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Overseas remittance

Overseas remittance – Registration of beneficiary account

Does the beneficiary information only accept alphabetic letter when registering the remittance information?

PayForex can only transfer money by alphabet. Please check the beneficiary account information in alphabetical order before registration.

* If you are using "CNY Remittance 2.0", you need to register the beneficiary name in both Simplified Chinese and Pinyin.

I do not know the recipient name and account details in alphabet letters.

Please confirm in advance with your beneficiary, thank you.

What are bank codes?

Bank codes are used to differentiate banks (SWIFT, BIC, Routing, Sort, BSB and ABA).

What is a SWIFT Code?

SWIFT codes, also known as BIC codes, are financial institution identification codes used in international remittance systems to specify the target bank, and are used to indicate different banks all over the world. SWIFT and BIC both provide the same information.

What is an IBAN code?

IBAN codes are used mostly in Europe, and are a comprehensive representation of account information including account number, residence country, and branch. For the PayForex system, the IBAN code, rather than the beneficiary’s account number, must be registered for the Europe remittances.

What is an ABA number (code)?

ABA numbers (or codes) are identification numbers for banks in the United States (these numbers are made up of nine continuous digits).

What should I do if I don’t know the bank codes?

Please confirm in advance with your beneficiary, thank you.