SMBC commences simplified foreign currency remittances in China

It is currently available in five of its branches in China.

Sumitomo Mitsui Banking Corporation (SMCB) has commenced foreign currency remittance operations under the Simplified Foreign Currency Remittance Scheme in mainland China.

The scheme aims to streamline foreign currency remittances in mainland China by using only a single application form. This is expected to lead to a shortened processing period.

The service is available at five SMBC China branches: the Shanghai head office, and its branches in Guangzhou, Tianjin, Beijing, and Dalian.

SMBC says it will extend the service to other branches in due course.

SMBC said that it is the first Japanese bank to commence said operations.