ICBC International Transfers & Exchange Rates
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Published On:
November, 23 2022
Edited On:
March, 22 2023

ICBC International Transfers & Exchange Rates

The Industrial and Commercial Bank of China has become one of the most prominent global banks in the last decade. This review explores the money transfer options the bank offers its customers.

About ICBC

The Industrial and Commercial Bank of China (ICBC) was founded in 1984. After reconstructions and improvements were carried out throughout the 2000s, ICBC has become one of the leading banks in China as well as on a global platform.

ICBC was ranked first in The Banker’s Top 1000 World Banks from 2012 until 2019, and from 2017 to 2018, ICBC was the largest bank in the world by total assets. ICBC has provided excellent service to more than 8 million corporate banking customers and 650 million personal banking customers since its inception. This review will dig a little deeper into cost, speed, reliability and user feedback associated with ICBC international remittances.

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Can I Use ICBC for International Bank Transfers?

Yes. ICBC provides international bank transfer service for customers interested in moving money overseas.

Other Ways to Send Money With ICBC

Since ICBC has branches worldwide, the means for sending money when you bank with them can vary per country and branch. There are three primary ways to send money with ICBC: through its branches and through mobile and internet banking.

Customers can visit an ICBC branch for help with opening an account and avail of debit or credit cards linked to their accounts. Customers visiting a branch can also receive help on sending money abroad, with support available for those weighing up their money transfer options.

Mobile and internet banking can be carried out using any compatible device, as long as customers have verified their banking credentials with ICBC. Sending money abroad can be done through these channels once logged in.

ICBC Exchange Rates and Fees

Information about ICBC foreign exchange and fee structures can be found online, and is a great way of learning how the bank compares to alternative operators, to understand what provider best fits your needs.

Exchange Rates

ICBC displays all exchange rates online for customers to review ahead of time. ICBC facilitates all major currencies, such as USD, EUR and GBP. However, customers must be cautious when using the conversion rates displayed on the ICBC website because those are for reference purposes only. The conversion rates adjust to the real-time market rates at the time of conversion so it is not possible to receive an accurate quote ahead of time. Specialist companies in the remittance industry offer more flexible solutions such as spot and forward contracts.

Transfer Fees

ICBC charges different transfer fees depending on the location of a customer’s ICBC branch.

For example, an international transfer from an ICBC account located in Hong Kong, costs 80 - 150 HKD per transaction; conversely, an international transfer sent from an ICBC account in Macau will cost 60 HKD per transaction.

An international transfer from ICBC Canada costs 35 - 90 CAD per transaction; whereas an international transfer from ICBC Malaysia costs 2 - 30 MYR per transaction. The available methods of transfer influence the variation in transfer fees.

Additional Costs

No other charges accompany the transfer fees according to the schedule of fees posted at each ICBC country branch. Information about the variability of transfer fees based on the total amount sent is not available and we recommend users directly contact the bank to find out more.

How do ICBC transfer fees compare to using a money transfer provider?

ICBC transfer fees vary depending on the sending and receiving country. ICBC does not disclose the breakdown of costs that come with international money transfers and does not share anything about additional fees that may come with conversion or the processing time before a transaction reflects in a recipient account.This lack of transparency is commonplace among banks; another great reason to entrust a specialist operator InstaRem with your next international transfer. InstaRem caters to more than 150 countries in the world, supporting the corresponding currencies for each. The InstaRem currency converter calculator, found on the company website and app, can be used to check the most up-to-date conversion rates.

ICBC Pros and Cons

Interested customers may want to evaluate all leading areas related to ICBC services before opening an account and initiating a transfer with them. Here are its pros and cons:


High powered mobile app: The ICBC Mobile banking app allows customers to handle all the demands of everyday banking, no matter where they are. The app enables users to send money, exchange currency, avail of loans, and accomplish other needs without the need to visit a bank branch
Varied fee structure: Although ICBC does not offer up many specifics about the differences between their international money transfer options, customers may be pleased to learn the fee structure varies depending on their needs
Worldwide network: It is advantageous for a Chinese citizen or resident to open an ICBC account due to the bank’s far-reaching network; if customers send regular payments to China or other parts of Asia, opening an account with ICBC will save them money and time in the long run


Account opening: New accounts can be opened through the app with a HKID card, but people who do not have a HKID card would be required to bring their documents to a local branch, to open an account. There is an estimated wait of roughly two working days before new customers can use mobile or internet banking after a successful account opening. This may inconvenience customers who wish to send money overseas quickly and conveniently

How to Send and Receive Money With ICBC

This section contains information about the local and international transfers done with the bank and the options and processes involved in sending and receiving money with ICBC.

Sending Money

ICBC (Asia) Faster Payment System transfers money locally in Mainland China or Hong Kong. This service is usually used within the ICBC Mobile Banking app with a 10,000 HKD to 1,000,000 HKD daily limit, depending on the transfer method chosen.

ICBC does not include information about how to send money internationally. It specifies that customers can do international transfers from their branch, mobile, and Internet banking options.

Receiving Money

International transfers with ICBC can be sent and received through ICBC Express. If a customer is a recipient of an international transfer from a sender with an ICBC account, the account can arrive in real-time or with slight delays.

ICBC Express also offers lower fees for customers, but the bank does not declare how much is the transfer fee for this option.

Money sent through this service is immediately reflected in a customer’s account.

A customer can also directly link their payroll service and other international remittance transactions to their account. As long as the sender has their account number, they can receive money directly into their account.

Additional Information

ICBC has expanded its services to over 40 countries worldwide. Each ICBC branch per country offers a different set of products and money transfer options.

For example, ICBC Canada offers debit cards partnered with Interac and The Exchange Network to make the ATMs across North America more accessible with lower fees.

ICBC also has branches across Asia (e.g., ICBC Malaysia, ICBC Seoul), North America (e.g., ICBC USA, ICBC Canada), Europe (e.g., ICBC (Europe), ICBC London), and South America (e.g., ICBC Argentina, ICBC Peru). In some of these countries, ICBC is considered the first Chinese-registered bank in the country.

What Customer Support Options Are Available?

Customers of ICBC (Asia) can reach the bank in two ways. First, they can proceed to its website and choose to fill out an inquiry or feedback form. Filling out these forms requires the customer to share their full name, email address, and preferred mode of communication.

Second, customers can contact (852) 218 95588 for any inquiry or complaint. If the customer is in Mainland China, they can just contact the bank at 95588.


ICBC transfer options vary by currency and country, but all customers are able to execute cross-border payments online or in-person, depending on preference. Following our extensive research into the bank’s products and services, we would like to encourage users to weigh up their options, beyond traditional financial institutions like ICBC.

This means considering money transfer providers like InstaRem, a service that offers bank-beating fees and widely accessible global coverage. Along with InstaRem, we have produced detailed Guides for each major operator in the remittance industry, which can be found on our Companies page. View all your options side by side by using our comparison tool today.

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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.

Answers to key questions about ICBC

This section provides answers to common causes for concern and is a helpful way for us to help readers determine whether ICBC can accommodate your banking needs.

Can I open an ICBC account in any country?
Does ICBC have an app?
Are there transfer limits?
How long do transfers take with ICBC?
Can I use an ICBC debit card when traveling abroad?
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