If you need fund custody service for (a) real estate transaction, (b) goods trade, (c) equity transfer and (d) paying for studying abroad and migration intermediaries, come to WCB to apply for the “Safe Deal – Transaction Fund Custody Service”.
“Safe Deal – Transaction Fund Custody Service” is a financial business in which WCB serves as a credit intermediary for both parties of a cargo or service transaction. The purchaser first deposits transaction fund in WCB and the bank temporarily freezes the fund. After the seller, as agreed, delivers the cargo or service and puts related warrant under temporary custody of WCB, the bank, as instructed by both parities of the transaction, will pay the seller the transaction fund and send the warrant to the purchaser. If both parties fail to reach the deal, WCB will, as agreed, return the transaction fund and the warrant. If the transaction parties do not need WCB to transfer the warrant, the bank will only transfer or return the transaction fund as agreed.
WCB takes the custody fund as the benchmark for service charge and adopts the regressive rate. Rate for the amount below RMB500,000 (including RMB500,000) is 0.4% while that for the amount above RMB500,000 is 0.3%.
Social Security
Entrusted by the social security authorities at all levels, WCB will act as their agent to manage and disburse the funds of our client account through the advanced clearance system, mature management information network, and the strict account management system and to collect and disburse the social security funds through our over-the-counter system.
The social security funds agent service includes two parts: the collection of social security funds and the disbursement of social security funds.
Our bank serves as the agent for social insurance authority, to collect the social security funds of government agencies, organizations and institutions into the designated account of social security authorities through our advanced banking systems.
The WCB and its branches, as the agents of social insurance authorities, disburse social welfare funds. The advanced interconnecting network system of WCB may deposit the social security funds efficiently. The system may automatically transfer the funds into the demand saving account of the social security beneficiaries who may withdraw and use the funds with the saving cards or bankbooks in our outlets or banking terminals. The service is safe, fast and considerate. You may also inquiry the account information.