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  Home Page > Personal Banking >Cross-border Financial Services >ICBC Currency Exchange >Cross-border Inward Remittance
Cross-border Inward Remittance
 

Options available for cross-border inward remittance: telegraphic transfer, "MoneyGram". Choose an appropriate way to send across-border inward remittance according to actual situation.

Option1: Telegraphic Transfer

☆ Introduction
Cross-border inward remittance through telegraphic transfer can be received once a multi-currency current account (Elite Club Account, Peony Money Link Card, All-in-one current account) is opened in ICBC. As a member of international clearing organization  SWIFT, ICBC offers fast, multi-currency cross-border inward remittance service via  leveraging its advanced FX remittance and clearing system, extensive  service network in the country and across the globe, as well as large pool of correspondent banks.

☆ Features
1. Multi-currency, wide coverage: Through ICBC, remittances from overseas can be received in freely-convertible currency (currencies with everyday quotes announced by ICBC) from countries and regions (HK, Macau and Taiwan) around the world. Amongst, remittance can be credited into account without conversion if it is in the currency of ICBC foreign currency deposit. Remittance in freely-convertible currency not from savings currency can only be credited into account after settled against documentation submitted in accordance with settlement rules of State Administration of Foreign Exchange.
2. Economical: ICBC does not collect any banking charge.
3. Easy: Once an ICBC multi-currency current account is specified (All-in-one current account, Elite Club Account, Money Link Card) as the receiving account, ICBC will automatically credit the remittance into account when arrived. No need for you to collect in person.
4. Fast and timely: ICBC has detailed guidance on the route of cross-border remittance. You can pass the information to overseas sender for reference. Inform the sender to follow the guidance to make remittance to you in the simplest, economical and fastest way.

☆ Service Channel
1. Sender can send remittance to ICBC through banks in all countries around the world. Beneficiary can check the balance in receiving account at the counter, through Telephone Banking or Internet Banking.

☆ Operation Guide
1.When overseas firm or individual sending remittance to you, pass the sender the information on the remittance route (Call 95588 for details) according to the remittance currency, inform the overseas sender of your details as the beneficiary. more important information include: beneficiary’s name (you) (same as the name in mandarin pinyin in your identity document, or same as the account name in mandarin pinyin in your receiving account), ICBC multi-currency current account number (or bank card number) in full, full name of receiving bank (Industrial and Commercial Bank of China), SWIFT code of receiving bank (ICBC), beneficiary's contact number and address (in English). Call the customer hotline 95588 of local ICBC branch for details.
2. Remind sender to follow ICBC guidance and beneficiary information you provided to fill in Remittance Application Form. If the sender has questions in filling in the form, remind the sender to clarify from the staff of remitting bank (overseas bank where the sender is making the remittance).
3. If you are the beneficiary and have not opened a foreign currency savings account in ICBC but have intention to receive the remittance at ICBC. You are recommended to open a multi-currency current account first for timely arrival of the remittance.

Option 2: "Money Gram" - Cash Advance

☆ Introduction
"Money Gram" - Cash Advance is a fast, simple, safe and reliable international remittance service jointly offered by ICBC and Money Gram Company, a respected remittance service company, for personal customers to receive international remittance without any need to provide bank account number.
If you need to receive the FX remitted from overseas as soon as possible, use this service while you have not opened any account in ICBC.

☆ Features
1. Wide network of remittance organizations: Money Gram Company has a total of more than 200,000 local agents in 190 countries and regions. Overseas sender can remit to you through these local agents. Remittances will be paid at designated ICBC outlets.
2. Fast: Leveraging ICBC foreign currency clearing system and Money Gram's global network and electronic technology, your remittance will arrive within 10 minutes during ICBC normal working hours after the sender remits the money. This is a very good way to remit money to customers urgently in need of cash.
3. No fee when receiving: Fee is only collected on remittance amount of matching class during sending. No need for the beneficiary to pay additional fee.
4. Received in full amount: No fee collected from intermediary banks after the remittance is sent, you will receive the full amount. All remittances are paid in full.
5. Simple procedures:
For sender: No need to think how to remit, no need to know the account opening bank of the beneficiary and the account number, only simple information such as the beneficiary's name. Just inform the beneficiary the remittance Ref No. once amount is remitted out.
For beneficiary: No need to have a bank account, no need to find out which bank branch to collect the remittance. Just use the identity document and the remittance Ref No. to collect money at any Money Gram local agent.
6. Safe and reliable: Beneficiary can collect the remittance just by his/her identity document and remittance Ref No. . Money is protected through detail verification before payment. Storage and processing of all information related to the remittance are electronized and under transmission control of Money Gram's highly secure system.

☆ Service Channel
At designated ICBC outlets. Call local customer service hotline 95588 for details before going to receive the remittance.

☆ Operation Guide
1. To receive Money Gram remittance, use your valid identity document and go to the designated ICBC outlets.
2 Fill in the Cash Advance Form, details include: remittance Ref No., the sender's name, the name, address, street, city, postal code and contact number of the beneficiary.
3. Declare your international balance of payment.

Option 3: "Money Gram" - Direct into Account

☆ Introduction
"Money Gram" - Direct into Account is a fast, simple, safe and reliable international remittance service jointly offered by ICBC and Money Gram Company, a respected remittance service company, for ICBC personal customers holding multi-currency current deposit account/card.
If your overseas relatives or friends want to remit money to you in foreign currency and you have a multi-currency currency deposit account in ICBC (open one at any ICBC outlet if you do not have the account), ICBC will credit the remittance to you via Money Gram- Direct into Account. No need to queue up at the ICBC outlet, just receive the money at your home.
At present, Money Gram remittances sent from the following countries are directly credited into beneficiary's account: in USA, Italy, Australia, France, Germany, Netherlands and Belgium.
Receiving currencies: US dollar, Euro dollar, Pound sterling and Australian dollar.

☆ Features
1. Wide network of remittance organizations: Money Gram Company has local agents in these countries for your overseas friends/relatives to remit money directly into your specified ICBC account.
2. Easy and Convenient: No need to go to ICBC outlet, just have an ICBC multi-currency current deposit account/card.
3. Free SMS Alert: ICBC will send free SMS to inform the beneficiary when remittances arrive.
4. Fast: Leveraging ICBC foreign currency clearing system and Money Gram's global network and electronic technology, the remittance will arrive within 24 hours (shortest) during ICBC normal working hours after the sender remits the money.
5. No fee when receiving: Fee is only collected on remittance amount of matching class during sending. No need for the beneficiary to pay additional fee.
6. Received in full amount: No fee collected from intermediary banks after remittance is sent, you will receive the full amount. All remittances are paid in full.
7. Simple procedures:
For beneficiary: All you need is an ICBC A/C. To receive remittances for the first time, logon Money Gram website to register, and then inform the sender the 10-digit Registration Number (RRN). If the remittance amount is more than USD 3000 (exclusive) or equivalent, no need to go to ICBC to declare international balance of payment. ICBC will declare for you indirectly through your SMS confirmation.
For sender: No need to think how to remit, just supply the beneficiary's name and Registration Number. Inform the beneficiary the remittance amount and Ref No. (8-digit No.) once amount is remitted out.
8. Safe and reliable: Your money is protected through detail verification before payment. Storage and processing of all information related to the remittance are electronized and under transmission control of Money Gram's highly secure system.

☆ Service Channel
Go to any ICBC outlet to open a multi-currency current deposit account/card. ICBC staff will assist you to register.

☆ Operation Guide
● How to register
1. For the first-time remittance, logon Money Gram website (www.moneygram.com/AccountRegistration) to register. Later, remittances via Money Gram will be directly credited into your account. No need to register again if there is no change in your personal particulars.
2. Choose China for "Receiving country"; ICBC + receiving currency for "Receiving options".
3. Enter half-width English characters. Fill in accurately the details of beneficiary: surname, name, mobile No., 19-digit ICBC current deposit A/C No., home address, city, province, job profession, gender, and choose one remittance purpose.
4. Submit the details and get the global remittance 10-digit Registration Number (RRN).
5. Inform RRN to the sender, who then go to Money Gram local agent to remit the money to you.
● How to receive remittance
1. After sending the remittance, the sender should immediately inform you (beneficiary) the remittance amount and Ref No. (8-digit No.) and remind you to check the SMS.
2. During ICBC normal banking hours, check if any SMS sent to you. On the day when the remittance is credited into your account, ICBC will send SMS to inform you, no fee is collected on the SMS.
In accordance with the rules of State Administration of Foreign Exchange, if the amount received is more than USD 3,000 (exclusive) or equivalent, ICBC will send SMS to you to confirm the remittance purpose before the amount credited into your account. If you agree, timely reply "1" to confirm. ICBC will declare international balance of payment on behalf of you according to your reply. You must reply within the time stated in SMS, otherwise your remittance may be sent back to the sender.

The above is for reference only. Details refer to the rules drawn up by local ICBC branch. To save your time, please call your local ICBC before applying for the service.

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