T/T Remittance  

The Inward/Outward Remittance is a type of settlement service where a foreign correspondent bank remits money to CCBY NY Branch at the request of the remitter and instructs CCB to pay the remitted money to the customer (the payee) or CCB NY Branch transfers a certain amount of money to the designated payee as instructed by the customer. It includes telegraphic transfer (T/T), mail transfer (M/T) and demand draft (D/D), of which T/T is most frequently used. Under T/T, CCB NY pays the remitted money to the customer according to the SWIFT/Fed wire/CHIPS instruction of the correspondent bank.   

Feature：

•      As the fastest transfer mode, T/T enables customers to collect payment timely and expedite funds turnover or make payment promptly and therefore gain good credit from the payee.  

•      T/T bears low fees and helps customers reduce costs.

•      It is simpler in process and lower in fees compared with letter of credit and collection.

Trade Services  

•      Export Documentary Collection   

Shipping documents submitted to us by our customer (the exporter), CCB NY sends the outward documentary bills for collection via the importer’s bank and get payment from the importer. The documents can be delivered against payment (D/P) or against acceptance (D/A).  

•      Import Documentary Collection

Entrusted by a foreign Correspondent Bank, and according to their instructions, CCB NY will act as the Collecting Bank, to collect proceeds from the importer and release relevant shipping documents to the importer. There are two types of Inward Collections: D/P and D/A. Under D/P terms, import documents are released to the importer against payment. Under D/A terms, documents are released to the importer against acceptance. 

Processing Guidance: For those customers who have accounts with us, we welcome you to choose CCB NY as your Collecting Bank.  Kindly provide the following information to your counter-party:  

Collecting Bank: China Construction Banking Corporation, New York Branch

Address: 1095 Avenue of the Americas, 33rd Floor, New York, NY 10036

SWIFT BIC: PCBCUS33  

•      Export L/C Advising

In order to efficiently settle the proceeds via Documentary Letter of Credit, the export customer can communicate with the importer or the buyer, to instruct the Issuing Bank to choose CCB NY as the L/C Advising Bank.  

Processing Guidance: In order to receive the L/C smoothly and efficiently, please provide your counterparty (the buyer) with the following details regarding your designated Advising Bank:  

Advising Bank: China Construction Banking Corporation, New York Branch

SWIFT BIC: PCBCUS33     

•      Documents Examination and Presentation under Export L/C

Business Introduction: CCB NY welcomes our export (L/C beneficiary) customers to present the required documentation to our counters for examination before releasing to the Issuing Bank for acceptance.  

Processing Guidance: Please send the original L/C along with the export shipping documents to CCBNY branch at the same time. And please use our below mentioned mailing address:

China Construction Banking Corporation, New York Branch

Address: 1095 Avenue of the Americas, 33rd Floor, New York, NY 10036

Attention: Operation Department

CCB NY is familiar with and conforms to the industry standards with respect to Uniform Customers and Practice for Documentary Credits (UCP) and International Standby Practices (ISP 98).