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Bank Exchange Settlement

Bank Exchange Settlement

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We have collaborated with several banking institutions to help you complete the international settlement of export proceeds, and immediately make exchange settlement upon the receipt of proceeds in a safe, real-time and fast way.

 

FAQs
 
 
Q: If I export goods through Fengya, may I transfer no proceeds to Fengya’s bank account?
A: No. All customers who export goods through Fengya must authorize Fengya to handle receipt and settlement of exchange. 
 
Q: How to determine the rate of bank exchange settlement?
A: At the time of exchange settlement, Fengya will settle the exchange by the bid rate closest to 10:00 am published by Bank of China. 
 
Q: May I pay US dollar proceeds from domestic account to Fengya?
A: No. US dollar proceeds must be paid from overseas account. 
 
Q: Why does a customer has to pay some commissions after the proceeds have been transferred, although he has paid all fees at the remittance?
A: There are two possible cases: 
①If the customer chooses that Payer should bear all fees (such as the domestic bank charges)at the remittance, he generally receive the full amount after the proceeds have been transferred.
②Some bank exchange has to be transferred via the Head Office of Beneficiary Bank, the corresponding commissions will be deducted (directly from the principal), so that the proceeds cannot be transferred in full amount at the time of receipt. (For example, a US buyer pays to the bank USD 400,000, in which USD 399,990 has been transferred and USD 10 is deducted as the commissions. The specific commissions are related to the state or bank policy)
 
Q: May I handle customs declaration with Renminbi?
A: Yes, you can. The receipt of proceeds needs to be paid in Renminbi from overseas to Fengya’s account. 
 
Q: How long does it take by transferring proceeds paid by a foreign customer to Fengya’s account?
A: Generally by the next day (such as European and American account), delayed in case of holiday or vacation, it may take 2 to 3 days for remote countries or regions, the specific time of transfer will be subject to the bank notice. 
 
Q: Does the bank settlement charge any commission?
A: No commission is incurred for bank settlement. 
 
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