Frequently Asked Questions
1. Can Zhongguo Remittance remit to any overseas bank? Is there a limit on the amount that can be remitted?
We can remit to most overseas banks. Please check with us at our branches or contact us at +65 6223 6366.
There is no limit on the amount that can be remitted.
For remittance amount more than SGD20,000:
Please provide bank or transfer statements, cheques or cashier’s order showing source of funds.
For remittance amount more than SGD30,000:
In addition to the above, please provide proof of income (e.g. income tax statement) or documents showing source of funds (e.g. sale of property or shares).
2. Is there a need to fill in the Remittance Form if we have remitted through Zhongguo Remittance before?
For existing customers, you do not need to fill in the Remittance Form again. Just bring along your ID when you visit our branches.
3. The Sender and Beneficiary did not receive the Confirmation SMS after the remittance was done at the branch. Does this mean that the remittance was not completed?
No. The Confirmation SMS may not have been sent out due to carrier network problems. To confirm that the remittance is completed, please visit our branches or contact us at +65 6223 6366.
4. If the Beneficiary’s Name or Account Number provided to us is invalid, will the funds be lost?
No. The funds remitted will be rejected by the Beneficiary’s bank and we will retain the funds until the correct information is provided by you. We will resend the funds to the Beneficiary free of charge.
5. How long does it take for the Beneficiary to receive the funds?
The Beneficiary should receive the funds within 1 working day.
However, the speed of the remittance might vary due to public holidays in Singapore and/or Beneficiaries’ countries which might lead to a slight delay in the receipt of funds by the Beneficiary.
6. If the Beneficiary is currently living in Singapore, how can they check that the funds has been credited to the account overseas?
We recommend the Beneficiary to check via the respective banks’ online banking services.
7. Can we remit SGD to accounts overseas?
No. We do not remit SGD funds. We only remit Foreign Currencies to accounts overseas.
However, for Inward Remittances, we can receive Foreign Currencies overseas and remit SGD to beneficiaries in Singapore.
8. Can Zhongguo Remittance remit to overseas Corporate Accounts?
Yes, we can remit to overseas Corporate Accounts.
Please check with your Beneficiary to ensure that they are able to accept our interbank remittances which are done via our licensed agents overseas.
9. May I get the better exchange rate to remit if the exchange rate becomes higher after I have done my ibanking transaction?
The best rate will be given to you on the day the transaction is done. The rate cannot be changed after we have received your transaction statement. Thank you for your understanding.