Products of RMB Services

 
 

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Corporate RMB Services

1. Corporate RMB Deposit

1) Current Account: a deposit account with no fixed term and mainly transacted through cash or transfer. It provides customers with ease of access to deposits and withdrawals

2) Time Deposit: Corporate RMB time deposit with competitive interest rates and wide choice of terms i.e. 1month, 2 months, 3 months, 6 months or 1 year, or other term according to your needs

3) Dual Currency Debit Card: The Card is supported by China Unionpay network. It allows corporate clients withdraw cash and shop in Mainland China; the transactions will be settled in CNY

2. RMB International Settlement and Trade Finance Services

1) Import: Outward Remittance, Letter of Credit / Standby Letter of Credit Issuance, Import Documentary Collection, Import Loan, Usance LC, Import Factoring, Advance Payment Financing

2) Export: Inward Remittance, Letter of Credit Advising, Export Documentary Collection, Packing Loan, Export Bill Purchased / Discounting, Forfaiting, Export Invoice Financing, Export Factoring, Order Financing, Export Letter of Credit Negotiation, etc

3) Comprehensive finance services: We offer highly customized trade finance solutions structured with different treasury products, to help company to manage the RMB exchange rate and interest rate risk

3. RMB Financing

1) Overdraft: An overdraft provides customers with a direct access to funds to meet their short-term financing needs. Where there are insufficient funds to cover, customers may tap on the overdraft facility, which has a limit that is placed on their account

2) Working Capital Loan: Working capital loans are loans granted to customers to meet their daily funding needs and to ensure their normal production and business activities

3) Oversea Loan under Domestic Guarantee: Our bank may offer credit facilities secured by standby letter of credit from ICBC branches in China

4) Domestic Loan under Oversea Guarantee: ICBC branches in China may offer credit facilities secured by standby letter of credit from our bank

4. RMB Foreign Exchange Products

1) RMB spot exchange: Simple, secure and convenient way for businesses to conduct global trade, prepare for business travels or for bookkeeping convenience

2) RMB forward exchange: Forward Contracts allow clients to exchange two designated currencies at a specific time in the future with a pre-determined rate. The exchange rate can be set months before the trade takes place to eliminate the need for you to monitor exchange rate. These types of transaction can protect you from fluctuations in currency prices

3) RMB non-deliverable forward (NDF): RMB Non-Deliverable Forward is one of the hedging tools that help you to avoid unnecessary fluctuation of your operating costs, to lock-in the return for your business

4) 24/7 Online Banking Foreign Exchange: Foreign exchange can be done by online banking, and 3 tiers of promotional rates will be offered online

5. RMB Payroll Service

Our bank provides Cross-border RMB Salary payments into the mainland China or RMB Salary payments locally

6. RMB Global Cash Management

RMB cash management services such as global account management, centralized collection, disbursement and cash pool

 

Financial Institutions RMB Services

1. RMB Nostro Account Service

Open RMB Nostro accounts for Financial Institutions

2. RMB Trading Services

LC Advising, LC Confirmation, LC Reimbursement, Bills Collection, Act as Intermediary Bank for Remittances

3. RMB Financing Services

Export Refinancing, Import Refinancing, Risk Participation, Forfaiting, Direct Assignment without Recourse Discounting

4. RMB Treasury Services

Foreign Exchange, Money Market Borrowing, FX Swaps, Derivatives

5. Other Services

Provide information on RMB related enquiries

 

RMB Clearing Bank’s Services

1. RMB Banknotes Services

Provide Participating Banks (PBs) with RMB banknotes services including RMB banknotes deposit and withdrawal, RMB banknotes exchange and replacement of mutilated banknotes

2. RMB Remittance

Provide PBs with cross-border clearing services and offshore RMB clearing services

3. Account Overdraft

The Clearing Bank provides intra-day and overnight overdraft to PB’s clearing bank account

4. Term Deposit

The Clearing Bank provides RMB fixed deposit services, with fixed deposit tenor within 3 months, to help PB increase its yield on residual funds in its clearing account

 

RMB Account and Service

1. RMB Account and Services

Chequing deposit: Provide interests and flexible terms

Term Deposit: Minimum deposit amount as low as RMB5,000, with flexible terms including 1, 2, 3, 6 or 12 months

Tiered interest rates: Premium tiered rates to match up with deposit amount

Convenient deposits: For setting up a RMB account, we accept various fund resources, including but not limited to cash or wire transfer

Flexible withdrawal: Easily withdraw cash, issue cheques or wire transfer

2. RMB Cash Conversion and Forex

ICBK offers HKD, USD and CAD against RMB foreign exchanges, as well as cash conversion. You are entitled to an even better exchange rate by simply using ICBK online banking. In addition, a more favorable rate, which will be adjusted accordingly to a large transaction amount, can be applied on top of the preferred online banking rate. You can also enjoy our 7*24 online banking and mobile banking services.

3. RMB Pre-settlement Remittance

You wire out CAD/USD and beneficiary receives funds in RMB, making your exchange settlement at ease. Lock in a foreign exchange rate, protecting you from exchange rate fluctuation

4. RMB Remittance

ICBK is offering direct personal international RMB outward and inward remittance through designated regions in China

5. RMB/CAD Dual Currency Credit Card

The dual currency credit card with 100% acceptance in China provides flexibility in CAD and RMB. When spending RMB in China, clients can repay by RMB. This reduces the risk of currency exchange losses

6. RMB/CAD Dual Currency Debit Card

Taking the advantage of enormous Interact, Exchange and UnionPay Network, our unique CAD and RMB dual currency debit card provides cardholders with competitive convenient service in both Canada and China. Transactions happened in Canada will be settled in CAD. There are over 2400 Exchange ATMs across Canada, on any of which will not charge cardholders surcharge fees. In addition, the debit card has 100% recognition in China, and transactions happened in China will be settled in RMB. If there wasn’t enough balance in your RMB account, payment will be settled with your CAD account at spot exchange rate.

7. RMB Prepaid Card

The prepaid card does not only have 100% recognition in mainland China, but also widely accepted in Hong Kong and Macao. Deposit CAD or RMB at your choice into your prepaid card, and shopping with it on any UnionPay POS across the world. The prepaid card will become the next generation of designated traveler’s check and electronic purse for customers who are traveling to China.

8. Personal Cross Border Guarantee Services

Taking the advantage of ICBK’s global network, we offer overseas loan under domestic guarantee, which can be in forms of deposit or property pledge.

9. RMB Cross-Border Online B2C Payment

ICBK is dedicating in providing customer with various convenient B2C payment services. As an industry leader with consciousness of foresight, ICBK is the first Canadian financial institution to provide cross-border RMB online payment service to our customers. Customers with our credit card and debit card are able to book their flights, reserve hotel, and shop online in China. Payments will be settled in RMB, easily avoid the extra costs from fluctuated exchange rate.