2025 Guide: Purchasing USD at ICBC and Remitting to OCBC Bank in Singapore

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This tutorial provides you with the latest step-by-step guide for 2025. You will learn how to easily complete the RMB to USD purchase operation through the Industrial and Commercial Bank of China (ICBC) mobile app. Then, you can remit this USD to your personal OCBC Bank account in Singapore. The entire ICBC USD to OCBC process is clear and straightforward. This guide includes all essential information to address any questions you may encounter during the operation.

Key Points

• Before remitting, you need to confirm your personal foreign exchange purchase quota, prepare OCBC Bank recipient information, and ensure sufficient RMB funds.
• You can use the ICBC mobile app to first exchange RMB into USD, then perform cross-border remittance.
• When filling in recipient information, be sure to carefully verify the recipient’s name, account number, and SWIFT Code to ensure accuracy.
• When remitting, it is recommended to choose the “remitter bears all fees” option to ensure the full remittance amount arrives.
• After submitting the remittance, you can use the SWIFT Global Payment Innovation (gpi) feature to track the remittance status and confirm fund arrival.

Preparation Before Remittance

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Before starting the operation, thorough preparation is key to ensuring successful remittance. This can help you avoid unnecessary delays due to incorrect information or insufficient funds. The entire ICBC USD to OCBC remittance process begins with these three simple preparation steps.

Check Personal Foreign Exchange Purchase Quota

You first need to confirm your remaining personal foreign exchange purchase quota for the year. According to regulations from the State Administration of Foreign Exchange (SAFE), the personal convenience foreign exchange purchase quota for Chinese residents remains unchanged.

Core Policy: In 2025, each Chinese resident individual has an annual quota equivalent to $50,000 USD for foreign exchange purchases. Within this quota, purchases typically do not require additional supporting documents.

You can check your available quota through the ICBC mobile app or by visiting a branch.

Prepare OCBC Bank Recipient Information

Accurate recipient information is the cornerstone of successful remittance. Please prepare the following USD account recipient details for OCBC Bank in Singapore in advance and verify them carefully. We recommend saving this information in your phone’s notes for easy copy-paste during remittance to prevent manual input errors.

Tip: When filling in the recipient account, ensure your OCBC USD account number format is correct, for example 501123456201USD.

Prepare Sufficient RMB Funds

Please prepare sufficient RMB in your ICBC account based on the planned USD remittance amount. It is recommended to prepare extra funds to cover fluctuations in the real-time exchange rate during purchase and possible fees.

When purchasing foreign exchange, you need to select a “purpose of purchase”. For transfers to your own overseas account, choosing “private tourism” or “family support” is common, typically requiring no additional proof within the annual quota.

ICBC USD to OCBC: Detailed App Operation Guide

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After completing preparations, you can proceed to the actual operation phase. This section is the core of the entire ICBC USD to OCBC process. You will complete purchase and remittance in two steps via the ICBC mobile app. Please follow the detailed instructions below to ensure accuracy at every step.

Step One: RMB to USD Purchase

Before remitting USD, you need to exchange RMB in your account into USD. This process is called “foreign exchange purchase.”

1. Open the ICBC app, enter “foreign exchange settlement and purchase” in the search box on the homepage, then click to enter the function.
2. On the “foreign exchange settlement and purchase” page, select the RMB purchase foreign exchange option.
3. Fill in purchase information:
   • Currency: Select “USD (USD)”.
   • Amount: Enter the USD amount you plan to purchase.
   • Fund Purpose: Select based on your situation. For remittance to your own overseas account, private tourism is a common choice.

   Important Note: The fund purpose selected during purchase should be consistent with the purpose filled in the subsequent cross-border remittance to ensure smooth processing.

4. Confirm and Execute: The app will display the current real-time exchange rate. Carefully verify the purchase amount and required RMB total, then enter your payment password to complete the purchase after confirmation. Once completed, the USD will be deposited into your foreign currency current account.

Step Two: Cross-Border Remittance

Once you have USD in your account, you can start the ICBC USD to OCBC remittance operation.

First, locate the cross-border remittance function in the ICBC app. The navigation path is clear:

Homepage -> Transfer and Remittance -> Cross-Border Remittance -> Remittance to Overseas Other Banks

After entering the remittance page, fill in all information sequentially as prompted.

1. Fill in Recipient Information:
   • This is the most critical step. Accurately enter the previously prepared OCBC recipient information into the corresponding fields.
   • Recipient Name: Enter your name in pinyin, ensuring it exactly matches the OCBC account name.
   • Recipient Account Number: Enter your OCBC USD account number.
   • Recipient Bank SWIFT Code: Enter OCBCSGSGXXX.
   • Recipient Bank Name and Address: The system usually auto-fills based on the SWIFT Code; just verify.
   • Recipient Address: Enter your address registered with OCBC.
2. Fill in Remittance Information:
   • Remittance Currency: Select “USD (USD)”.
   • Remittance Amount: Enter the USD amount you wish to remit.
   • Fund Purpose: Select the same purpose as during purchase, such as private tourism.
3. Select Fee Bearing Method:
   • You will see options: Shared, Remitter Bears All, Recipient Bears. It is generally recommended to select Remitter Bears All to ensure the full amount arrives and avoid deductions by intermediary banks.
4. Review and Submit:
   • In the final step, the app displays a summary page of all information. Carefully review each item again, especially recipient name, account number, and SWIFT Code.
   • After confirming all information is accurate, enter your payment password or use fingerprint/face verification to submit the remittance application.

Remittance Processing Time Note After submitting your ICBC USD to OCBC remittance instruction, the bank does not process 24 hours. ICBC’s system processes remittance instructions in real-time on business days from 9:00 to 16:00. If submitted after 16:00 on Friday, the bank will start processing on the next Monday at 9:00. Therefore, to arrive faster, complete operations before 16:00 on business days.

Post-Remittance Follow-Up

After submitting the remittance application, the process is not entirely complete. You still need some simple follow-ups to ensure funds arrive safely and on time in your OCBC account.

Check Remittance Status

After submission, your primary concern is the fund’s progress. You can check the real-time status of this remittance anytime through ICBC mobile banking.

Track Your Funds ICBC utilizes advanced SWIFT Global Payment Innovation (gpi) technology. This system makes cross-border payments more transparent. You can track each step of the remittance in real-time, just like tracking a package, clearly seeing which bank is currently processing the funds.

Simply find the transaction in the app’s remittance records, click for details, and view the latest progress.

Arrival Time and Amount Verification

Next, wait for the funds to arrive.

Based on most users’ experiences, remittances from ICBC to OCBC Bank in Singapore typically arrive in less than 2 business days.

When you see the credit notification in your OCBC mobile app, carefully verify the received USD amount. If you selected Remitter Bears All fees during remittance, the received amount should theoretically match your remitted amount exactly.

Fee Structure and Bearing Methods

Cross-border remittances incur certain fees. Understanding the fee structure helps you better manage costs. ICBC USD to OCBC fees mainly fall into two categories:

1. App Promotional Fees: During operation, the app’s final settlement page may show a promotional price. For example, handling fee might be only 40 RMB, with 0 RMB cable fee. This is a temporary bank promotion.
2. Official Standard Rates: Without promotion, the bank charges standard rates. This usually includes a proportional handling fee (e.g., 0.1% of remittance amount) and a fixed cable fee (e.g., 15 USD).

Important Note: All fees are based on the amount displayed on the app’s final confirmation page when you pay.

In addition to traditional bank channels, new remittance options have emerged. For example, some digital payment platforms Biyapay offer alternative fee models. They may not charge proportional commissions but a fixed service fee per transaction. For large remittances, this can sometimes be more cost-effective. Before remitting, compare total fees across platforms to choose the best for you.

The entire ICBC USD to OCBC remittance process can be summarized into three core stages: prepare information, app purchase foreign exchange, app remittance. Accuracy of information entry is the primary guarantee of success. Be sure to repeatedly verify recipient name, account number, and SWIFT Code to avoid delays due to spelling errors or account mismatches. Strictly following this tutorial ensures safe completion of remittance. Notably, recent Chinese personal information protection regulations do not affect normal cross-border transfers of personal funds. If you encounter any issues, call ICBC customer service hotline 95588 for assistance.

FAQ

What if I filled in remittance information incorrectly?

Immediately contact ICBC. If funds have not been remitted, the bank can stop the transaction. If already remitted, the bank will try to recover, but this may incur extra fees and success is not guaranteed. Therefore, carefully verify before submission.

Why did my remittance fail or get returned?

Remittance failures usually have several common causes. Check for the following:

• Information Error: Recipient name, account number, or SWIFT Code incorrect.
• Purpose Mismatch: Remittance purpose inconsistent with purchase purpose.
• Quota Exceeded: Remittance amount exceeds remaining annual purchase quota.

Is there a limit on single remittance amount?

ICBC typically has no strict upper limit on single remittance amounts. However, your total remittance is strictly limited by the Chinese resident annual convenience foreign exchange purchase quota (equivalent to $50,000 USD). Ensure your remittance is within the available quota.