Real Experience: Transferring Funds from ICBC to OCBC Bank in Singapore
Recently, a netizen shared their experience of remitting funds from ICBC to OCBC Bank, noting that the fees were reasonable. Inspired by this, I decided to reactivate my ICBC account and successfully completed the transfer. Now, I would like to share my experience for those who may need it.
Preparation
- ICBC Class 1 Account
- ICBC Mobile App
- OCBC Bank Account: https://blog.xiaoz.org/archives/19012
RMB to Foreign Currency Exchange
After logging into the ICBC App, search for "Foreign Exchange" (结售汇) in the search bar on the homepage, then select "RMB Purchase of Foreign Currency" (人民币购汇) and find "Singapore Dollar SGD".
Continue to select "RMB to Singapore Dollar". You will be presented with a "Personal Foreign Exchange Application". Select "I have read and understand the above content". Then fill in the following information:
- Amount to Purchase: The amount of Singapore Dollars (SGD) you wish to buy.
- Purpose of Purchase: Select based on your personal situation.
- RMB Payment Account: You must select your Class 1 account and ensure sufficient balance (do not select the wrong account).
A confirmation message will pop up. If everything is correct, click confirm to complete the currency exchange.
Cross-Border Remittance
In the ICBC App, search for "Cross-Border Remittance" (跨境汇款) in the search bar on the homepage, then select "Remittance to Other Banks Overseas" (向境外他行汇款). You will be asked to fill in the payee's information.
The payee information for OCBC Bank in Singapore is as follows:
- Payee Name: Enter in Pinyin (e.g., if your name is Zhang San, enter "ZHANG SAN").
- Currency: Select "Singapore Dollar".
- Country/Region: Singapore.
- SWIFT/BIC: OCBCSGSG.
- Account Number: You can use your OCBC 360 Account, MSA, or STS account (for the first deposit, the STS account is recommended).
- Payee Address: I used the OCBC address directly: 63 Chulia Street #10-00, OCBC Centre East, Singapore 049514. (If special characters are not supported, remove them).
Follow the prompts to complete the rest of the process.
Estimated Arrival Time
I initiated the remittance on 2023-08-08 at 20:49. The funds arrived on 2023-08-10 at 09:11, which was less than 2 working days.
Remittance Fees
The ICBC App clearly displays the following:
- Cable Fee: 0 CNY
- Handling Fee: 40 CNY
In addition to this, there is a hidden intermediary bank fee that is not visible upfront. I actually remitted 150 SGD, and 142 SGD arrived. The intermediary bank deducted 8 SGD. Therefore, the actual remittance fee is: 40 CNY handling fee + 8 SGD (approx. 42 CNY) intermediary fee = 82 CNY total.
Another netizen shared that they remitted 1100 SGD via ICBC; ICBC deducted a 40 CNY fee, and OCBC received 1092 SGD. This suggests that the intermediary bank fee is a fixed 8 SGD. Consequently, if the remittance amount is too small, the fees are not cost-effective. Small-amount remittances are not recommended.
ICBC vs. Panda Remittance
Introduction to Panda Remittance registration and usage: https://blog.xiaoz.org/archives/19496
- Speed: Panda Remittance transfers to OCBC within minutes on working days, which is faster than ICBC.
- Exchange Rate: I compared the exchange rates, and Panda Remittance is not as favorable as ICBC.
- Fees: Panda Remittance charges 80 CNY per transaction, but coupons can reduce this. The calculated fee is similar, but ICBC offers a more favorable exchange rate.
- Name Matching: ICBC remittances to OCBC show the sender's own name, whereas Panda Remittance does not. If the receiving bank has strict risk control, it is recommended to use ICBC for same-name remittances to avoid potential issues.
Important Notes
I encountered some minor issues during the remittance process, summarized below:
Your current security authentication medium has expired.
This may be due to account limits or an expired U-Shield. Go to the ICBC App: "My" > "Security Center" > "Payment Limits" and increase the limit for "Transfer and Remittance".
Insufficient Debit Account Balance
This occurs when your ICBC RMB balance is insufficient to cover the handling fee. Ensure your account balance is sufficient.
Foreign Currency Exchange Failed on iPhone
A user reported that their ICBC App showed an extra Class 1 account, causing the exchange to fail. The root cause was that the user had bound their ICBC debit card to Apple Pay, which automatically generated a virtual account. During the exchange, the virtual account was selected. To resolve this, unbind the ICBC debit card from Apple Pay and ensure you select the correct account during the exchange.
Other Notes
Currently, I have only tested remitting SGD from ICBC to OCBC, which shows as a same-name account deposit. Therefore, this method should also be usable for depositing into WISE: https://blog.xiaoz.org/archives/18846.
Community Group
I have created a TG group for discussion. If you have any questions, feel free to join: https://t.me/usecardone