What is forexcashbackprofitcalculator cashbackforexpipcalculator cashbackforexprofitcalculator Foreign exchange remittance refers to a kind of settlement cashback forex in which the bank, at the request of the remitter, remits the remitters funds to the recipient through its foreign affiliate or agent bank in a certain way. Foreign exchange remittance classification According to the different payment instruments used for remittance, foreign exchange remittance can be divided into three kinds of wire transfer, letter transfer cashback forex profit calculator ticket transfer, among which the letter transfer method is less used in the actual business; according to the flow of funds can also be divided into outward remittance and inward remittance foreign exchange remittance business process The main parties of the remittance business are the remitter, the recipient, the remitting bank, the inward bank and its business process is: the remitter submits to the remitting bank "remittance remittance application", the remitter according to the instructions of the application, the use of a certain way (such as SWIlVr, telex, money orders) to notify the remitting bank, the remitting bank to solve the remittance to the payee wire transfer remittance and ticket remittance specific process is different wire transfer remittance process is: the remitter to fill out the application for remittance remittance, the payment of money to pay the remitter. The remitter will remit the money to the remitting bank by means of the encrypted telex or SWIFT; the remitter bank will pay the remittance to the recipient; the remitter bank will submit the bank draft to the remitter; the recipient will submit the bank draft to the remitter. Legal risks of foreign exchange remittance business 1. Risk of the main qualification of foreign exchange remittance business 2. Risk of contract between remitter and remitter Banks must have qualified main qualification to handle foreign exchange remittance business According to Chinas Commercial Bank Law and relevant regulations promulgated by the State Administration of Foreign Exchange, the scope of business operations of banks must be approved by the corresponding competent authorities. According to the provisions of Articles 48 and 49 of the Regulations on the Administration of Foreign Exchange Business of Banks promulgated by the State Administration of Foreign Exchange on September 24, 1997, if a bank operates foreign exchange business without approval, the foreign exchange bureau (referring to the State Administration of Foreign Exchange and its branches and sub-branches) shall order correction, confiscate the illegal income and disqualify the foreign exchange business operation; if it constitutes a crime, criminal liability shall be investigated according to law; if a bank expands the scope of foreign exchange business without approval foreign exchange business scope, or the foreign exchange bureau has canceled part of its foreign exchange business after the continued operation of the canceled foreign exchange business, the foreign exchange bureau ordered to correct, there are illegal income, confiscate the illegal income, and impose a fine of more than 1 times the illegal income of less than 5 times; no illegal income, a fine of more than RMB lO million 500,000 yuan; the circumstances are serious or late correction, the foreign exchange bureau ordered to Rectification or disqualification from operating foreign exchange business; constitutes a crime, be held criminally responsible for the remittance application is submitted to the remitter for foreign exchange remittance business based on the application is confirmed by the remitter, the contractual relationship between the remitter and the remitter is established the content of the remittance application reflects the rights and obligations of both parties, the bank is the basis for the realization of its rights and obligations if the remittance If the content of the remittance application is not comprehensive, the remittance method is unclear, and the documented matters are unclear or missing, disputes may arise in the future, prolonging the operation time of the remittance business and increasing the banks costs. 3. The risk of reimbursement between the remitter and the remitting bank The remittance reimbursement is one of the core aspects of the remittance business, and both the remitter and the remitting bank have strict requirements. If the remitter and the remitter do not agree on the reimbursement issue, the remittance business will not be able to continue. Problems in the selection of the remitter bank, the accuracy and completeness of the payment instructions and the transmission of the instructions will lead to reimbursement risks. Economic sanction orders and sanction lists If the UN Security Council or the U.S. sanctions list appears in the remittance order when the remitter sends money abroad, it may be frozen by the foreign asset control department of the relevant country, endangering the safety of the banks assets and causing loss of social reputation 5. Compliance of foreign exchange remittance business Compliance mainly refers to the fact that the bank must comply with the relevant regulations of the national regulatory authorities when accepting foreign exchange remittance business Since the foreign exchange remittance business involves the flow of foreign exchange funds, which is specifically reflected in the inward and outward remittance of foreign exchange, and China is currently implementing a certain degree of foreign exchange control, both the current account and capital account foreign exchange flow involve the settlement and sale of foreign exchange Therefore, conforming to the provisions of the national settlement and sale of foreign exchange system is an important element of the compliance issue of foreign exchange remittance business According to the Administrative Provisions on Settlement, Sale and Payment of Foreign Exchange, banks When handling foreign exchange remittance business, first of all, they have the responsibility to review the valid commercial documents and valid vouchers stipulated in the system of settlement, sale and payment of foreign exchange, and only after the review conforms to the relevant provisions of the State Administration of Foreign Exchange, they can handle the settlement and sale of foreign exchange business at the same time, banks operating foreign exchange business should accept the supervision of the State Administration of Foreign Exchange, and regularly submit the statement of settlement, sale and payment of foreign exchange to the State Administration of Foreign Exchange in accordance with the provisions According to the "settlement, sale and payment of foreign exchange regulations" Article 4l, "banks operating foreign exchange business and domestic institutions with settlement, purchase and payment of foreign exchange business, shall unconditionally accept the supervision and inspection of the Foreign Exchange Bureau, and present and provide relevant materials for violations of this provision, the Foreign Exchange Bureau may impose a warning, confiscation of illegal income, fines; for violations of this provision, the For banks operating foreign exchange business in serious cases, the Foreign Exchange Bureau may impose a penalty of suspension of settlement and sale of foreign exchange business" For foreign exchange remittance business under bills and remittances, banks must also pay attention to the compliance of issuing bank drafts If banks issue non-compliant bank notes, it will bring business risks, and may also be investigated and punished by the regulatory authorities and bear certain legal liabilities Foreign exchange remittance business Therefore, banks that handle foreign exchange remittance business must pay attention to the compliance issue to prevent irregularities from occurring. As the foreign exchange remittance business belongs to the scope of foreign exchange business, banks engaged in foreign exchange remittance business must have the consultation of operating foreign exchange business backbone of the "bank draft business access, exit management regulations" Article 3 stipulates the access conditions that banks applying for the issuance of bank remittances should have 2. Therefore, for banks to improve the relevant legal documents to ensure that foreign exchange remittances must be settled, and for foreign exchange remittances that cannot be proved to belong to the current account, they should be handled in accordance with the relevant provisions of the capital account foreign exchange settlement (2) Strengthen the compliance review of bank draft issuance and cashing According to the provisions of relevant national laws and regulations, banks handling bills and remittances Business should strengthen the review and supervision of the legality and authenticity of foreign payment funds, and strengthen the compliance of business operations When handling remittances, issuing and accepting bills and remittance resolution and bill payment, banks should strictly review the elements of bills and payment settlement documents, confirm the legality and validity of their bills and payment settlement documents, and handle the business in accordance with the relevant provisions