOME,OSAKA,JAPAN），账号是№

34 操作题训练 操作一 杭州商实进出口公司到中国银行浙江分行填写了票汇汇款申请书后，2003年3月18日中国银行浙江分行开出以中国银行东京分行为付款行的一张银行即期汇票。请代银行业务员填制下列汇票。 操作二      杭州商实进出口公司交款付费取得汇票和票汇回执后，将银行即期汇票寄给日本住金物产株式会社。如果你是日本住金物产株式会社的业务员，你收到汇票后将履行哪些程序获得票款？ 操作三      如果你是中国银行东京分行的结算人员，你采取什么查验方法验定这笔汇款的真实性。

35 Reimbursement of remittance cover (汇款的偿付/拨头寸）P75-76
汇款的偿付，俗称拨头寸，指汇出行在办理汇款业务时， 应及时将汇款金额拨交给其委托解付汇款的汇入行的行为。 How to reimburse of remittance cover ? P76 1.Credit nostro account of the paying bank （汇出行主动）贷记汇入行往帐 2.Debiting remitting bank’s nostro account （授权汇入行）借记汇出行往帐

36 Reimbursement of remittance cover P75-76 (汇款的偿付/拨头寸）
If the paying bank maintains a current account with the remitting bank(1) or the remitting bank has a a/c with the paying bank (2) Vostro a/c (1)in cover,we have credited you’re a/c with us Remitting bank Paying bank (2)in cover,please debit our a/c with you Nostro a/c If there is NO vostro or nostro account with each other,but the remitting bank can find a third bank,with which both the paying bank and the remitting bank maintain current account. In cover, we have authorized A to debit our a/c and credit your a/c with them Remitting bank Paying bank debit our a/c and credit paying bank a/c with you Credit advice Reimbursing bank A

37 Exercises: (on your exercise books)
please write “cover instruction” (拨头寸指令）for each remittance below. The paying bank has maintained an USD account with the remitting bank. Suppose an outward remittance in USD is made, how does the remitting bank write “cover instruction” for this remittance? In cover, we have credited your account with us 我行已贷记你行在我行的账户 Both remitting bank and paying bank have maintained USD account with XYZ Bank, New York. Suppose an outward in USD is made, then how do you write “cover instruction” ? In cover, we have authorized XYZ Bank, New York to debit our account and credit your account with them

38 实务运用 在实务中，在汇出行和汇入行双方互开账户的情况下， 在汇出行和汇入行双方互开账户的情况下，汇出行会
汇出行会选择“授权借记”还是“主动贷记”方式对汇出行 更有利？ 在汇出行和汇入行双方互开账户的情况下，汇出行会 选择第一种方式。因为从汇出行收到付款人支付的款 项到汇入行借记汇出行的账户，其间的资金被汇出行 所占用，对汇出行有利，所以在实务中，“请借记”或 “授权借记”这种方式较多用。

39 Overview for Chap 3 Outline of remittance
Remittance and reverse remittance Concept of remittance Relationship of the banks Parties of remittance Remitter ,remitting bank, payee, paying bank (entrusted) Types and procedures of remittance T/T, M/T, D/D ( instrument , authentication ,step differences) Advantage and disadvantage of remittance Application of remittance in International trade Payment in advance, O/A, consignment (main concern ;risk prevention, application) Case study: Risks & How to prevent Risks of T/T for exporter Both Goods & Money lost; Deferred payment; bargain) Summary ---Comparison of T/T,M/T,D/D Remittance and reverse remittance Relationship of the banks

40 Chapter 3 Summary * * * T/T M/T D/D Credit instrument authentication
　 * * * T/T M/T D/D Credit instrument authentication security Time of transfer widely used or not flexibility charges

41 Chapter 3 Summary P75 ***** * **** *** ** T/T M/T D/D
Credit instrument Telex , cable,SWIFT air mail Banker’s demand draft authentication Test key Authorized signature Authorized signature Or specimen security ***** * Uncertain (up to the bearer) Time of transfer **** *** widely used or not flexibility charges **

42 英文技能训练题 我外贸公司A拟汇出一笔押金GBP1000.00（RMB10487.00）给英国某商人B，A委托福州中国银行代为办理。
1、福州中国银行拟以伦敦的X银行作为解付行。因为福州中行在该行开有GBP帐户； 2、福州中国银行拟以伦敦的X银行作为解付行。因为伦敦X银行在福州中国银行开有RMB帐户； 3、汇入行为Y行，由于双方无帐户关系，头寸通过伦敦中行划拨； 4、汇入行为Z行，由于福州中行与Z行间无帐户关系，福州中行通过其联行伦敦中行将头寸划到Z行的代理行Midland Bank Ltd.； 以上四种情况下，请你代表福州中国银行发付款指令。 假设福州中国银行与X银行互为账户行，请问你代表福州中行打算采用方法1还是方法2，为什么？

43 1.Please debit the sum to our account with you.
2.In cover,we have credit the sum to your account with us. 3.In cover,we have authorized Bank of China,London to debit our account and credit your account with the sum. 4.In cover, we have instructed Bank of China,London to pay the sum to your account with Midland Bank Ltd.

44 Thank You!