Personal Remittance

1. Personal RMB fixed-rate remittance.
We are the first bank in Singapore to provide personal RMB fixed-rate remittance. This service is well regarded for its being safe and efficient. You are only required to provide beneficiary’s account name, account number (if no account number, beneficiary’s detailed address and contact number is needed), name of receiving bank and beneficiary’s ID no. (Chinese resident identity Card., army identity card or armed police identification) no. We’ll remit equivalent RMB amount converted against prevailing exchange rate to the beneficiary in China. Hence you can hedge foreign exchange risk. If the beneficiary has no account, his/her contact no. and detailed address is required. ICBC will notify the beneficiary to collect remittance once receiving the funds. You have choice of remitting SGD or USD. If you fail to provide the beneficiary’s identification number, you cannot make RMB fixed-rate remittance. .

Professional Remittance Service—the earliest bank to start this type of service in Singapore (from 2003)
Exclusively Privileged Service—charge per transaction can be lowered to SGD10
Exclusive Fax Instruction Service—remittance can be made just by sending fax instruction
Specially Provided Exchange Rate—latest exchange rate is available everyday
Professional Account Management—remittance current account is opened for free

2. Other remittance services
We offer multicurrency remittance including SGD, USD, HKD, EUR, GBP, AUD and JPY. Applicant should provide beneficiary’s account no., account name and receiving bank’s name.

3. Personal Inwards Remittance
We offer inwards remittance including SGD, USD, HKD, EUR, GBP, AUD and JPY. Once receiving incoming funds, we’ll notify the beneficiary to collect remittance. The beneficiary can choose to exchange currency, withdraw cash or transfer to his/her account with us.

What is Personal RMB Fixed-rate Remittance?

Personal RMB fixed-rate remittance is specially designed for remittance to China. When you make remittance, you pay in SGD or USD in Singapore while the beneficiary receives RMB in China. The exchange rate based on prevailing rate on the remitting day. You can know the rate and RMB amount in advance.
Charges for personal RMB fixed-rate remittance (RMB can’t be remitted directly, please pay in SGD or USD): 0.1% of SGD remitted amount, min S$20 .

Advantages of RMB fixed-rate remittance

1. Favorable rate and competitive price
When applying this type of remittance, you can fix the rate in advance and hence hedge the exchange risk. Besides that, our charges are most competitive within the industry.

2. Simplified and convenient
You may open a remittance current account and make deposit by mailing the cheque to us. When you make remittance, you can just fax your instruction instead of coming over our counter personally.

3. Safe and efficient
With ICBC’s huge network in China, your beneficiary can receive remittance efficiently and securely with no other charges incurred.

4. Various payment methods
You may pay by cash, Nets, cheque or account transfer to make remittance.

Tips on RMB fixed-rate remittance

The applicant shall come over our counter personally with his/her valid original identification document (Singapore citizens and permanent residents shall bring along their ICs while other people bring their passports and valid visa. Work permit and S pass holders need not bring their passports). For amount above equivalent USD10, 000.00 please provide source of fund like withdrawal slip or passbook updates, etc. Making remittance on behalf of others is not allowed.

We can send your remittance to any bank in China excluding Postal Savings Bank of China and Credit Cooperative Union. Subject to SAFE policy, the source of fund for RMB fixed-rate remittance should be personal savings and salary income while purpose of remittance must be family expenses or living expenses. Other purposes are not applicable to RMB fixed-rate remittance.