On December 4, ICBC and Standard Bank jointly rolled out China-South Africa Direct Remittance, a remittance product exclusively designed for China and South Africa. This product will significantly enhance the efficiency of remittance between China and South Africa and establish a highway of funds for Sino-Africa cooperation.

“China-South Africa Direct Remittance” will target at corporate and personal customers, providing secure, convenient and cost-saving bilateral remittance services covering various currencies including Renminbi, South African Rand and US dollars. Online remittance is also supported. This product will be officially launched in the first half of 2016.

In addition, ICBC and Standard Bank will roll out special value-added services such as full-amount arrival in “China-South Africa Direct Remittance”. For general international remittance, the money sent by the remitter cannot be not fully credited to the beneficiary due to the handling fees for overseas intermediary bank. As the charging standards of overseas intermediary banks are not open, the deduction amount of ordinary overseas outward remittance is uncertain. Full-amount arrival service will ensure that all the money sent will reach the beneficiary’s account to provide customers with higher-quality and more secure remittance services.