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

Options available for cross-border outward remittance: telegraphic transfer, demand draft, "MoneyGram".

Option 1: Telegraphic Transfer

☆ Introduction
Choose Telegraphic Transfer to remit foreign currency to overseas firm or individual if account opening bank and account number of beneficiary are also known. As a SWIFT member, ICBC offers fast, multi-currency outward remittance service leveraging its advanced FX remittance and clearing system, extensive service network in the country and across the globe, and a large pool of correspondent banks.

☆ Features
1. Multi-currency, wide coverage: offer across-border remittance services in 9 currencies with receiving banks in all countries and regions around the world.
2. Fast, economical: Advanced clearing system and gigantic correspondent banks overseas can send your remittance to beneficiary at low fee in the shortest time.
3. Safe, convenient: After remittance, ICBC offers a number of services such as enquiry, refund, report loss to protect your money.
4. Use "e-transfer" for fast remittance if you send remittance to Hong Kong or countries where ICBC has subsidiaries. "e-transfer" is a fast remittance service for customers around the globe based on ICBC's FX clearing system and network support to ICBC's correspondent banks. Cross-border remittances are sent in near real-time.

☆ Service Channel
1. Outward remittance across the border, enquiry, refund and report loss are all available at designated ICBC outlets.
2.You can also send or check remittance across the border at home through Internet Banking. (This service is available in selected area. Call local customer service hotline 95588 for details.)

☆ Operation Guide
1. Fill in Outward Remittance Application Form in English capital letters at designated ICBC outlets. Details include application date, remittance currency, amount, name and address of beneficiary's account opening bank, country and city of receiving bank, name and address of beneficiary, beneficiary's account number, sender's name and contact number.
2. Steps for domestic individuals sending remittance outside China for current expenses:
(1) For outward remittance under USD 50,000 (inclusive) or equivalent in the day from FX savings account, use valid identity document to proceed. If over this amount, submit real vouchers marked with the amount;
(2) For outward remittance under USD 10,000 (inclusive) or equivalent in the day using FX cash, use valid identity document to proceed. If over this amount, submit real vouchers marked with the amount, China Customs Baggage Declaration Form for Incoming Passengers issued by China Customs, or the original FX cash withdrawal slip of deposit bank.
(3) Below are examples of real vouchers to prove cross-border outward remittance over a certain amount:
A. Submit the following if sending remittance over specified amount for overseas study at own expenses:
1) Proof of permanent residency and personal identity;
2) Passport with valid visa to the county/region;
3) Admission letter or proof of study in the school issued by the overseas schools;
4) Expense advice issued by the overseas school.
B. Submit the following if sending remittance over specified amount for overseas medical treatment:
1) Proof of permanent residency and personal identity;
2) Passport with valid visa to the county/region;
3) Documentation issued by the regional (city) hospital with doctor's opinion;
4) Proof of admission issued by the overseas hospital and payment advice.
C. Submit the following if sending remittance over specified amount for overseas medical treatment:
1) Proof of permanent residency and personal identity;
2) Documentation proof on international academic organizations (including payment instructions).
D. Submit the following if sending remittance over specified amount for small amount of medicine, medical equipment from overseas mail order:
1) Proof of permanent residency and personal identity;
2) Documentation issued by the regional (city) hospital (with doctor's prescription).
E. Submit the following if sending remittance over specified amount for overseas direct relative who has serious illness, died or accident:
1) Proof of permanent residency and personal identity;
2) Valid proof duly notarized by overseas notary, or proof issued by China's overseas embassy/consulate.
3. Steps for overseas individuals sending remittance outside China:
(1) Use valid identity document if sending remittance from FX savings A/C;
(2) For outward remittance under USD 10,000 (inclusive) or equivalent in the day using FX cash, proceed by presenting valid identity document If over this amount, submit China Customs Baggage Declaration Form for Incoming Passengers issued by China Customs, or the original FX cash withdrawal slip of deposit bank.
4. Enquiry, amendment and stop payment
(1) If remittance is not credited into account for a long time, check at the ICBC outlet where the remittance is sent, and present customer copy of remittance advice.
(2) When the FX remittance is already sent but not yet credited into account for signature, the amendment or stop payment must be made at the ICBC outlet where the remittance is sent with customer copy of remittance advice. No amendment or stop payment for remittance already paid.
5. Via Internet Banking
First register Personal Internet Banking under "Banking@Home", open the permission for outward transfer through Internet Banking at ICBC outlet.
6. Via "e-Transfer"
Submit "Authorization Letter" to ICBC branch, fill in remittance currency and amount, beneficiary name (beneficiary's account opening bank and account No. if receiving account number specified for "e-Transfer" ), fill in contract number in "Notes", "e-Transfer" in "Others" for service type. If no receiving account number specified for "e-Transfer", set withdrawal password in ICBC system and inform your beneficiary. If receiving account number specified for "e-Transfer", the sender has the choice to set the withdrawal password.

☆ Friendly Reminder
1. Service hours: every banking day 9:00 – 17:00, real time delivery of payment information.
2. Use English letters to fill in payer's English name, beneficiary's name and remark, no Chinese character permitted.
3. Banking charges is collected for currency exchange if the FX for remittance is from "FX cash account". In other words, system will automatically deduct from your payment account the fee to convert FX cash into RMB at "exchange rate difference between FX cash and FX remittance" of the day. Your remittance card number and payment card number can be the same account or different accounts.

Option 2: Demand Draft

☆ Introduction
If you need to pay for overseas individual/organization in foreign currency, buy foreign currency draft at ICBC, then have it in hand and withdraw abroad or pay to overseas individual/organization, or mail the draft directly to overseas individual/organization as payment. "Foreign currency Draft" refers to a bank note issued by ICBC as you require, amount marked in foreign currency. Customer can have the draft in hand during travel, and use it to pay or draw cash in foreign currency while overseas.

☆ Features
1. Multi-currency, wide coverage: Draft issued in 9 currencies. Draft can be paid at banks in countries and regions around the world.
2. Low cost: Low fee to buy and collect the draft.
3. Safe and convenient: After draft is opened, services of refund, report loss, and stop-payment are also available to protect your money.

☆ Service Channel
At the designated ICBC outlet, call local customer service hotline 95588 for details.

☆ Operation Guide
1. To buy FX draft, fill in Outward Remittance Application Form in English capital letters at designated ICBC outlet. Details include application date, remittance currency, amount, name, country and city of beneficiary, sender's name and contact number. After formalities completed, ICBC will deliver the draft to you, you can mail it or take it with you to travel out of the country.
2. Steps for domestic individuals sending remittance to outside China for current expenses:
(1) For outward remittance under USD 50,000 (inclusive) or equivalent in the day from FX savings account, proceed by using valid identity document. If over this amount, submit real vouchers marked with the amount.
(2) For outward remittance under USD 10,000 (inclusive) or equivalent in the day using FX cash, proceed by using valid identity document. If over this amount, submit real vouchers marked with the amount, China Customs Baggage Declaration Form for Incoming Passengers issued by China Customs, or the original FX cash withdrawal slip of deposit bank.
3. Steps for overseas individuals sending remittance to outside China:
(1) Use valid identity document if sending remittance from FX savings A/C;
(2) For outward remittance under USD 10,000 (inclusive) or equivalent in the day using FX cash, use valid identity document to proceed. If over this amount, submit China Customs Baggage Declaration Form for Incoming Passengers issued by China Customs, or the original FX cash withdrawal slip of deposit bank.
4. Use draft to pay while abroad
Collect money from foreign currency draft issued by ICBC at any overseas bank while abroad. A nominal fee is charged and varied from country to country, bank to bank.
5. Refund, report loss and stop payment
(1) Refund the draft if not used on time. In the case of refund, submit application form, original copy of draft, receipt of the original Outward Remittance Application Form to the ICBC outlet where the draft is bought. ICBC staff will claim the amount and inform you by phone when the money is refunded from overseas, or deposit directly into the ICBC A/C supplied to the ICBC outlet when you apply for refund.
(2) If draft is lost by accident, report the loss at the ICBC outlet where the draft is bought together with application form and receipt of the original Outward Remittance Application Form. If the receipt of Outward Remittance Application Form and draft are both lost, use sender's valid ID document to report the loss at the ICBC outlet where the draft is bought. Once your application is accepted, ICBC staff will claim the amount and inform you by phone when the money is refunded from overseas, or deposit directly into the ICBC A/C supplied to the ICBC outlet when you apply for refund.
Claim of draft for refund or loss will be through ICBC overseas correspondent banks. Charges incurred by overseas banks and the exchange gain/loss to convert non-USD draft to USD will be deducted from draft amount.

Option 3: "Money Gram"

☆ Introduction
A fast, reliable and easy service jointly launched by ICBC and world famous remittance service company – Money Gram Company for individual customer to make international remittance without any need from beneficiary to provide bank account number.
If there is urgent need to pay overseas individual in foreign currency yet without any knowledge where this person opening the account, or you are going to travel overseas in near future but without any overseas account, or you are going to make a trip to many countries and not convenient carrying large amount of cash in foreign currency, then this is a service to help you have foreign currency to spend while you are overseas.

☆ Features
1. Wide network of paying organizations: Money Gram Company has a total of more than 200,000 agencies in 190 countries. Being an agency bank of Money Gram Company, ICBC will open and expand more outlets for this service.
2. Fast: Leveraging ICBC foreign currency clearing system and Money Gram's global network and electronic technology, remittance will be arrived at receiver's account in around 10 minutes. This is a very good way to remit money to customers who are in urgent need of cash.
3. Confirmed fee: Money Gram fee is collected according to the remittance amount only when remitting out. No deduction by intermediary banks. Beneficiary gets full amount. All remittances are paid in full amount.
4. Simple procedure:
Sender: No need to worry how to remit, no need to know the account opening bank of beneficiary and account number, only simple information such as beneficiary's name. Just inform beneficiary of the Ref No. of the remittance after the amount is sent out.
Beneficiary: No need to have a bank account, no need to find out the bank branch to collect the remittance. Just use the ID document, remittance Ref No., to collect at any Money Gram agency.
5. Safe and reliable: Beneficiary can collect the remittance just by ID document, Ref No. of the remittance. Money is protected through detail verification before payment. Storage and processing of all information related to remittance are electronized and under transmission control of Money Gram's highly secure system.

☆ Service Channel
At designated ICBC outlets. Call local customer hotline 95588 for details.

☆ Operation Guide
1. Use foreign currency cash or ICBC deposit voucher, valid identity document (ID card, passport, HK/Macau/Taiwan Re-entry Permit) and send the remittance at designated ICBC outlets.
2. Fill in Remittance Form, including sender's name, detail address, postal code, contact number, ID name and number, profession, remittance amount in small and capital letters, beneficiary's name, country and city.
3. Pay according to fee schedule of Money Gram, also the fee to convert FX cash into FX remittance if remittance comes from foreign currency cash or FX cash account.

☆ Friendly Reminder
1. Amount for one remittance cannot exceed USD 10,000 (exclusive), not over USD 20,000 (exclusive) in a day for each person.
2. Beneficiary must be an individual, not a company.
3. Currency of remittance from China is only USD.
4. Since Money Gram is a kind of "cross-border outward remittance", the remittance must conform to requirements of the Money Gram system and business processing, the policy and rules of State Administration of Foreign Exchange and Peoples' Bank of China as well.
5. Select an appropriate way to remit according to actual situation. The following is the comparison between Money Gram remittance and ICBC's TT remittance (see Option 1: "Telegraphic Transfer" remittance).

Comparison on Features

Money Gram remittance

TT remittance

Remittance fee and currency

Low fee for small amount, high fee for large amount, must be paid in foreign currency

Low cost for lump sum remittance (including cable fee), paid in RMB or foreign currency

Receiving amount

Confirmed during remittance, no deductions by intermediary bank

Not fully confirmed during remittance, deduction by intermediary banks

Type of payment

Pay out in cash, no way to be credited into account automatically

Directly pay out, credited into designated account

Applicant

Must be the person who has the amount

Someone can send on behalf

Where to?

Cannot remit to Japan

Can remit to Japan

Restriction for sender and beneficiary

Both parties must be individuals

No restriction

Currency and exchange loss

Outward remittance in USD only, Inward remittance can be USD, Euro and sterling pound

No limitation on currency used, select on your own

Exchange loss when the original amount remitted out is not in USD, or paying region is not using USD to pay out remittance

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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