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FAQ

Account Opening Witness Services (AOWS)

When can I wire money to my account after applying for AOWS? Is there any wiring limit? When will the funds arrive?
The Bank will send you an account opening confirmation letter after three business days for your verification. You can start wiring funds to your account after confirming the information. Generally speaking, all funds will arrive in the next business day. Please refer to the standard guideline issued by State Administration of Foreign Exchange (SAFE) for annual remittance limit.
  
Can I use online banking and telephone banking immediately after opening the account?
No. Due to local banking regulations, the newly opened bank account is inactive. At this point, it is temporarily unable to carry out electronic services such as online banking. However, you are allowed to wire money into the account. You can activate the account and enjoy full services by showing your passport and confirmation documents upon arrival.
 
Are there any services charges for AOWS?
The Bank will not charge any service fees, while witness agency may apply service charges. For all rates and fees related to our Personal Banking products, please refer to "Rates & Fees".
 
Are there any differences between the ICBK account opened in Chinese Mainland and the one opened in Canada?
No.
 
Where can I use my Global Debit card?
1.     You can access all ATMs and POS in Canada.
2.     You are able to complete account enquiry, cash withdrawal, and PIN change on any of the Bank’s ATMs and all Exchange network ATMs (including HSBC, National Bank, and other well-known local banks) without any convenience fees.
3.     You can withdraw cash from any ATMs in Chinese Mainland (except PIN change, money transfer, or deposit).
4.     You can access any POS with UnionPay logo (or UnionPay alliance card agent) across the world.
 
What other services can the Bank provide other than day-to-day saving account?
 
In addition to offering traditional deposit and settlement services to meet your daily financial needs, we also provide you with a wide range of financial services, such as foreign exchange, loans, trade finance, and high interest CAD/USD/RMB term deposits to help you in achieving different financial goals.
 
What if there weren't any branches close to me?
The Bank offers online banking, telephone banking, mobile banking, and other diversified electronic services to assist you in managing your account wherever and whenever you see convenient without visiting the branch. In addition, you can access thousands of Exchange® ATMs across Canada to manage your account, such as account enquiry, cash withdrawal, and PIN changes.
 
How do I contact the Bank?
If you are currently living in China, call our Customer Service Hot Line in China at 95588 for further information. If you are living in Canada, call 24*7 Customer Hotline at 1-877-779-5588.
 

Student GIC Program

When can I wire money to my account after applying for AOWS? Is there any wiring limit? When will the funds arrive?
The Bank will send you an account opening confirmation letter after three business days for your verification. You can start wiring funds to your account after confirming the information. Generally speaking, all funds will arrive in the next business day. Please refer to the standard guideline issued by State Administration of Foreign Exchange (SAFE) for annual remittance limit.

Can I use online banking and telephone banking immediately after opening the account?
No. Due to local banking regulations, the newly opened bank account is inactive. At this point, it is temporarily unable to carry out electronic services such as online banking. However, you are allowed to wire money into the account. You can activate the account and enjoy full services by showing your passport and confirmation documents upon arrival.

Can I wire more than $21,200 CAD into the GIC account?
You can wire more than $21,200 CAD. By default $21,000CAD will be allocated to Student GIC. Any excess amount will be deposited into your personal chequing account. If you need a financial certificate that is more than $21,000CAD, please contact our branch for further advice.

Can I change the payment schedule?
No.

When will be the scheduled payment date?
Starting from your account activation date, and every month hereafter.

What is the service charge?
The Bank will collect $200 CAD as your GIC account administration fee. Please click here for detailed personal Schedule of Charges.

When will the $200CAD service fee be charged?
It will be debited from your remittance amount. As such, you are required to wire the service fee along with the principal of $21,000CAD. Otherwise, the remittance will be returned to the sender’s account.

Do I have to close my account if my application was denied and funds are returned?
Yes.

Where should I apply a refund?
You can apply at one of our designated Student GIC branches in China. Please bring your personal ID, passport, and original remittance receipt for verification.

Are there any service charges for refund?
Yes, a remittance fee will be charged. Please also be advised that the refund process may take up to 8 weeks.

What other services can the Bank provide other than day-to-day saving account?
In addition to offering traditional deposit and settlement services to meet your daily financial needs, we also provide you with a wide range of financial services, such as foreign exchange, loans, trade finance, and high interest CAD/USD/RMB term deposits to help you in achieving different financial goals.

What if there weren't any branches closed to me?
The Bank offers online banking, telephone banking, mobile banking, and other diversified electronic services to assist you in managing your account wherever and whenever you see convenient without visiting the branch. In addition, you can access thousands of Exchange® ATMs across Canada to manage your account, such as account enquiry, cash withdrawal, and PIN changes.

Where can I use my Global Debit card?
1. You can access all ATMs and POS in Canada.
2. You are able to complete account enquiry, cash withdrawal, and PIN change on any of the Bank’s ATMs and thousands Exchange network ATMs (including HSBC, National Bank, and other well-known local banks) without any convenience fees.
3. You can withdraw cash from any ATMs in Chinese Mainland (except PIN change, money transfer, and deposit).
4. You can access any POS with UnionPay logo (or UnionPay alliance card agent) across the world.

How do I contact the Bank?
If you are currently living in China, call our Customer Service Hot Line in China at 95588 for further information. If you are living in Canada, call 24*7 Customer Hotline at 1-877-779-5588.

 

Joint Deposit Account

What every older Canadian should know about: Powers of Attorney (for financial matters and property) and Joint Bank Accounts?
https://www.canada.ca/en/employment-social-development/corporate/seniors/forum/power-attorney-financial.html
 

Residential Mortgage

I just moved to Canada, can I get a mortgage?
Every situation is unique. To find out whether you’re eligible for a mortgage, book an appointment at your local branch or reach out to a Mortgage Specialist for more detail information.
 
How much home mortgage can I qualify for?
The best way to know how much home mortgage you can qualify for is by having a talk with our mortgage specialists. Or you can always try our Mortgage Calculators for an estimate.
 
What is maximum loan amount can I borrow from the bank?
Conventional mortgage loan is for properties occupied by home owners or tenants. Conventional mortgage is a mortgage that does not exceed 80% of the purchased price or the appraised value of the home, whichever is lower, terms and conditions apply. Please contact mortgage specialist for detail information.
 
What’s the terms and amortization periods for my mortgage?
The Bank offers a variety of terms and amortization periods to meet customer's needs. Term ranges from 6 months to a maximum of 5 years. We provide maximum 30 years amortization period. For interest rate information please refers to the Mortgage Rates.
 
What is a Fixed-rate Mortgage?
Fixed-rate refers to the fact that the interest rate remains the same over the term of the mortgage. This is in contrast to other types of mortgages like “variable-rate mortgage” in which the interest rate may change. If customers have a set budget and want to have a predictable payment from month to month, then a fixed-rate mortgage might work well for you.
 
What is a Variable-rate mortgage?
A variable-rate mortgage will fluctuate with the Prime rate throughout the mortgage term. While regular payment will remain constant, interest rate may change based on market conditions. This impacts the amount of principal customers pay off each month. When rates on variable interest rate mortgages decrease, more of regular payment is applied to the principal. Additionally if rates increase, more of payment will go toward the interest.
 
What is an Open Mortgage?
The whole or any part of the principal amount of the mortgage loan is permitted to be repaid during the Term without prepayment charge, subject to 3 business days prior notice to the Bank. Open mortgages usually have higher interest rates than closed mortgages. But open mortgages are also flexible.
 
What is a closed mortgage?
A closed mortgage is a mortgage that cannot be paid down more than the prepayment privilege before the end of its term without paying a prepayment charge.
 
Difference between long-term mortgages and short-term mortgages?
Short-term mortgage usually refers to the mortgage with the six months, one year or two year terms, long-term mortgage means the contract term usually three to five years.
 
What is a prepayment charge?
For a closed mortgage, if you pay down your mortgage at an amount greater than your allowable prepayment privileges before the term ends, you need to pay a prepayment charge.
 
What actions may result in the borrower having to pay a prepayment charge?
1) Partially prepaying amounts higher than the allowed additional amount toward the borrower’s mortgage
2) Property sold and pay off the mortgage before the maturity date
3) Refinancing or transferring the borrower’s mortgage to another lender before the maturity date
 
How to use ‘Prepayment Privileges’ and ‘Increasing Payment Option’
Please refer to your mortgage statement of disclosure. You are allowed to prepay up to 15% of your original principal each year and increase your scheduled payment by up to 15% each year without incurring a prepayment charge. This will help you pay off your mortgage faster.
 
What is Amortization?
Amortization is a term for the number of years that customers take to fully pay off mortgage (not the same as mortgage term). Our Bank offers up to 30-year amortization period for conventional mortgage loans.
 
How your prepayment charge is calculated?
Please refer to your mortgage statement of disclosure for more information about how the prepayment charge is calculated. You will need to pay the following cost if you pay more of your mortgage than the prepayment privilege allowed.

- For fixed interest rate:
The prepayment charge is the greater of either: three months' interest on the amount of the such excess prepayment, or an Interest Rate Differential (IRD) amount, equivalent to the difference in the interest payable at your existing mortgage rate on the such excess prepayment versus that payable on a replacement mortgage, calculated on the time remaining in your existing mortgage term. The interest rate for the replacement mortgage in this calculation is today’s rate of a mortgage that is closest to the remainder of your term less any discount you received on your existing mortgage.

- For variable interest rate:
The prepayment charge is three months’ interest cost on the amount of the such excess prepayment, calculated at the interest rate applicable to your mortgage when you make the prepayment.
 
What are my payment options?
You can choose either blended payments or fixed principal repayment plus interest.
With blended payments, your monthly total payment amount stays the same throughout your mortgage term. With fixed principal repayment plus interest, your monthly principal payment stays the same throughout the mortgage term.
 
What are my payment frequency options?
You can set your payment schedule to one of the following: monthly, bi-weekly, or weekly.