As the pace of globalization continues to accelerate, more individuals and businesses are engaging in cross-border operations. However, operating abroad differs significantly from domestic operations, as various restrictions exist that necessitate thorough preparation. Among the most common needs, acquiring funds from overseas requires advance preparation of relevant documents to avoid obstacles during the process.
I. Acquiring Documents for Individuals
For individuals seeking to receive cross-border payments, the primary requirement is a bank account capable of holding foreign currency. When receiving funds, one typically needs to provide the payer with their bank account number, bank name, bank address, and SWIFT code. The SWIFT code, assigned by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), identifies banks and ensures accurate fund transfers. For large transactions or specific fund origins, individuals may also need to submit proof of fund sources, such as employment contracts or commission agreements, to demonstrate legal compliance.
II. Acquiring Documents for Businesses
Acquiring for businesses involves greater complexity. Enterprises must possess legitimate import/export rights and complete registration with the State Administration of Foreign Exchange (SAFE). In addition to providing corporate bank account details (including account number and bank information), businesses must submit a series of trade documents. These include commercial invoices detailing goods/services, quantities, and prices; bills of lading or transportation documents proving shipment; and sales contracts outlining mutual rights and obligations. For service trade, service contracts and completion certificates may also be required. Furthermore, businesses must complete Foreign Exchange Income Declaration Forms as per SAFE regulations, truthfully reporting fund sources and purposes.
III. Documentation Requirements for Special Circumstances
Additional documentation may be required under specific circumstances. For non-trade-related acquiring, such as donations or inheritance, legal documents like donation agreements or notarized wills might be necessary. If funds originate from sanctioned countries/regions, banks may demand detailed background checks and compliance certifications to ensure adherence to international sanctions.
Through the above explanations, readers should now understand the documentation required for cross-border acquiring. Among various solutions, PayerMax stands out with its advanced technology and rich experience, offering secure, convenient, and efficient cross-border acquiring services for individuals and businesses alike—a trustworthy choice in the global marketplace.