Frequently Asked Questions

1. How to make remittance?
You should fill in the remittance application form and provide the original IC card/passport/ work permit. If you make remittance of over 20,000 Singapore Dollar ( S$20,000 ), you also should fill in a form of “ Declaration on the Legitimacy of Sources of Funds ”.

2. What information of the beneficiary should be provided when I make remittance?
(1) Name of the beneficiary;

(2) No. of the valid identity documents of beneficiary in China, such as citizenship Identity Card number, Army Officer Identity Card number or Armed Police Officer Identity Card number.

(3) Beneficiary's Bank A/C No. ( if no bank account, the beneficiary's address and contact number should be provided)

(4) The name of the receiving bank

3. How is the remittance charged?
0.1% of the remitted amount for Pre-exchange Remittance

For non-pre-exchange Remittance , 0.125% of the remitted amount. (Minimum S$10.00 and maximum S$100.00) , Additional telegram charge of S$18.00 is levied.

4. Does the beneficiary bank charge any fee?
No, it doesn't.

5. How long can beneficiary receive the proceeds?

·If you remit to ICBC domestic branches, it will take 2 working days or so.
·If you remit to other banks, it will take about 3 working days.
·If beneficiary's A/C number is not provided, it will take longer time.

6. Under what cases, does the current exchange rate prevail?
The current exchange rate prevail s by cash/NETS payments.

7. Is Personal check/banker's order remitted at the current exchange rate?
No. Rate for the day when personal check/banker's order is cleared will be used.

8. Is there any limit on the remittance amount?
In case of remittance to China at a fixed exchange rate, there is a limit of USD50,000 or its equivalent for a single deal.

9. Are there other ways to make remittance besides I go to the bank counter by myself?
If you have remittance current account with us, you may send your remittance form completed by fax to us to make remittance.
(Note: the original form should be presented to us subsequently).

10. Will the beneficiary bank inform the beneficiary?
If no bank account is provided, the bank will inform the beneficiary to collect the money.
If you provide the beneficiary's A/C number, the proceeds will be remitted to the specified account.
Note: to facilitate the remittance and enquiry, if any, it is suggested your beneficiary opens an individual settlement account with ICBC branches in China .

11. How can I enquire on the remittance status in China ?
·ATM
·Print passbook
·Dial ICBC service hotline 95588 for enquiry.
·Log on ICBC website www.icbc.com.cn for enquiry
·If the proceeds is not received for longer time, please dial 0086-021-63231190 for enquiry.

12. How to inquire about the remittance in Singapore ?
If the remittance is made at Orchard Road , please dial hotline 676-95588 for inquiry. If the remittance is made at China Town , please dial hotline 678-95588 for inquiry. If the remittance is made at Raffles Quay Head Office, please dial hotline 636-95588 for inquiry.

13. How to inquire about the remittance to which no beneficiary's A/C number is provided?
Dial hotline of ICBC Singapore Branch or call ICBC Shanghai Branch at 0086-021-63231190 for inquiry.