Expert Info

Posted by
on 14 Nov 2014
I need to know if a company who has a corporate/company account with the Bank of Communications, do they have the fascility to pay a salary into a foreign bank account? I have found that money gram's and telegraphic transfers are expensive and limited to lesser amounts if you dont want to have to submit a massive amount of paperwork. Surely a large company has the means of paying you in your own countries bank account?
Anonymous (not verified) on 20 Nov 2014 - 09:01
Hi, Nidia, Proof of IIT payment would also need to be submitted to the bank to support the remittance each month as well. Usually, this is done subsequent to the remittance. Thanks!
Anonymous (not verified) on 20 Nov 2014 - 07:38
Thank you. Actually called the Call Centre and found out that a company only need to apply for the service to pay salaries into a foreign bank account of their foreign employees.
Anonymous (not verified) on 20 Nov 2014 - 09:53
Hi, Nidia, Proof of IIT reporting and payment related to the remittance will also be required. Banks would generally require companies to submit this in the subsequent month since IIT filing is done in arrears. Thanks!
Anonymous (not verified) on 14 Nov 2014 - 21:53
Hi Nidia, This is very straight forward but it's all down to how BOC interprets and administer SAFE. Is this a question related to your personal remittance, as payroll, or part of a business transaction with overseas entity? Thanks!
Anonymous (not verified) on 21 Nov 2014 - 04:19
Thank you gmh dude. I will tell my company. At least it is possible.