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  Home Page > Corporate Banking >Settlement Service >Agency Services >Centralized Operation Management Solutions to Foreign Exchange Funds of Multinational Companies
Centralized Operation Management Solutions to Foreign Exchange Funds of Multinational Companies
 

ICBC can assist multinational companies (MNCs) with centralized operation management of foreign exchange funds, and help them realize the cross-border circulation of such funds through domestic and international master accounts, by adopting two-way limits, with inbound flows being the foreign debt limit, outbound flows being the disbursement limit, and domestic and overseas funds freely circulating within the limits. In addition, MNCs are permitted to carry out collective payment/collection of foreign exchange and netting settlement under current accounts. Set out below is the detailed solution: 

i. Account opening
1. An MNC opens a master account for international funds with one of ICBC’s domestic branches for collection and payment with its overseas accounts, which is hence the master account for centralization of its overseas funds.
2. An MNC opens a master account for domestic funds with one of ICBC’s domestic branches for centralized management of its domestic funds, which is hence the master account for its domestic fund pool.

ii. Fund pool with two-way limit controls
1. Within the limits ratified by the foreign exchange administration of the place where a MNC is domiciled, the funds between its master accounts for both international and domestic funds can be freely transferred.
2. At no time shall the aggregated net amount of funds transferred from the master account for international funds to the master account for domestic funds exceed the foreign debt limit; nor shall the aggregated net amount of funds transferred in reverse direction exceed the disbursement limit.
3. ICBC can assist MNCs with the registration of foreign debt and declaration of international balance of payments under the master account for international funds.

iii. Collective payment/collection of foreign exchange
1. An MNC can handle foreign exchange receipts and payments under current account for its domestic member enterprises through its master account for domestic funds, whereas these member enterprises need not carry out cross-border payment/collection of foreign exchange, but only to deal with their import/export logistics.
2. ICBC can assist MNCs with the declaration of international balance of payments for their actual data on payment/collection of foreign exchange and the restored data of their member enterprises.

iv. Netting settlement
1. An MNC can centrally calculate the current-account receivable and payable funds of their domestic and overseas member enterprises via its master account for domestic funds, and consolidate multiple foreign exchange transactions within a certain period into one transaction for netting settlement.
2. ICBC can assist MNCs with the declaration of international balance of payments for the actual data and restored data of individual transactions.

Notes: Information provided herein is only for your reference. Specific business is subject to announcements and rules released by local ICBC outlet.

 

 


(2015-04-27)
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