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Other Personal Cross-border Outward Remittance
 

Besides ICBC Express point-to-point outward remittance and ICBC Express transfer remittance, we also offer other options of cross-border remittance, such as telegraphic transfer, draft remittance, "Money Gram", etc. You may choose the appropriate way according to your needs.

Option 1: Telegraphic Transfer
☆ Description
Telegraphic transfer may be chosen if you need to remit foreign currency to companies or individuals abroad and already know the payee’s opening bank, account number and other related information. As a member of SWIFT, ICBC offers convenient cross-border remittance in multi-currency by virtue of its leading foreign exchange remittance and clearing systems, wide service network and plenty of correspondents in China and abroad.

☆ Features
1. Multi-currency and wide coverage: ICBC offers cross-border remittance services in multiple currencies, including British pound, US dollar, euro, Japanese yen, Hong Kong dollar, Canada dollar, Australia dollar, New Zealand dollar, Swiss franc, Singapore dollar, Danish krone, Norwegian krone, Swedish krona, Malaysia ringgit, ruble, Macao Pataca, Thai baht, South African rand, Kazakhstani tenge, Korea won and Kuwaiti dinar. The receiving banks may be one in the country or region worldwide.
2. Fast and inexpensive: Base on its leading clearing system and plenty of correspondents abroad, ICBC can guarantee that your remittance will arrive at the payee abroad in the shortest time at low cost.
3. Safe and convenient: You can inquire and refund the cross-border outward remittance, or report a loss at ICBC to guarantee the security of your funds.

☆ Service Channel
1. You can apply for remitting, inquiring, refunding or reporting a loss at designated ICBC outlets.
2. You can also apply for telegraphic transfer and inquire the remittance through ICBC Internet Banking. (This service is available in certain areas. For more information, please send messages to 95588 or call local customer service hotline 95588).

☆ Operation Guide
1. You shall fill in Overseas Remittance Application in English capital letters clearly and completely at the designated ICBC branch with The application date, remittance currency and amount, name and address of payee’s opening bank, country and city of receiving bank, payee’s name and address, payee’s account number, name and contact number of remitter, etc.
2. As for domestic customers whose cross-border outward remittance is for current expenses, the procedures are as follows:
(1) If the amount of outward remittance from a foreign exchange savings account is less than an equivalence of USD50,000 (inclusive) in total on a given day, customers can apply for the service at ICBC by valid ID document. If the amount exceeds the above figure, customers shall provide authentic vouchers marked with the amount.
(2) If the amount of outward remittance of foreign currency banknote is less than an equivalence of USD10,000 (inclusive) in total on a given day, customers can apply for the service by valid ID document. If the amount exceeds the above figure, customers shall provide authentic vouchers marked with the amount, Customs Declaration Form of Baggage and Articles of Inward Passengers of People’s Republic of China issued by China Customs, or the withdrawal slip of foreign currency banknote of the original deposit bank.
(3) The authentic vouchers marked with amount under current items refer to:
A. If the remittance, whose amount exceeds the specified figure, is used for overseas study at the customer’s own expenses, the following shall be submitted:
1) Personal certificate of permanent residence and ID document;
2) Passport with valid entry visa of the destination;
3) Formal admission letter or proof of study issued by the school abroad;
4) Payment notice issued by the school abroad.
B. If the remittance, whose amount exceeds the specified figure, is used for medical treatment abroad, the following shall be submitted:
1) Personal certificate of permanent residence and ID document;
2) Passport with valid entry visa of the destination;
3) Proof of medical treatment with doctor’s opinion issued by the regional (city) hospital;
4) Proof of admission and payment notice issued by the hospital abroad.
C. If the remittance, whose amount exceeds the specified figure, is used to pay for personal membership fee of international academic groups and institutions, the following shall be submitted:
1) Personal certificate of permanent residence and ID document;
2) Proof (including payment instructions) issued by the international academic institutions.
D. If the remittance, whose amount exceeds the specified figure, is used to buy a small amount of drugs, medical equipment and other special articles from abroad by mail, the following shall be submitted:
1) Personal certificate of permanent residence and ID document;
2) Proof (with prescription) issued by the regional (city) hospital.
E. If the remittance, whose amount exceeds the specified figure, is used for special cases, for example, a direct relative aboard has serious illness or is dead or suffering from an accidental disaster, the following shall be submitted:
1) Personal certificate of permanent residence and ID document;
2) Valid proof issued by overseas notarial organs, or by China’s embassy or consulate.
3. As for customers from abroad whose cross-border outward remittance is for current expenses, the procedures are as follows:
(1) As for outward remittance from a foreign exchange savings account, it can be conducted at ICBC by valid ID document.
(2) If the amount of outward remittance of foreign currency banknote is less than an equivalence of USD10,000 (inclusive) in total on a given day, customers can apply for the service by valid ID document. If the amount exceeds the above figure, customers shall provide Customs Declaration Form of Baggage and Articles of Inward Passengers of People’s Republic of China issued by China Customs or the withdrawal slip of foreign currency banknote of the original deposit bank.
4. Enquiry, modification and countermand of remittance
(1) If your remittance has not been credited to the account for a long time, you can make enquiry at the remitting bank of ICBC. The remittance receipt shall be provided.
(2) Customer can make modification or countermand by providing the remittance receipt at the remitting bank of ICBC before the remittance is credited to the account. No modification or countermand can be made if the remittance has been credited.
5. Internet Banking
You shall first register Personal Internet Banking and apply for the permission of online outward remittance at ICBC outlets before using ICBC Internet Banking for cross-border remittance.

☆ Tips
1. Service hours: every workday from 9:00 a.m. to 05:00 p.m. Payment notice is delivered by ICBC in a real-time manner.
2. Such information as the remitter’s name, the payee’s name and remarks shall be provided in English letters. Please do not use Chinese characters.
3. If the foreign currency for remittance comes from "foreign currency banknote account", you shall pay for charges for changing banknote to spot exchange. In other words, the system will automatically convert foreign currency into RMB at "exchange rate between banknote and spot exchange" and deduct the charge from your payment account. Numbers of your remittance card and payment card can be the same or different.

☆ FAQs
1. What’s the difference between cross-border outward remittance by telegraphic transfer and draft remittance? (The draft outward remittance service is detailed in "Option 2: Outward Remittance by Draft Outward Remittance").
The telegraphic transfer is faster for the remittance is credited directly in the designated payee’s account by ICBC’s foreign exchange remittance and clearing systems. But the remitter shall pay for telecommunication charge. As for remittance by draft remittance, ICBC provides the remitter with foreign currency bill which shall be mailed to the payee or be carried abroad directly by the remitter for collection. Therefore, it is cheaper. Besides, the draft remittance may be paid or collected at any time at the bearer’s discretion as long as it is valid. However, the period of payment tends to change because of mail, carriage and collection. The period of payment is usually longer than that of remittance.
2. What will influence the telegraphic transfer? When can the remittance be credited to the account in most cases?
Remittance transfer is influenced by various factors, such as the currency, difference in workday of the receiving bank and clearing bank, and the accuracy of payee’s information. Specifically, cross-border outward remittance shall generally be transferred by the clearing system of the country which issues the currency. For example, the remittance of US dollars will be transferred by the American clearing system, while Japanese yen by the Japanese clearing system. Since cross-border remittance is influenced by the overseas clearing system and differences in workday and working hour of overseas banks and domestic remitting bank, the period "from remitting to receiving" vary from one remittance to another. If the payee’s country is not the one that issues the currency, in other words, if more than one country is involved in the remittance, such a period will differ even more greatly. Besides, if the payee’s information (account number, username and opening bank) is not accurate, the remittance will also be delayed.
Usually, in the case where the remitting bank, receiving bank and clearing bank are all in workday, the payee’s information is accurate and the payee’s country is the one that issues the currency, the telegraphic transfer can be received on the same or next day of remitting (herein refers to workday). Remittance carried by ICBC Express can almost be received immediately after being transferred.
3. What shall I do if the payee has not received the remittance one week after telegraphic transfer?
The remittance may not be credited to account as scheduled due to the following reasons: the remittance is made on non-work day of the receiving bank, or the information of the receiving bank and payee’s account number are not accurate. You can make enquiry at the original remitting bank with the receipt of the Overseas Remittance Application with a certain amount of charges.
4. Why is the amount received by the payee less than the figure I remitted?
If there are current accounts in the receiving bank and ICBC, the remittance can generally be received in full amount. Otherwise, the remittance has to be transferred by one or more intermediary banks before it gets to the receiving bank. Each intermediary bank will deduct a service charge when handling the transfer. Therefore, the amount received by the payee may be less than the figure remitted.

Option 2: Draft Remittance
☆ Description
If you need to make payment to an individual or organization aboard in foreign currency, you can draw a foreign draft at ICBC and then take it abroad to withdraw money or make payment to the individual or organization, or mail the draft directly to the individual or organization abroad. "Foreign Draft" refers to a bank note issued by ICBC based on your demand. Its value is presented in foreign currency. You can take the draft remittance abroad to withdraw money or make a payment.

☆ Features
1. Multi-currency and wide coverage: ICBC offers you with foreign drafts in nine currencies and such drafts can be paid by collection on bill at banks all around the world.
2. Low cost: Charges for drawing, collecting and cashing the draft are low.
3. Safe and Convenient: After you draw a foreign draft at ICBC, you can refund, report a loss or countermand it so as to guarantee the security of your funds.

☆ Service Channel
You can apply for the service at designated ICBC outlets. Please call local customer service hotline 95588 before applying for the service.

☆ Operation Guide
1. You shall fill in Overseas Remittance Application in English capital letters clearly and completely at the designated ICBC branch with The application date, remittance currency and amount, the name, country and city of payee, the name and contact number of remitter, etc. You can take the draft abroad by yourself or via mail. 2. As for domestic customers whose cross-border outward remittance is for current expenses, the procedures are as follows:
(1) If the amount of outward remittance from a foreign exchange savings account is less than an equivalence of USD50,000 (inclusive) in total on a given day, customers can apply for the service at ICBC by valid ID document. If the amount exceeds the above figure, customers shall provide authentic vouchers marked with the amount.
(2) If the amount of outward remittance of foreign currency banknote is less than an equivalence of USD10,000 (inclusive) in total on a given day, customers can apply for the service by valid ID document. If the amount exceeds the above figure, customers shall provide authentic vouchers marked with the amount, Customs Declaration Form of Baggage and Articles of Inward Passengers of People’s Republic of China issued by China Customs, or the withdrawal slip of foreign currency banknote of the original deposit bank.
3. As for customers from abroad whose cross-border outward remittance is for current expenses, the procedures are as follows:
(1) As for outward remittance from a foreign exchange savings account, it can be conducted at ICBC by valid ID document.
(2) If the amount of outward remittance of foreign currency banknote is less than an equivalence of USD10,000 (inclusive) in total on a given day, customers can apply for the service by valid ID document. If the amount exceeds the above figure, customers shall provide Customs Declaration Form of Baggage and Articles of Inward Passengers of People’s Republic of China issued by China Customs or the withdrawal slip of foreign currency banknote of the original deposit bank.
4. Payment by draft abroad
ICBC foreign draft can be collected at any overseas banks. A small amount of fees are charged by overseas banks for paying the draft. The fees vary from country to country and bank to bank.
5. Refund, Loss Report and Countermand of Draft
(1) If the draft is not used as scheduled, you shall refund it at the issuing branch by providing the Refund Application, original bill of the draft and the receipt of Overseas Remittance Application. ICBC will make a claim upon your application. When the remittance is refunded from overseas, ICBC will inform you to withdraw the money by phone or credit the money right to the ICBC account you provided.
(2) If the draft is missing, you shall report a loss at the issuing branch by providing the Application for Reporting a Loss and the receipt of Overseas Remittance Application. If both the Overseas Remittance Application and the draft are missing, you shall provide the remitter’s valid ID document. ICBC will make a claim through its correspondent abroad upon your application. When the remittance is refunded from overseas, ICBC will inform you to withdraw the money by phone or credit the money right to the ICBC account you provided. ICBC will make a claim through its correspondent abroad upon your application. You shall bear the fees charged by overseas banks and the loss of converting non-USD draft into USD due to your application. Such fees will be deducted from the draft.

☆ FAQs
1. How long is the validity of a draft?
Generally, foreign drafts issued by ICBC are valid for half a year. However, laws on negotiable instruments vary from country to country. Thus, if you want to take the draft abroad for payment or collection, please consult local banks about the validity of the draft after arrival, and make collection or payment to local organizations or individuals by local banks before its expiration.
2. How long does it take for the customer to receive the payment after applying for collection?
It depends on the clearing period of the foreign country. The period is usually 3-5 workdays. ICBC’s foreign drafts can be collected and paid in the US the next day after it is issued.

Option 3: "Money Gram"
☆ Description
It is a cross-border remittance service provided by ICBC on behalf of Money Gram, which is a world-famous company providing remittance services. Personal customers applying for the service can make fast, easy, safe and reliable remittance without getting the payee’s bank account. If you are in a hurry to pay foreign currency to individuals abroad but have no idea about the payee’s account; or if you are going abroad in the near future without any overseas accounts; or if your destinations are more than one and it is inconvenient for you to take a lot of foreign currency, ICBC can provide you with Money Gram service that can help you to make overseas payment and settlement by foreign currency.

☆ Features
1. Wide network of paying institutions: Money Gram has over 200,000 correspondents in 190 countries all around the world. As one of its correspondents, ICBC will help to expand the network of the service.
2. Fast: Base on ICBC’S clearing system of foreign currency and the worldwide network and electronic technologies of Money Gram, the payee can receive the remittance transferred by Money Gram in about ten minutes. This service is the best choice for customers who are in badly need of funds.
3. Definite fees: Fees are only charged in proportion to the amount of remittance upon transfer. There is no deduction collected by any intermediary bank. The remittance can be paid in full amount.
4. Simple procedures:
For remitter: There is no need to choose complicated methods of remittance, nor provide the payee’s opening bank and account. The remitter shall only provide the payee’ name and give the Ref. No. of the remittance to the payee.
For payee: There is no need to have a bank account, nor ascertain the paying branches in advance. The payee can get paid at any correspondent of Money Gram by providing ID document and Ref. No. of the remittance.
5. Safe and reliable: The payee can get paid by providing valid ID document and Ref. No. of the remittance. The payment is made after multiple checks so as to guarantee the security of your remittance. Besides, all the information related to the remittance is stored and processed electronically. Its transfer is controlled by Money Gram system so as to guarantee the security of the information.

☆ Service Channel
You can apply for the service at designated ICBC outlets. Please call local customer service hotline 95588 before applying for the service.

☆ Operation Guide
1. You can apply for the service at designated ICBC outlets by providing foreign currency or ICBC’s deposit receipt and valid ID document (for example, ID Card, passport, or Mainland Travel Permit for Hong Kong/Macao/Taiwan Residents).
2. You shall fill in the remittance form with remitter’s name, detailed address, postal code, contact number and profession, as well as the type and number of his/her ID document, and the amount of remittance in small and capital letters. The payee’s name, country and city shall also be provided.
3. Pay the remittance charge according to the charging standard of Money Gram. If the remittance is made by foreign exchange banknote or comes from a foreign exchange account, you shall also pay the charges for changing banknote to spot exchange.

☆ Tips
1. The amount of a single remittance transferred by Money Gram is limited to USD10,000 (exclusive) and the total amount for a personal customer shall not exceed USD20,000 (exclusive) per day.
2. The payee can only be an individual rather than an institution.
3. Currency of remittance transferred from China by Money Gram can only be USD for now.
4. Since remittance transferred by Money Gram is a kind of "cross-border outward remittance", it shall not only conform to requirements of the Money Gram system and business processing, but also to the policies and rules of the State Administration of Foreign Exchange and People’s Bank of China.
5. Please choose the appropriate way of transmitting according to your needs. The following is a comparison between Money Gram and ICBC’s telegraphic transfer (see Option 1: "Telegraphic Transfer" for more details). 

Features

Money Gram

Telegraphic Transfer

Remittance cost and currency

The cost is low for small amount of remittance but is high for large amount. The payment must be made by foreign currencies.

The cost is low for large amount of remittance (telegram charge is included). The payment can be made by home or foreign currencies.

Amount receivable

Can be determined upon remittance because there is no deduction collected by intermediary banks.

Can't be fully determined upon remittance because there is deduction collected by intermediary banks.

Type of payment

The remittance is paid by cash and can’t be credited to the account automatically.

The remittance can be paid directly and credited to certain account.

Applicant

It must be applied by the owner of the money.

It can be applied by another person entrusted.

To

Remittance cannot be transferred to Japan.

Remittance can be transferred to Japan.

Restrictions on the remitter and payee

Both the remitter and payee shall be individuals.

The remitter and payee can be individuals or institutions.

Currency and exchange loss

Outward remittance in USD only. Inward remittance can be made in USD, euro and GBP.

Several currencies can be chosen according to your needs.

There is an exchange loss when the outward remittance is made not in USD, or the paying region is not using USD to pay the 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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