International settlement is a host of ICBC services supplied through Internet Banking to corporate clients for online exchange settlement and L/C opening, covering related funtions for exchange settlement, import L/C, export L/C, import collction and export collection. Images of the paper documents can be uploaded when L/C opening application and documents are submitted via Internet Banking in order to be processed electronically
II. Target Client
Certificate Customers of Corporate Internet Banking using the standard version.
International Settlement in Corporate Internet Banking supports international services as import L/C, export L/C, import collection and export collection. The service allows electronic instructions sent online for international settlement instead replying on counter service in the past.
IV. Application Condition
1. You must have the legal rights to import and export, be in the State Administration of Foreign Exchange's name list of import enterprises paying in foreign currency and be a registered client of ICBC corporate Internet banking.
2. You must hold the effective Qualification Certificate of the People's Republic of China for Import and Export Enterprises and the effective Registration Form for Foreign Trade Operators.
V. Sign up
You need to present the effective Qualification Certificate of the People's Republic of China for Import and Export Enterprises or the effective Registration Form for Foreign Trade Operators and submit the ICBC Corporate Internet Banking Clients to Modify (Cancel) Items and L/C Business Information Form to your account opening bank branch, which will open the online L/C service for you after examining and verifying the application materials. Clients who have signed up ICBC Corporate Internet Banking and registered the FX account can settle the foreign exchange online if the local ICBC branch offers the settlement service for FX account under current items.
Ⅵ. Service Channel and Time
ICBC Corporate Internet Banking
You can save the Import L/C sample already issued, which can be referred to and used later.
1. If the enterprise wants to apply for issuance of an import L/C though Internet banking, it must first have gained authorization from the authorizer registered in the Internet bank.
2. At present the online L/C service does not support issuance of export L/C.
3. The headquarters cannot act as agent of the subsidiaries to apply for issuance of import L/Cs.
International Settlement is an extended model of L/C processing of ICBC and retains the examination and approval procedure.
Import L/C: The bank promises to pay under certain conditions. As requested and instructed by L/C applicant, the L/C opening Bank (ICBC) promises to pay to the third party (beneficiary) or its assignee upon presentation of the required customary documents, provided that all L/C terms and conditions must be complied with. Or authorize another bank to undertake/negotiate the payment.
Export L/C: Include the services, flows and steps involved in the export documentary approval and advising, approval and processing of documents drawn under the terms of L/C, delivery of documents for request and collection of remittance, L/C transfer.
Import Collection: Acting on behalf of exporter's bank (collecting bank) to collect payment from importer (payer) who is required to make payment or acceptance against the documents presented. Proceeds collected from the buyer are then remitted to the collecting bank.
Export Collection: Commercial or financial bills are sent by the exporter to the collecting bank after shipment of goods. The collecting bank acts on the instructions of the exporter to collect the payment from the importer through its bank.
Responsibility Statement: The contents on this page are for reference only. The ultimate power of interpretation is under the Industrial and Commercial Bank of China Limited. For part of the contents, notice and specific regulations of local branches shall prevail.