The transaction of international trade orders, many times from the beginning of payment, we will briefly list several common payment methods, as well as the problems that will be encountered.
Payments are distinguished from the account received:
1. 对公账户:T/T, L/C, D/P,D/A, O/A
2. 对私账户:西联汇款,PayPal,速汇金,T/T
T/T
T/T (Telegraphic Transfer) refers to a remittance method in which the remitting bank sends a charged telegram\telex or SWIFT to a branch or correspondent bank in another country (i.e., the remitting bank) to instruct the remitter to release a certain amount to the beneficiary at the request of the remitter.
T/T payment method is settled in foreign exchange cash, by your customer will remit the money to your company's designated foreign exchange bank account, T/T belongs to business credit, after the goods are ready, if the customer will pay in full, you can send the documents directly to the customer, without going through the bank.
T/T wire transfer is divided into two types, one is called the former TT (former T/T), what is the former TT (former T/T)? In the international trade industry, that is, before the consignor delivers the goods, 100% of the payment is called the former TT (former T/T). This payment method is the safest way of trade in international trade, relative to the seller, because the seller does not need to bear any risk, as long as the money is received, it will be shipped, and if the money is not received, it will not be shipped. The front TT (front T/T) can also be divided into many flexible ways, first 20%~40% deposit, and then 80%~60% before shipment. The specific proportion is flexible according to different situations.
The second way: post-TT (post-T/T) payment method. The post-TT (post-T/T) payment method is defined in the bank as the buyer pays the balance after the goods are shipped. In general, the post-TT (post-T/T) pays the balance according to the copy of the B/L(BL) bill of lading. The post-TT (post-T/T) mode is also more flexible, in general, the basic popular international post-TT (post-T/T) payment method is that the guest gives a 30% deposit first, and the other 70% is the guest to pay the balance in the copy of the bill of lading (BL, B/L). Of course, there are some 40% deposit, 60% see the bill of lading.
Frequently Asked Questions for T/T Payments
1. The beneficiary's information is incorrect, many customers are careless, and will write the beneficiary's name wrongly, such as the wrong word, such as the name is too long when the remittance is limited by the filling space, etc., the remittance does go to the payee's account, but because the information is incorrect, the money cannot be unfrozen (release).
Result: If the situation is not resolved within 15 days (or according to the actual situation of each bank), it will be returned to the original method.
Solution:
1. Notify the customer to make an amendment, and clearly inform the customer that we will not be able to collect the payment and the order will not be executed without the change.
2. If the company name is too long in the second subsequent cooperation, you can tell the customer to write the part of the name that cannot be written in the address bar, and you can also receive the payment smoothly.
3. After T/T customers are in arrears, some customers are more procrastinating and delay in payment, first of all, when signing the contract, clearly indicate the payment time of the final payment, such as seeing the copy of the bill of lading within 3-5 working days to pay off, etc., to avoid the situation that the final payment cannot be received back for a long time. Of course, to avoid this situation, it is necessary to analyze and study the customer, and it is best to avoid risks in advance.
L/C
Letter of Credit (L/C) refers to a written document in which the bank (issuing bank) makes payment to a third party (beneficiary) or its designated party on the basis of the prescribed documents in accordance with the requirements and instructions of the applicant or on its own initiative, under the conditions of the terms of the letter of credit. That is, a letter of credit is a written document issued by a bank that promises to make payment conditionally.
In international trade activities, buyers and sellers may not trust each other, the buyer is worried that the seller will not deliver the goods according to the contract after the advance payment, and the seller is also worried that the buyer will not pay after the goods are shipped or the shipping documents are submitted. Therefore, it is necessary for two banks to act as guarantors for both the buyer and the seller, to collect and submit documents on behalf of the buyer, and to replace commercial credit with bank credit (bank credit is higher than commercial credit). The instrument used by banks in this activity is the letter of credit.
It can be seen that L/C is a certificate that the bank conditionally guarantees payment, and has become a common settlement method in international trade activities. According to the general provisions of this settlement method, the buyer first deposits the payment with the bank, and the bank opens a letter of credit, notifies the seller's bank to open an account in another place and tells the seller, and the seller delivers the goods according to the terms stipulated in the contract and the letter of credit, and the bank pays on behalf of the buyer.
There are three distinguishing features of a letter of credit
First, the letter of credit is a self-sufficient instrument. The letter of credit is not attached to the sales contract, and the bank emphasizes the written certification of the separation of the letter of credit and the basic trade when reviewing the documents;
Second, the letter of credit is a pure documentary transaction. The letter of credit is a voucher payment, not the goods. As long as the documents match, the issuing bank shall pay unconditionally;
3. The issuing bank bears the primary responsibility for payment. A letter of credit is a kind of bank credit, it is a kind of guarantee document of the bank, and the issuing bank has the primary responsibility for payment.
Classification of letters of credit
There are many classifications of letters of credit, which can be roughly divided into the following types:
A According to the documents of the letter of credit or the requirements of the letter of credit itself:
(1) According to whether the bill of exchange under the letter of credit is accompanied by shipping documents, it is divided into:
Documentary Credits and Bare Letters of Credit.
(1) A documentary credit is a letter of credit that is paid by a documentary draft or only a document. A document here refers to a document that represents the ownership of the goods (e.g., a sea bill of lading, etc.), or a document that proves that the goods have been delivered (e.g., a railway waybill, an air waybill, a postal parcel receipt). UCP600 Documentary Credit Convention
(2) Clean Draft is a letter of credit that is paid for with a Clean Draft without accompanying shipping documents. The bank may also require the beneficiary to attach some non-shipping documents, such as invoices, advance lists, etc., to pay by the letter of credit.
In the settlement of international trade, the vast majority of documentary credits are used.
(2) Based on the responsibility of the issuing bank, it can be divided into:
(1) Irrevocable L/C. It means that once the L/C is issued, within the validity period, without the consent of the beneficiary and the relevant parties, the issuing bank cannot unilaterally modify or revoke it, and as long as the documents provided by the beneficiary comply with the provisions of the L/C, the issuing bank must fulfill the payment obligation.
(2) Revocable L/C. The issuing bank does not need to obtain the consent of the beneficiary or the relevant parties to revoke the letter of credit at any time, and should indicate the word "revocable" on the letter of credit. However, UCP500 stipulates that the letter of credit cannot be revoked or modified as long as the beneficiary has been guaranteed to negotiate, accept or defer payment in accordance with the terms of the letter of credit. It also provides that if the letter of credit does not indicate whether it is voidable, it shall be considered irrevocable.
The latest "UCP600" stipulates that banks cannot open revocable letters of credit!
(3) Based on whether there is another bank to guarantee the payment, it can be divided into:
(1) Confirmed L/C. It refers to the letter of credit issued by the issuing bank, and the other bank guarantees to fulfill the payment obligation for the documents that meet the terms of the letter of credit. The bank that confirms the L/C is called the confirming bank.
(2) Unconfirmed L/C. The letter of credit issued by the issuing bank was not confirmed by another bank.
(4) According to the different payment time, it can be divided into:
(1) Letter of credit at sight (Sight L/C). It refers to the letter of credit in which the issuing bank or the paying bank fulfills the payment obligation immediately after receiving the documentary draft or shipping document that meets the terms of the letter of credit.
(2) Usance L/C. It refers to the letter of credit in which the issuing bank or the paying bank fulfills the payment obligation within the specified time limit when it receives the documents of the letter of credit.
(3) False usance Credit Payable at Sight. The letter of credit stipulates that the beneficiary shall issue a usance bill, and the paying bank shall be responsible for discounting, and stipulates that all interest and expenses shall be borne by the issuer. For the beneficiary, this type of letter of credit is still in fact a collection at sight, and there is a "usance L/C payable at sight" clause in the letter of credit.
(5) According to whether the beneficiary's rights to the L/C can be transferred, it can be divided into:
(1) Transferable L/C. It refers to the beneficiary of the letter of credit (the first beneficiary) who can request the bank that authorizes payment, bears the responsibility of deferring payment, accepts or negotiates (collectively referred to as the "transferring bank"), or when the letter of credit is freely negotiable, can require the transferring bank specially authorized in the letter of credit to transfer all or part of the letter of credit to one or more beneficiaries (the second beneficiary). The issuing bank should clearly indicate "transferable" in the L/C, and it can only be transferred once.
(2) Non-transferable letter of credit. Refers to a letter of credit in which the beneficiary cannot transfer the rights of the letter of credit to another person. A letter of credit is non-negotiable if it is not indicated as "transferable".
(6) Red terms letter of credit. This type of letter of credit allows the issuing bank to advance a portion of the payment to the seller upon receipt of the document. This type of letter of credit is commonly used in the manufacturing industry.
B is divided according to the purpose of the letter of credit
(1)循环信用证(Revolving L/C)
It means that after the letter of credit has been used in whole or in part, its amount is restored to the original amount and can be used again until the specified number of times or the specified total amount is reached. It is usually used in the case of uniform delivery in batches. Under the condition of a revolving letter of credit, the specific methods of reverting to the original amount are:
(1) Automatic circulation. After a certain amount is used up in each period, it can be automatically restored to the original amount without waiting for the notification of the issuing bank.
(2) Non-automatic circulation. After a certain amount is used up in each period, it is necessary to wait for the notice from the issuing bank to arrive before the letter of credit can be restored to the original amount.
(3) Semi-automatic circulation. That is, within a few days after each use of a certain amount, if the issuing bank does not provide a notice to stop recycling, it can automatically return to the original amount from the × day.
(2) Reciprocal L/C
Refers to a letter of credit opened by two L/C applicants in each other's beneficiaries. Two letters of credit of equal or substantial equal amounts, which may be opened at the same time or sequentially. It is mostly used in barter trade or contract processing and compensation trade business.
(3)背对背信用证(Back to Back L/C)
Also known as re-opening of L/C, it means that the beneficiary requires the advising bank or other banks of the original L/C to open a new L/C with similar content on the basis of the original L/C, and the issuing bank of the opposite L/C can only open it on the basis of the irrevocable L/C. The opening of a reverse letter of credit is usually when the intermediary resells the goods of others, or when the two countries cannot directly handle import and export trade, the third party communicates the trade in this way. The amount (unit price) of the original letter of credit should be higher than the amount (unit price) of the opposite letter of credit, and the shipment period of the back letter of credit should be earlier than that stipulated in the original letter of credit.
(4)预支信用证/打包信用证(Anticipatory credit/Packing credit)
It means that the issuing bank authorizes the paying bank (advising bank) to prepay all or part of the amount of the L/C to the beneficiary, and the issuing bank guarantees to repay and bear the interest, that is, the issuing bank pays first, and the beneficiary submits the documents later, which is the opposite of the usance L/C. The advance letter of credit is paid on the basis of the exporter's bare bill, and the beneficiary is also required to attach a description responsible for the supplementary submission of the documents specified in the letter of credit, and when the shipping documents are delivered, the paying bank will deduct the interest on the advance payment when paying the remaining payment.
(5)备用信用证（Standby credit）
It is also known as commercial paper credit and guarantee letter of credit. It refers to the certificate that the issuing bank undertakes a certain obligation to the beneficiary according to the request of the issuing applicant. That is, the issuing bank guarantees that when the applicant fails to perform its obligations, the beneficiary can obtain the repayment from the issuing bank as long as it provides the provisions of the standby letter of credit and submits the issuer's certificate of default. It is a bank credit that is a way for the beneficiary to obtain compensation in the event of a default by the issuer.
Explanation of common terms in letters of credit
Issuer: refers to the person who applies to the bank to open a letter of credit, also known as the issuer in the letter of credit.
Obligations: issuance of certificates in accordance with the contract, payment of pro-rata deposit to the bank, timely payment of the bill. Rights: Inspection, Surrender and Redemption, Inspection and Return (all based on L/C)
Note: There are two parts of the application for issuance, namely, the application for issuance of the certificate and the statement and guarantee to the issuing bank (stating that the ownership of the goods belongs to the bank before the payment of the redemption order; the issuing bank and its agent bank are only responsible for whether the documents are superficially qualified; the issuing bank is not responsible for the errors in the transmission of the documents; it is not responsible for the "force majeure"; it is not responsible for the "force majeure"; it guarantees the redemption of the bill when due; it guarantees the payment of various fees; the issuing bank has the right to increase the deposit at any time; it has the right to decide on the insurance of the goods agency and increase the level of insurance, and the cost shall be borne by the applicant.
Beneficiary: refers to the person named in the letter of credit who is entitled to use the certificate, i.e. the exporter or the actual supplier. Obligation: After receiving the L/C, it should be checked with the contract in a timely manner, and if it does not conform to the contract, it shall request the issuing bank to modify or refuse to accept or require the applicant to instruct the issuing bank to modify the L/C; if it accepts, it shall deliver the goods and notify the consignee, prepare the documents and submit the documents to the negotiating bank at the specified time; shall be responsible for the correctness of the documents, and shall execute the instructions of the issuing bank to modify the documents and still submit the documents within the time limit specified in the L/C. Rights: If the issuing bank fails or unreasonably refuses to pay after submitting the documents, it can directly request the applicant to pay, if the applicant goes bankrupt before receiving the payment, it can stop the shipment of goods and dispose of it by itself, and if the letter of credit has not been used when the issuing bank fails, it can request the applicant to open another letter of credit.
Issuing bank: refers to the bank that accepts the entrustment of the applicant to open the letter of credit, and it bears the responsibility of guaranteeing payment. Obligation: Correct and timely issuance of certificates, and assume the responsibility of primary payment. Rights: Collect handling fees and deposits, reject the inconsistent documents of the beneficiary or the negotiating bank, dispose of the documents and goods if the applicant is unable to pay the redemption after payment, and recover the balance from the applicant for insufficient payment.
Notification bank: refers to the bank entrusted by the issuing bank to transfer the L/C to the exporter, which only proves the authenticity of the L/C and does not assume other obligations, and is the bank where the export is located. The authenticity of the letter of credit needs to be proved;
Negotiating bank: refers to the bank that is willing to buy the documentary draft handed over by the beneficiary. According to the payment guarantee of the issuing bank of the letter of credit and the request of the beneficiary, the bank that advances or discounts the documentary draft delivered by the beneficiary according to the provisions of the letter of credit, and claims to the paying bank specified in the letter of credit (also known as the bill purchasing bank, the bill bank and the discounter; generally the advising bank; limited negotiation and free negotiation).
Obligations: strict examination of documents, advance or discount of documentary bills, approval of letters of credit, rights: negotiable or non-negotiable, processing (freight) documents after negotiation, and recovery of advances from the beneficiary after the failure of the issuing bank or refusal to pay under the pretext.
Paying bank: refers to the bank designated on the letter of credit to make payment, in most cases, the paying bank is the issuing bank. The bank that pays the beneficiary (which may be the issuing bank or another bank entrusted by it) for documents that meet the requirements of the letter of credit. The right to pay or not to pay;
Confirming bank: A bank entrusted by the issuing bank to guarantee the letter of credit in its own name. Adding a batch of "guaranteed payment"; irrevocable firm commitment; being independently responsible for the L/C, paying with vouchers; after payment, it can only claim compensation from the issuing bank; if the issuing bank refuses to pay or fails, it has no recourse against the beneficiary and the negotiating bank.
Accepting bank: refers to the bank that accepts the bill of exchange submitted by the beneficiary, which is also the paying bank.
Reimbursing bank: refers to the bank entrusted by the issuing bank on the L/C to repay the advance to the negotiating bank or the paying bank on behalf of the issuing bank (also known as the clearing bank). Only pay without examining the documents, only pay without refund, and reimburse the issuing bank when not repaying.
The process of a letter of credit
(1) The applicant fills in the application form for issuance according to the contract and pays a deposit or provides other guarantees, and the issuing bank shall issue the certificate.
(2) According to the contents of the application, the issuing bank shall issue a letter of credit to the beneficiary and send it to the advising bank where the exporter is located.
(3) After checking that the seal is correct, the advising bank will hand over the letter of credit to the beneficiary.
(4) After the beneficiary examines that the content of the letter of credit is consistent with the provisions of the contract, it shall ship the goods, prepare the documents and issue a bill of exchange in accordance with the provisions of the letter of credit, and send it to the negotiating bank for negotiation within the validity period of the letter of credit.
(5) After the negotiating bank examines the documents according to the terms of the L/C, it advances the payment to the beneficiary.
(6) The negotiating bank sends the bill of exchange and shipping documents to the issuing bank or its specific paying bank for claim.
(7) After checking the documents, the issuing bank shall pay to the negotiating bank.
(8) The issuing bank notifies the issuer to pay the redemption bill.
Common countries where large amounts must be paid with LC: Bangladesh, Ethiopia, Algeria, Uzbekistan, etc.
D/P
Documents against Payment (D/P) refers to a settlement method in which the collecting bank must pay the price of the goods before handing over the commercial (freight) documents to the importer.
The D/P Sight indicates that the port issues a demand bill, and the collecting bank reminds the importer that the importer must pay after seeing the bill, and the importer obtains the shipping documents when the payment is paid.
远期交单（D/P after sight or after date),指出口方开具远期汇票，由代收行向进口方提示，经进口方承兑后，于汇票到期日或汇票到期日以前，进口方付款赎单。
Existential risks
In D/P business, the bank does not review the contents of the documents, and the bank is not obligated to pay. The bank only provides services such as transferring documents, prompting documents, and collecting and transferring money on behalf of others. In the D/P export business, exporters should pay attention to the following important issues:
1. In the D/P business, the guarantee of the exporter's payment is the credit of the importer, so paying attention to the importer's ability to pay and business reputation is an important prerequisite for getting the payment.
2. After the goods are delivered, in the process of the circulation of documents from the exporter to the importer, it is necessary to pay attention to the control of the goods through the control of the documents, and the documents should be firmly controlled before the importer pays.
3. In practice, problems often arise at the transfer and handover points of documents, that is, the handover points between the exporter and the bank, the seller's bank and the buyer's bank, and the buyer's bank to the importer. Therefore, it is necessary to control these handover points, and the documents should be circulated in accordance with the specifications.
4. Try to use the method of indicating the bill of lading. This allows the goods to be controlled by controlling the bill of lading.
D/P RiskAlthough the bank at the place of import must pay the importer before the documents can be delivered to the importer in both cases, so the legal risk of the two should be said to be the same, but due to the different risks faced in commercial practice, the exporter directly reminds the buyer of the designated bank for payment The risk is greater. According to the Uniform Rules for Collection of the International Chamber of Commerce, the normal collection practice is that the exporting company entrusts its correspondent bank to handle the collection, which acts as the collecting bank, and the collecting bank then entrusts the importer's correspondent bank or the bank named by the importer to handle the prompt payment (collecting bank).
However, in the collection business, the collecting bank is not obliged to accept the entrustment of the exporter. In other words, the bank has the right to refuse to process the collection instruction after receiving it. The exporter handles the collection through its own correspondent bank (collecting bank), and the collecting bank will arrange for the collecting bank (whether the bank is named by the importer or not, and whether it is the importer's correspondent bank) to handle the reminder and collection on behalf of the exporter. The collecting bank is obligated to the exporter for the risks in the process of mailing collection documents. In addition, if there is any problem in the payment process, the collecting bank will make a full and effective contact with the collecting bank.
D/A
Documents against Acceptance (D/A) means that the exporter's submission is conditional on the importer's acceptance on the bill of exchange. That is, the exporter issues a usance bill after the goods are shipped, together with the commercial documents, and reminds the importer through the bank, and after the importer accepts the bill, the collecting bank will hand over the commercial documents to the importer, and the payment obligation will be fulfilled when the bill of exchange is due. Because the document against acceptance means that the importer only needs to handle the acceptance on the bill of exchange, he can obtain the commercial documents to pick up the goods. Therefore, the Documents Against Acceptance method is only applicable to the collection of usance bills.
Documents Against Acceptance (D&A) is a commonly used payment method in international trade. The exporter, through the collecting bank, instructs the collecting bank to issue title and other shipping documents to the importer after the importer accepts the bill. The exporter will face the risk that the importer will not settle the payment on time.
The so-called "acceptance" is the recognition of the bill of exchange by the payer (importer) of the bill of exchange when the bank prompts the usance bill. The procedure of acceptance is that the payer signs the bill of exchange, annotates the word "acceptance" and date, and returns the bill of exchange to the holder. Irrespective of the number of assignments of the bill of exchange, the payer shall pay against the bill of exchange on the due date.
Western Union
Western Union is the abbreviation of Western Union, the world's leading express money transfer company, has a history of 150 years, it has the world's largest and most advanced electronic remittance financial network, agent outlets in nearly 200 countries and regions around the world. Western Union is a subsidiary of First Data Corporation (FDC), one of the Fortune 500 companies in the United States. China Everbright Bank, Postal Savings Bank of China, China Construction Bank, Zhejiang Chouzhou Commercial Bank, Bank of Jilin, Harbin Bank, Fujian Haixia Bank, Yantai Bank, Longjiang Bank, Bank of Wenzhou, Huishang Bank, Shanghai Pudong Development Bank and many other banks are Western Union China partners.
Small private remittance, give priority to recommend Western Union, only need to say your name and nationality to the customer to pay, remember the order of the first and last name: Chinese GIVEN NAME is the first name, but also FIRST NAME Chinese FAMILY NAME is the surname, tell the customer must not write it backwards, the customer will have a payment voucher after payment, that is, the water bill is often said, there is an important information MTCN number on it, called the monitoring number, with this number, you can collect foreign exchange operations at the above-mentioned bank counters or on the network. Here is the first priority to recommend Shanghai Pudong Development Bank, download the APP on your mobile phone, and you can complete it in one minute.
The Western Union fee is paid by the payer. Therefore, the cost of collecting foreign exchange is zero.
PayPal
PayPal (PayPal Holdings, Inc., the brand name is PayPal in Chinese mainland), is a wholly owned subsidiary of eBay Inc. in the United States. Founded in December 1998 by Peter Thiel and Max Levchin, it is headquartered in San Jose, California, USA.
Transferring funds between users who use email to identify them eliminates the need for traditional methods of mailing checks or sending money. PayPal also works with some e-commerce sites as one of their payment methods, but PayPal charges a certain amount of fees when transferring money using this payment method.
Payment Process
When a payer wants to pay an amount to a merchant or recipient through PayPal, it can be divided into the following steps:
1. As long as there is an email address, the payer can log in to open a PayPal account, become a user by verification, and provide credit card or related bank information, increase the account amount, and transfer a certain amount of money from the account registered at the time of opening the account (such as a credit card) to the PayPal account.
2. When the payer initiates the payment process to a third party, he must first enter the PayPal account, specify the specific amount to be remitted, and provide the recipient's email account number to PayPal.
3. PayPal then sends an email to the merchant or recipient notifying them that there is money waiting to be collected or transferred.
4. If the merchant or the payee is also a PayPal user, the money specified by the payer will be transferred to the payee after the merchant decides to accept.
5. If the merchant or the recipient does not have a PayPal account, the recipient can follow the instructions of the PayPal email to enter the online station to register and obtain a PayPal account, and the recipient can choose to convert the obtained funds into a cheque and send it to the designated premises, transfer it to his or her personal credit card account or transfer it to another bank account.
As can be seen from the above process, if the recipient is already a PayPal user, then the money will be remitted to the PayPal account he owns, and if the recipient does not have a PayPal account, the website will send a notification email to direct the recipient to the PayPal website to register a new account.
PayPal is the receiver to pay the handling fee, the handling fee is in accordance with a certain proportion and plus the service fee composition, the specific details can be consulted with a specialized PayPal provider, the disadvantage is that if the customer pays by credit card, even if you receive the money, PayPal can still recover from you, PayPal handling fee is high, can be flexibly arranged according to the actual situation of the company and the individual.
MoneyGram
Moneygram is a global fast remittance service between individuals, which can complete the remittance process from the remitter to the payee within more than 10 minutes, which is fast and convenient. MoneyGram is a money transfer agency similar to Western Union.
The sender does not need to choose a complicated remittance route, and the recipient does not need to open a bank account first to transfer funds. If the remittance of US dollars to withdraw RMB, this business is a foreign exchange settlement business, regardless of domestic or overseas individuals, the settlement of foreign exchange for any kind of matters, each person can settle the equivalent of 50,000 US dollars (inclusive) per year with their valid identity documents. That is, there is no longer a limit on the amount of a single foreign exchange settlement, as long as it does not exceed the equivalent of 50,000 US dollars in the current year.
SO WHEN YOUR CUSTOMER TELLS YOU THAT THEY SENT YOU A MONEY GRAM, YOU JUST ASK YOUR CUSTOMER IF THEY WANT IT
（1）Reference number(汇款密码） 八位数
（2）Sender's first name(汇款人名字）
（3）sender's surname（汇款人姓）
Then go to the local branch of the relevant local partner bank that has a special MONEY GRAM counter, they will give you a collection form, fill in the relevant information of the customer and yourself, and bring your own ID card to withdraw the money.
Personal T/T
If the payment is made to a personal account, you only need to provide the following information to receive it, of course, there is still a limit of $50,000 per person per year.
BENEFICIARY: XXXXXXX
A/C NO.: XXXXX
A/C Bank: XXXXX
Address: xxxx
SWIFT CODE: XXXXXX
Post Code: XXXXX