It is a special case of inward telegraphic transfer. ICBC customers can convert foreign currency into RMB at designated exchange settlement rate when making inward remittance at overseas ICBC institutions so that the remittance is payable in RMB.
1. The remitter makes the remittance in foreign currency, but the payee gets paid in RMB.
2. If the payee has an account in ICBC in China, he/she can be paid immediately in RMB after the remittance is made. It benefits the payee in fixing the exchange rate. Also there is no need for the payee to get to the bank for foreign exchange settlement.
☆ Service Channels
Customers can apply for the service at 31 overseas ICBC institutions, including ICBC (Macau), ICBC (Indonesia), Sydney Branch, Seoul (Busan) Branch, Singapore Branch, ICBC (Malaysia), Brussels Branch, Phnom Penh Branch, ICBC (Almaty), ICBC (Moscow), Milan Branch, Warsaw Branch, ICBC (London), Frankfurt Branch, ICBC (Thai), Paris Branch, ICBC (Canada), Karachi Branch, Vientiane Branch, ICBC (Asia), Hanoi Branch, Madrid Branch, Tokyo Branch, Luxembourg Branch, Amsterdam Branch, New York Branch, Doha Branch, ICBC (Middle East), Abu Dhabi Branch, Mumbai Branch and ICBC (Brazil).
☆ Operation Guide
1. Overseas remitters shall apply for the service with foreign currencies at overseas ICBC institutions.
2. The overseas remitter shall check the exchange rate and provide the payee's (your) name (i.e. the name in your ID document in mandarin pinyin or the name of the receiving account in mandarin pinyin), ID Card number, ICBC multi-currency current account number (or card number), full name of the receiving bank (domestic ICBC branch) as well as fill in the remittance application.
3. The remitter shall provide the declaration of international balance of payment.
4. The domestic receiving bank (domestic ICBC branch) credits settled amount in RMB into the payee's account.
1. Restrictions on customers: Remitters shall be overseas individuals, including residents and non-residents. Payees shall be domestic residents.
2. Service scope: It only covers foreign exchange remittance of personal current items. Foreign exchange remittance of capital items is not covered.
3. Limitations on amount: The amount of pre-settlement remittance shall strictly conform to national regulation on foreign exchange administration. The amount of single remittance shall not exceed an equivalence of USD50,000 (inclusive). Remittance whose amount is less than an equivalence of USD 10,000 (inclusive) can be transferred directly by an overseas bank. If the remittance amount is between an equivalence of USD 10,000 and USD 50,000 (inclusive), the overseas bank shall check the remitter's ID document and source of fund. Copies of the remitter's ID document and the document of fund source shall be provided for verification.