How to collect foreign exchange from foreign customers when remitting RMB?

Take the cross-border remittance of Industrial and Commercial Bank of China as an example:

The methods of cross-border remittance include wire transfer, “MoneyGram” remittance, etc. You can choose according to the actual situation. Choose the appropriate cross-border remittance method according to the situation.

One of the methods: wire transfer

☆Business description

You only need to open a current multi-currency account (such as an Elite Club account) with our bank , Money Link card, current payment card, etc.), you can accept cross-border wire transfer inward remittances. As a member of the international swift clearing organization, ICBC uses its advanced foreign exchange remittance and fund clearing system, strong domestic and overseas service network and agent bank resources to provide you with multi-currency and fast cross-border inward remittance services.

☆ Featured advantages

1. Multi-currency, multi-region: Through our bank, you can receive freely convertible currencies from different countries or regions around the world (Hong Kong, Macao and Taiwan) Foreign remittances shall be based on the foreign exchange quotation currency announced by our bank); among them, the currencies in which our bank can operate foreign currency savings deposits can be recorded in the original currency, and freely convertible currencies that are not deposit currencies require you to provide the national foreign exchange The foreign exchange settlement can only be entered into the account after the foreign exchange settlement has been completed in compliance with the certification materials required by the bureau.

2. Affordable: Our bank does not charge handling fees for overseas remittances.

3. Easy deposit: As long as you provide our bank's current multi-currency account (such as current multi-currency account, elite account, Money Link card) as the remittance receiving account, the money will be automatically credited into the account after it arrives, without the need for You go to the account in person to complete the deposit procedures.

4. Considerate service: Before you receive cross-border remittance, our bank will provide you with detailed cross-border remittance route guidance. You can provide it to your overseas remitter and request the remittance People will remit money to you in the simplest, most economical and fastest way according to these guidelines.

☆ Service channels

Remitters can remit money to our bank through banks in various countries and regions around the world, and payees can conveniently inquire and receive money through the counter, telephone banking or online banking. Changes in the balance of the payment account.

☆ Operation Guide

1. When an overseas institution or individual wants to remit money from overseas to you in China, please provide our bank with the corresponding currency in advance according to the currency of the remittance. The currency remittance route guide (for specific remittance route guidelines, please send a text message to 95588 or call 95588 for consultation.) and relevant information about you as the payee are provided to the overseas remitter. The main information you need to provide to the overseas remitter includes: the name of the payee (you) (i.e. the Mandarin Chinese Pinyin that is consistent with the name on your ID, or the Mandarin Chinese Pinyin that is consistent with the name of your receiving account), the complete Our bank's current multi-currency account number (or card number), the full name of the beneficiary bank (i.e. our bank) (Industrial and Commercial Bank of China), the beneficiary bank (i.e. our bank) swift code, the payee's contact number and mailing address (English) and other information. For details, please consult the local branch’s 95588 customer service hotline.

2. Remind the remitter to fill out the "Remittance Application Form" according to our bank's remittance route guidelines and the payee information you prompted when making remittances at overseas banks. If the remitter is not sure how to fill out the remittance application form, he can be reminded to show our bank's inward remittance instructions to the staff of the remittance bank when handling the remittance at an overseas bank, and ask for their assistance.

3. If you, as the payee, have not opened a foreign currency savings account in our bank in advance, but want to remit the money to our bank, we recommend that you open a current multi-currency account in our bank in advance. account to ensure that funds can be received in a timely and smooth manner.

☆ Frequently Asked Questions

1. Are there any conditions required to receive overseas remittances?

Answer: You only need to open a current multi-currency account of our bank (such as Elite Club account, Money Link Card, current all-in-one pass, etc.) and transfer your personal information in accordance with the "ICBC Overseas Inward Remittance Guidelines" After informing the overseas remitter of relevant information, you can receive overseas remittances.

2. How to use Huilu Guide?

Answer: There are different remittance route guidelines based on the currency of remittance. The "remittance route guide" is only related to the currency of the inward remittance and has nothing to do with the country from which the remittance is remitted. That is: if the remitter is sending you USD remittance from the UK, when you use and select the remittance routing guide, you should select the "USD remittance routing guide" instead of the "GBP remittance routing guide".

3. Can you remit RMB directly from abroad to China?

Answer: Individuals holding Hong Kong resident identity documents or Macao legal residence documents can remit RMB to the country as the remitter for the payee. The maximum daily remittance limit for each remitter is RMB 80,000. In addition, you can handle personal foreign exchange pre-settlement and remittance in foreign currencies at the overseas branches of ICBC, which ensures that the payee receives RMB directly.

4. Why hasn’t your remittance arrived yet?

Answer: Please confirm with the remitter whether the payee information provided during the remittance is correct, whether the receiving account is a current multi-currency account, and whether the payee's name matches the name of the receiving account; If the above information is correct, you can inquire it from the remitting bank through the remitter.

5. Why did you receive less money than you sent out?

Answer: If the remitting bank and our bank open current accounts with each other, the amount can generally be remitted to our bank in full. However, if the remitting bank does not have an account relationship with our bank, the remittance must be transferred to our bank through another or several banks as a remittance bank. Each remittance bank will deduct a remittance fee from the remittance amount when doing remittance business. Therefore, the amount of wire transfer you receive may be less than the original remittance amount.

6. Can ICBC receive Swedish kronor remitted from abroad?

Answer: Yes, but since Swedish krona is not the currency of our bank’s savings deposits, our bank needs to notify you after receiving the payment to go to the designated outlet with your identity document and materials required for foreign exchange settlement. According to the State Administration of Foreign Exchange According to the regulations, your remitted funds can only be credited into your account after the foreign exchange settlement has been completed in compliance with the regulations.

7. Can remittances to ICBC be handled only at ICBC overseas branches?

Answer: No. You can choose any bank in the world to remit money to the account opened at ICBC. However, if you are handling personal foreign exchange pre-settlement remittance, it can only be handled at our overseas branches.

Method 2: “MoneyGram” cash withdrawal

☆ Business description

MoneyGram cash withdrawal business is a partnership between our bank and a world-famous remittance service company- -Money Gram Company cooperates and acts as an agent for the company to provide individual customers with a service that enables fast, simple, safe and reliable international remittance without the need for the payee to provide a bank account number.

If you need to receive foreign currency funds remitted to you by overseas individuals as soon as possible, if you have not opened an account with our bank, you can use the MoneyGram inward remittance cash withdrawal service provided by our bank. Get paid as soon as possible.

☆ Featured advantages

1. Wide range of remittance agencies: Money Gram has a total of more than 200,000 agent outlets in 190 countries and regions around the world. Overseas remitters can remit money to you through these outlets and make payment through our designated outlets.

2. Fast remittance: With the help of our bank’s foreign currency fund clearing system and International MoneyGram’s global network and electronic technology, it takes about 10 minutes for MoneyGram remitters to remit money during the normal business hours of our bank outlets. You can receive the payment at our bank. For customers who need money urgently, MoneyGram is an excellent remittance method.

3. No fees for remittance: MoneyGram fees are only charged according to the remittance amount when remitting, and the payee does not need to pay fees again when remittance.

4. Receive payment in full: There is no intermediary bank deduction after MoneyGram remittance. You will receive the full amount of the remittance from the remitter, thus ensuring that the remittance is paid in full.

5. The procedure is simple:

For the remitter: there is no need to choose a complicated remittance path, no need to know the bank where the payee has an account and its account number, only the name of the payee, etc. Simple information, just tell the payee the business reference number of the remittance immediately after the money is remitted.

For the payee: There is no need to have a bank account, and there is no need to determine the specific withdrawal outlet in advance. You can go through the payment procedures at any MoneyGram agent outlet with your identity document and remittance business reference number.

6. Safe and reliable: The payee needs to present his valid ID and business reference number to handle payment when withdrawing money. The solution and verification of multiple information provide protection for your remittance funds. In addition, all information related to remittances is stored and processed electronically, and the transmission is controlled through the MoneyGram system, making the system highly secure.

☆ Service channels

Our bank’s designated business outlets, please consult the local 95588 customer service hotline before handling.

☆ Operation Guide

1. When you handle MoneyGram remittance payment at our designated outlets, you need to bring a valid identity document.

2. Fill in the withdrawal form, which includes: remittance business reference number, remitter’s name, withdrawer’s name, address, street, city, postal code, contact number, etc.

3. Make a balance of payments declaration.

Method 3: “MoneyGram” direct remittance to the account

　☆ Business Overview

MoneyGram’s direct remittance to the account business is one of the world-famous transactions between our bank and the world Remittance service company - one of the cooperation projects of Money Gram, which provides fast, simple, safe and reliable international remittance services specifically for customers who hold our bank's personal current multi-currency deposit accounts/cards.

If your overseas relatives and friends want to remit a foreign currency fund to you, you already have a current multi-currency deposit account with our bank (if you have not opened an account, you can go to any of our bank's business outlets Apply for opening), you can choose the MoneyGram service provided by our bank to transfer directly into your account. There is no need to queue up at the bank, and you can easily receive the money without leaving home.

Currently, overseas countries that have opened MoneyGram direct remittance accounts include the United States, Italy, Australia, France, Germany, the Netherlands, and Belgium.

The payment currencies are: US dollars, Euros, British pounds, and Australian dollars.

☆ Featured advantages

1. Wide range of remittance institutions: Money Gram has a wide range of agent outlets in overseas countries that have opened MoneyGram direct remittance accounts. Overseas remitters can use these The branch will remit the money to your designated ICBC account.

2. Convenient payment collection: You do not need to go to an outlet to receive payment, you only need to have a current multi-currency deposit account/card of the Industrial and Commercial Bank of China.

3. Free arrival notification: ICBC will notify the payee via free text message on the day the remittance arrives.

4. Faster remittance: With the help of our bank’s foreign currency clearing system and International MoneyGram’s global network and electronic technology, during the normal business hours of our bank outlets, after the MoneyGram remitter remits, Payment will be received within 24 hours at the earliest.

5. No fees for remittance: MoneyGram fees are only charged at the time of remittance based on the remittance amount, and the payee does not need to pay any fees again.

6. Receive payment in full: There is no intermediary bank deduction after MoneyGram remittance. You will receive the full amount of the remittance from the remitter, thus ensuring that the remittance is paid in full.

7. The procedure is simple:

For the payee: you only need to have an ICBC account, log in to the MoneyGram website to register before receiving money for the first time, and use the ten digits of the global remittance obtained through registration. Just inform the remitter of the registration number (RRN). If the payment amount exceeds the equivalent of US$3,000 (not included), there is no need to go to the counter to declare the international balance of payments. Our bank only needs to make an indirect declaration through mobile phone text message confirmation.

For the remitter: There is no need to choose a complicated remittance route. You only need to provide simple information such as the payee’s name and registration number. After the money is remitted, the amount and business reference number of the remittance (8 digits) and tell the payee.

8. Safe and reliable: Multiple information is checked for payment, which provides protection for your remittance funds. In addition, all information related to remittances is stored and processed electronically, and the transmission is controlled through the MoneyGram system, making the system highly secure.

☆ Service Channels

All our business outlets can open current multi-currency deposit accounts/cards and assist you in registration.

☆ Operation Guide

● How to register

1. Before making the first remittance, log in to the MoneyGram website to register at www.moneygram.com/AccountRegistration. If you want to apply for MoneyGram direct transfer to your account in the future, if the registered information has not changed, there is no need to register again.

2. Select China for "Receipt Country"; select the currency that ICBC needs to receive payment for "Receipt Option".

3. In English half-width input, fill in the payee’s accurate last name, first name, mobile phone number, 19-digit ICBC current account number, permanent address, city, province, occupation, gender, and select the purpose of the transaction.

4. Submit the information and get the Global Remittance 10-digit Registration Number (RRN).

5. Inform the remitter of the registration number (RRN), and the remitter goes to an overseas MoneyGram outlet to handle the remittance.

● How to collect money

1. After the remitter completes the remittance transaction, he will immediately notify the recipient of the remittance amount and business reference number (8 digits), and remind the recipient to pay attention to his mobile phone Short message.

2. During our normal business hours, the payee will pay attention to the mobile phone SMS. On the day the remittance arrives, our bank will send a free SMS reminder to the payee that the payment has been successfully received.

If the payment amount exceeds the equivalent of US$3,000 (exclusive), according to the requirements of the State Administration of Foreign Exchange, our bank will confirm the transaction of this payment to the payee via SMS before the payment is credited into the account. Purpose, if you have no objection, please reply "1" to confirm in time. Our bank will declare the balance of payments based on the SMS confirmation sent by the payee. The payee must reply within the time prompted by the text message, otherwise the remittance may be returned.

☆ Responsibility Statement

The content on this page is for reference only. Specific business handling standards are subject to the regulations of the local branch of Industrial and Commercial Bank of China. To save your time, please consult your local Industrial and Commercial Bank of China in detail before completing relevant procedures.