9.1.3 Remittance as Instrument作为工具的汇款

9.1.3 Remittance as Instrument作为工具的汇款

A cash-in-advance or open-account arrangement is often effected via a remittance where the importer may initiate a mail transfer(M/T),a telegraphic transfer(T/T)or a draft remittance(a remittance by demand draft(D/D))to your bank account.The three ways of remitting money differ mainly in the means of communicating the transfer order,with the first by mail,the second mainly by SWIFT codes and the third by a bill of exchange.As telegraphic transfer(T/T)is more popular today than the other two means,“T/T”is used almost interchangeably with “remittance”by traders.Its security and efficiency have made it widely adopted as instrument of payment for international transactions.If it is agreed to in the contract,the importer goes to his/her bank,fills out a written application form,indicating your full name,address,amount of money to be remitted,your bank account and the corresponding SWIFT code,signs it,and then submits the application form together with the money to his/her bank,instructing it to initiate a T/T in your favor.Then the money will be credited into your bank account in two to five workdays.The same process applies if you remit money to the importer,such as in the case of a refund.