Remittance CN to PH FAQs


These are Frequentlly Asked Questions on how to remit safely money from China to the Philippines, through Metrobank Shanghai. For remittance CNY 3,000 or below, you only need a valid Passport and China visa. For employees, take note that you can only remit your salary while you are still working for your employer.

The info is from Metrobank Shanghai. Info may change at anytime without prior notice. Do your due diligence in checking accuracy.

I. Bank Info:

METROPOLITAN BANK (CHINA) BUSINESS DETAILS AND HOURS: Business Hours: Mondays to Fridays: 10am to 3pm Shanghai Main Branch Address: Ground Floor Metrobank Plaza, 1152 West Yan An Road (corner PanYu Road), ChangNing District, Shanghai 上海市 长宁区 首信银都国际广场 1152 号延安西路(番禺路路口)

How to get here: Bus 71, Bus 57, or Bus 76 Nearest Metro Line: Line 10 and 11 JiaoTong University Station (15 mins walk),

Line 2 JiangSu Road Station (15 mins walk), and

Line 3 and 4 Yan An West Road Station (20 mins walk)

II. Remittance Charges: A. USD Remittance = Client gives the bank USD. Beneficiary account is an USD account. (Amount of Remittance X 0.013) + plus fixed cable charge of USD 10 *Minimum charge of USD 25 total

B. RMB Remittance = Client gives the bank RMB. Beneficiary account can either be an USD account or a PHP account. (Amount of Remittance X 0.001) + plus fixed cable charge of RMB 70 *Minimum charge of RMB 170 total

III. Documentary Requirements on Transactions with Metrobank (China)

Documentary Requirements and Maximum Limits on Remittances to the Philippines

A. USD Remittance = Client gives the bank USD. Beneficiary account is an USD account. Original Valid Passport with China Visa Daily Maximum Limit of USD 10,000.

B. RMB Remittance = Client gives the bank RMB. Beneficiary account can either be an USD account or a PHP account.

For RMB 3,000 and below: Original Valid Passport with China Visa

Amounts above RMB 3,000: Original Valid Passport with China Visa Work Permit Booklet/ Card (If you are showing the Work Permit Card, please scan the QR code on the lower right and print the form that it generates.) Employment Contract (with company seal) Tax Certificate/ Proof of Tax Payments in China

Additional Notes: Shall you have any updates on employment details or renewed visa and passports, kindly bring them on your next remittance to update your records in our systems.

C. If you are sending on behalf of your spouse,

please present the following: -Original Valid Passport of both spouses -Original copy of Marriage Contract (preferably authenticated by the Philippine Consulate Office – with red ribbon) -Original copy of Work Contract bearing the company seal -Work Permit Booklet/ Card (If you are showing the Work Permit Card, please scan the QR code on the lower right and print the form that it generates.) -Both should sign on the remittance form as well as fill out and accomplish the Risk Alert form and AMLA form

D. Documentary requirements for Savings-Passbook account opening -Original valid passport -Original China visa (attached to the passport) -Original BIR TIN card (old company card in the Philippines that shows your TIN or ITR – Income Tax Return in the Philippines) -Work contract with company seal

E. Documentary requirements for application of online banking -Original valid passport -Original China visa (attached to the passport) -Original copy of work contract with company seal -Original copy of House Lease Contract -China mobile number (Kindly note that this facility can only process balance inquiry and fund transfer to and from other China Local Banks. It cannot be used for fund transfer or remittance to other countries including the Philippines.)

IV. FREQUENTLY ASKED QUESTIONS ON REMITTANCES WITH METROBANK (CHINA)

1. How long does it take for the funds to be credited to my Philippine account? Metrobank PHP or USD account = almost real-time / same day crediting Other Philippine Banks = 2 to 3 days depending on the beneficiary bank

2. Can I still make a remittance if I wasn’t able to bring my passport, renewed work contract/work permit?

No

3. How can I send USD1,000 today if I do not have a tax certificate?

If you pay in USD notes, we can send the whole USD1,000.00. Just present your valid ID/Passport and China visa.

If you pay in RMB, we can only help you send as much as USD500 or it’s RMB equivalent on a particular day

4. I have not changed employer, but I want to use my old unused tax certificates (more than 1 year). Is this allowed?

Yes

5. Will you be able to help me if I lost my Philippine ATM card/Passbook/Time deposit certificate? You will have to send an email or call your Branch of account in the Philippines and inform them that you have lost your ATM card/Passbook or Time Deposit Certificate. They will give the instructions on how to proceed. Feel free to loop us in, just in case we can be of any assistance. You can also inquire with us the contact details of your branch of account.

6. Can I receive USD from Manila?

Yes, if you have opened a USD account with Metrobank (China).

7. Can I remit in RMB to the Philippines?

Remitting RMB outside of China is not yet allowed by the People’s Bank of China unless the remittance is trade-related. The RMB has to be converted first to another currency.

8. Can I remit USD to my USD account in the Philippines?

Yes.

#finance #Metrobank

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