International/Overseas Bank Remittance to Bank of China Bank Account via SWIFT International Wire Transfer Practical Demonstration

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国际/境外银行 通过 SWIFT国际电汇 汇款到中国银行银行账户 实战演示


This article introduces the ancient and ancestral SWIFT international wire transfer. Due to indescribable reasons, SWIFT has been diluted very much in mainland China. I can’t even find any valid information in the bank app and robot customer service, so I can only try it out.

Prepare materials

  1. Payee bank account
  2. Payer bank/platform account

Payee bank account

Generally speaking, you only need to provide your UnionPay debit card number (generally, you need a type-one card, I don’t know if it will affect the non-type-one card). It is recommended to use a bank that supports mobile app for foreign exchange settlement and purchase. Use strange banks to avoid problems, and at the same time suggest a bank close to your domicile or location to avoid being asked to counter.

Generally speaking, the mainstream that supports mobile apps is Bank of China, and ICBC and China CITIC Bank are also acceptable as far as I know.

Payer bank account

First of all, it should be noted that most digital banks and online banks have poor support for international wire transfers.

The current king in this regard is undoubtedly Revolut, followed by traditional banks such as BOA.

Some banks that may be regulated and blacklisted (VELO), and banks that provide services to mainland China and participate in illegal financial activities (Schwab, Swissquote) may be rejected, restricted, and reviewed.

It is often more convenient and fast to use the overseas branches of banks in mainland China (such as Bank of China, China Construction Bank, Industrial and Commercial Bank of China, China CITIC Bank)

Payment Bank Example

  1. Capital One: According to the official website does not support 360Checking/Saving users to make international wire transfers
  2. Discover Bank: According to the official website , the fee is 30 USD, and the international wire transfer request can only be submitted using a paper form (maybe a PDF) and then uploaded via web page, fax and physical mail , it is expected to take 2-3 working days
  3. Schwab Bank: This piece of data is from the US version, online application is 15USD, non-online (paper/telephone) is 25USD, and it takes 2-7 working days. Schwab Checking does not support online applications, but Schwab’s Brokerage Accounts can apply for wire transfers online
  4. Sable: Not supported, need to use WISE channel
  5. barclaysus: not supported at all
  6. Revolut: support online sending, free, instant processing

Payer platform account

  1. WISE: Alipay, UnionPay are supported, and WeChat is partially supported. Those who use Alipay and WeChat have a high probability to declare, but the quota is independent of UnionPay. The handling fee is about 1%.
  2. PayPal: UnionPay is supported, and the handling fee is 35USD per transaction
  3. Ouitrust: Support WeChat, 1% fee
  4. Panda Express, worldremit, Remitly, etc.: basically the same as wise, you can compare the price difference yourself, but wise does have a slight advantage (other platforms are cheaper in the early stage and have discounts)
  5. Skrill: It is suspected to be a B2C bank payment, the security is unknown

The example diagram of WISE and Ouitrust is as follows


Actual demonstration

This time using Revolut for free international remittance, it takes 20 minutes

In addition to the debit card number, you need to look up your bank’s SWIFT and your address (both in Chinese and English. Pinyin is recommended). SWIFT can be searched by yourself, but the bank can hardly find it. The name is written in Pinyin.

Bank of China generally divides SWFIT numbers by province


In just 20 minutes, I received a prompt from Bank of China, which showed that it was direct inward foreign currency, the type was international remittance, the channel was unknown, and the other party’s account was my US dollar account number in Revolut and my name in Pinyin.

Then search for foreign exchange settlement in the mobile banking app


Then click Settlement, note that you need to have foreign exchange to open the settlement page

The foreign exchange settlement price uses the “foreign exchange” price in the “bank purchase price”. Generally speaking,

In terms of value, the amount of foreign currency-RMB is, the banknotes sold ≥ the bank sold foreign exchange > the bank bought foreign exchange > the bank bought banknotes

For example, when the foreign exchange is settled, the USD values ​​are 674.03, 674.03, 671.19, 665.73

For non-physical banking institutions such as Google, WISE, and Revolut, the exchange rate used is generally the mid-market rate. For example, the current Google price is 672.56 and the WISE price is 6.72335.

At the same time, in accordance with relevant laws and regulations, it is recommended to choose the source and use of funds truthfully, otherwise you will be responsible for the consequences.

The amount is convenient and recommended to be less than 3000USD, not more than 5000USD, and avoid 10000USD


The beginning of the incoming account number of the foreign exchange settlement is inconsistent with the debit card number, it is estimated that it is a foreign exchange account (hidden)

However, fast and simple wire transfers are relatively rare, and ATMs and remittance platforms are generally recommended.

Of course, this is legal foreign exchange settlement, according to relevant regulations

This requires the consumption of the foreign exchange convenience quota, while the domestic use of foreign currency cards, overseas card ATM cash withdrawal, and domestic card foreign exchange purchase and repayment do not need to consume foreign exchange quotas.

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