ICBC Express is an exclusive remittance product provided by ICBC to overseas customers based on its strong group advantages and clearing capacity. It can be classified into "ICBC Express point-to-point outward remittance" and "ICBC Express transfer remittance" depending on whether the receiving bank is an overseas branch of ICBC.
ICBC Express Point-to-Point Outward Remittance
Backed up by ICBC global clearing system without any third-party clearing institution, it refers to the service for customers to make cross-border remittance between domestic and overseas ICBC institutions abroad through several channels. It consists of remittances with and without payee's account.
1. Multi-currency and wide coverage: ICBC offers the service in US dollar, Hong Kong dollar, British pound, Australian dollar, Canadian dollar, Singapore dollar, Japanese yen, euro, Swiss franc, New Zealand dollar and ruble. Remittance may be transferred to UAE, Australia, Pakistan, Belgium, Russia, France, Kazakhstan, ROK, Netherlands, Canada, Cambodia, Qatar, Laos, Malaysia, Japan, Thailand, Spain, Hong Kong, Singapore, Italy, India, Indonesia, Britain, Vietnam and Macao.
2. Low cost: Customers can have a discount on the handling charge of foreign exchange remittance.
1. You can apply for remitting, inquiring, refunding or reporting a loss at designated ICBC outlets.
2. You can also apply for the service 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).
1. Handling at counter: Customers applying for the service shall fill in Overseas Remittance Application with the remitter's name, ID Card number, address and contact number, as well as the amount, currency and purpose of the remittance and the payee's name. As for remittance with payee's account, the customer shall provide the payee's contact number, account number and address as well as the name and address of the paying bank. As for remittance without payee's account, customers shall provide payee's contact number, address, ID type and number.
As for remittance without designating the payee's account number, the remitter shall set a password for withdrawal (the reserved password) and tell the payee personally.
2. Handling through Internet Banking: Log on Personal Internet Banking → Transfer and Remittance → Cross-border Remittance → Choose "Yes" for "Whether the payee is ICBC" → Fill in collection information → Fill in payment information → Fill in amount → Click "Submit" → Insert certificate for validation
3. Handling through Mobile Banking: Log on Personal Mobile Banking → Transfer and Remittance → Cross-border Remittance → Select "overseas ICBC branch as receiving bank"→ Fill in payee's information → Fill in remitter's information → Fill in remittance information → Choose payment account → Click "Next Step" → Insert certificate for validation
1. The currency type is subject to rules of ICBC outlets. Please contact ICBC outlets before applying for the service.
2. Receipt time refers to the time when the receiving bank gets the remittance. It may take some (but not very long) time for the receiving bank to credit funds in the remittance account.
3. If a festival or national holiday is celebrated in the country to which the remittance is transferred, the remittance cannot be credited to account until workday.
ICBC Express Transfer Remittance
Backed up by the local clearing system of ICBC overseas branches, it refers to the cross-border remittance service with fixed remitting ways. In other words, the cross-border remittance can be transferred to the receiving bank abroad through ICBC overseas branches. Its charges are definite, and the remittance can be followed up and credited to account in full amount.
At present, ICBC Express transfer remittance can be handled in Australian dollar, Canadian dollar, New Zealand dollar, Hong Kong dollar, US dollar, Japanese yen and euro. Descriptions from ICBC outlets shall prevail.
1. Safe and convenient: ICBC notifies the customer when funds arrive. Customers can know the remittance charges in advance and follow up the remittance.
2. Definite charges and receipt in full amount: After the customer pays the charges for receipt in full amount, ICBC overseas branches deducts certain amount of charges and then transfers the remittance to the receiving bank in full amount so that the payee can get it in full. The charges of clearing and transferring collected by intermediary clearing bank and receiving bank are borne by ICBC overseas branches so that the remittance cost can be fixed by the remitting bank.
1. You can apply for ICBC express transfer remittance at designated ICBC outlets.
2. You can also apply for the service and inquire the remittance through ICBC Internet Banking and Mobile Banking. (This service is available in certain areas. For more information, please send messages to 95588 or call local customer service hotline 95588).
1. Handling at counter: When applying for ICBC Express at an ICBC branch, the customer shall fill in Overseas Remittance Application with the remitter's name, ID Card number, address and contact number, as well as the amount, currency and purpose of remittance and the payee's name (please note: BIC of the receiving bank shall be provided by the customer if the remittance is in New Zealand dollar). If needed, the customer can provide a domestic cell-phone number or e-mail address to which notification can be sent when the remittance is credited to the account. When the remittance is transferred to the receiving bank by ICBC overseas branches, the customer will be notified by a short message or an e-mail sent by the system automatically.
2. Handling through Internet Banking: Log on Personal Internet Banking → Transfer and Remittance → Cross-border Remittance → Choose "No" for "Whether the payee is ICBC" → Fill in collection information → Fill in payment information → Fill in amount → Click "Submit" → Insert certificate for validation .
3. Handling through Mobile Banking: Log on Personal Mobile Banking → Transfer and Remittance → Cross-border Remittance → Select "overseas banks other than ICBC as payee"→ Fill in payee's information → Fill in remitter's information → Fill in remittance information → Choose payment account → Click "Next Step" → Insert certificate for validation
1. At present, you can't follow up the remittance at counter.
2. You can't follow up the remittance handled at counter through Internet Banking.
3. If needed, the customer can provide a domestic cell-phone number or e-mail address to which notification can be sent when the remittance is credited to the account. When the remittance is transferred to the receiving bank by ICBC overseas branches, the customer will be notified by a short message or an e-mail sent by the system automatically.
4. Remittance transferred to Hong Kong in Hong Kong dollar, US dollar and euro and remittance transferred to Japan in Japanese yen can't be credited to the account in full amount.
1. What's the difference between cross-border remittance by ICBC Express and by ordinary ways?
ICBC Express is backed up by our own clearing system to help customers to remit foreign currency to countries/regions all over the world; while the ordinary cross-border remittance is backed up by clearing systems of other correspondents. The charges for ICBC Express are definite and you can follow up the remittance which can be credited to the account in full amount. A snapshot of the transaction can also be taken. Its handling charge is cheaper compared to that of ordinary cross-border remittance.
2. Can I receive the remittance transferred by ICBC Express transfer remittance in full amount?
The remittance can be credited in full amount by using ICBC Express. It is particularly suitable for paying for tuition fees, examination fees, goods in certain amount and capital funds. It can meet your personal requirements for remittance and guarantee that the payee can receive the remittance in full amount.
ICBC Express Inward Remittance
It can be used by customers to initiate personal cross-border remittance from ICBC overseas institutions. The inward remittance taking ICBC as payee can use ICBC Express point-to-point remittance and the inward remittance taking banks other than ICBC as payee as use ICBC transfer remittance.
It is applicable to current all-in-one passbook, money-link card whose basic account is the current multi-currency account, financial account card and e-Age card.
1. Provide the remitter with payee's account/card number and account name.
2. Provide the remitter with information of overseas/domestic correspondent.
3. Confirm the entry currency of overseas inward remittance in foreign currencies with the account-opening branch.
4. Fill in the remittance voucher:
(1) When filling in the Remittance Application abroad, the column of receiving bank should be filled the same as the column of "receiving bank name" in the inward remittance path. The column of "Payee and account number" is filled with the payee's account name and receiving account number; the account name shall be in Chinese pinyin.
(2) It is recommended to fill the payee's contact in "remarks" column. As the overseas inward remittance is conducted in the form of telex, the remarks must be in Chinese Pinyin or Arabic numerals.
☆ Entry Requirements
All overseas receipts or outward payments made through the Bank must be declared through the Bank for balance of payments statistics.
(1) General Procedures for Overseas Income Declaration
The individual declarer which has overseas income should fill in the Overseas Income Declaration and declare the income to the bank within 5 business days (T+5) after the date (T) on which the paying bank makes the payment or the intermediary bank for exchange settlement settles the exchange. For a private overseas income with an equivalent amount of USD5000 (inclusive) and below, the Overseas Income Declaration can be exempted, except for domestic individuals (non-resident) who receive payments through a domestic bank from an overseas source.
(2) General Procedures for Outward Payment Declaration
For an individual declarer who makes payment to a foreign receiver at the bank counter, he/she should fill out a Foreign Remittance Application regardless of the amount, and the declaration is completed when the bank employee confirms that the declaration is correct and finishes the payment procedures.
1. When receiving overseas inward remittance, if any of the remitter name, remitter account and remittance address is lost, the bank will ask overseas financial institutions to make up such information and make registration.
2. As to overseas inward remittance message only having the payee's name without the payee account number and any other personal information (for example the identity certificate number), usually the bank will not make payment as it could not confirm the payee's identity; instead, the bank will inquire the remitting bank to get enough payee's information before paying; If it cannot get enough information, the remittance will be returned.