How to Wire Transfer USD from Industrial and Commercial Bank of China to OCBC Singapore? This Guide is All You Need

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Do you want to wire transfer USD from Industrial and Commercial Bank of China (ICBC) to OCBC? The operation is actually very straightforward. You only need to use the “Cross-Border Remittance” function in the ICBC mobile App and prepare the USD account information for OCBC to smoothly complete the entire process.

This article provides you with a detailed illustrated guide. It will clearly show every step of the operation, aiming to eliminate all your doubts. By following this tutorial, you can successfully remit money.

Key Points

• Using the “Cross-Border Remittance” function in the ICBC mobile App, you can easily wire transfer USD to OCBC.
• Before remitting, please ensure your OCBC account is a Global Savings Account (GSA) and prepare the correct SWIFT code (OCBC Singapore head office code, XXX usually refers to head office) and bank address.
• When purchasing foreign exchange and remitting, the purpose of funds you choose must be consistent, for example, both select “Personal Travel”.
• Carefully verify all recipient information, including Pinyin name, OCBC USD account number, and bank address, to avoid remittance errors or delays.
• The total remittance fees include ICBC handling fees, intermediary bank fees, and OCBC receiving fees, usually taking 1 to 3 business days to arrive.

Preparation Before Remittance: OCBC Recipient Information

Before starting the remittance operation, you need to accurately prepare the recipient information for OCBC. This is the most critical step in the entire process; any error in information may lead to remittance failure or delay. We divide the required information into two parts: personal account information and bank information.

Find OCBC USD Account Number

First, you need to find your OCBC USD account number. This number usually starts with 713. You can directly log in to the OCBC Digital App and find it on the account overview page.

Important Tip: You must use an account that supports receiving USD. OCBC provides customers with multiple account types; please make sure to use the Global Savings Account (GSA) to receive USD. Ordinary STS or SSA accounts only support Singapore Dollars.

To help you better understand the account differences, please refer to the table below:

Please make sure to set the remittance target account as your GSA account.

Confirm SWIFT Code and Bank Address

Next, you need the SWIFT code and address for OCBC. The SWIFT code is the unique identifier of the bank in the international financial network, ensuring funds are accurately delivered.

The SWIFT code used by OCBC in Singapore for receiving international remittances is OCBCSGSGXXX.

Each part of this code has a specific meaning:

Finally, prepare the complete bank address. When filling out the ICBC remittance form, you need to provide this information.

Recipient Bank Name: Oversea-Chinese Banking Corporation Limited Recipient Bank Address: 65 Chulia Street, OCBC Centre, Singapore 049513

Please copy or screenshot the above information to ensure it is completely consistent when filling in later.

Foreign Exchange Purchase: RMB to USD

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Before performing the wire transfer, you first need to exchange RMB into USD. This process is called “foreign exchange purchase”. The good news is that you can complete this operation entirely through the Industrial and Commercial Bank of China mobile App without going to an offline branch.

ICBC App Foreign Exchange Purchase Operation Path

The foreign exchange purchase process is very simple. You only need to follow the steps below to easily exchange RMB funds into USD spot.

1. Log in to ICBC App: Open your Industrial and Commercial Bank of China mobile banking App and log in.
2. Find Foreign Exchange Settlement and Purchase Function: Enter “Foreign Exchange Settlement and Purchase” in the search box at the top of the homepage, then click the search result to enter the function page.
3. Select RMB Foreign Exchange Purchase: On the “Foreign Exchange Settlement and Purchase” page, you will see “RMB Foreign Exchange Purchase” and “Foreign Currency Settlement” options. Please select RMB Foreign Exchange Purchase.
4. Fill in Foreign Exchange Purchase Information: Select the currency you want to purchase (USD) and enter the RMB amount to exchange. The system will automatically calculate the corresponding USD amount.

Guidelines for Filling Foreign Exchange Purchase Purpose

During the foreign exchange purchase process, you need to select a fund purpose. This is a very important step because your choice will affect subsequent remittance operations.

Core Principle: The foreign exchange purchase purpose you choose now must be completely consistent with the purpose filled in during the later cross-border remittance.

According to China’s foreign exchange management regulations, individuals have an annual convenience foreign exchange purchase quota equivalent to $50,000 USD. For most people, the most commonly used purpose is Personal Travel. This option covers your personal consumption expenses such as dining, accommodation, and shopping during overseas travel, but please note that funds cannot be used for investments like securities or real estate.

If your fund needs exceed the annual limit, you need to provide supporting materials to apply for additional quota. Common situations include:

Please choose the most appropriate purpose based on your actual situation and prepare for the subsequent remittance steps.

Core Steps: ICBC Wire Transfer USD to OCBC

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Now, you have prepared all necessary information and have sufficient USD in your account. Next, we enter the core part of the entire process: performing the wire transfer operation through the ICBC mobile App. Please carefully follow each step below to ensure all information is filled accurately.

Enter “Remittance to Overseas Other Banks”

First, you need to find the function entrance for handling international transfers in the ICBC App. ICBC categorizes different transfer services, and you need to select the option specifically for remitting to overseas banks.

1. Log in to ICBC App: Open and log in to your Industrial and Commercial Bank of China mobile banking.
2. Select “Transfer”: Find the “Transfer” function on the App homepage or bottom navigation bar and click to enter.
3. Find Cross-Border Remittance: On the transfer page, you will see multiple options. Please find and click “Remittance to Overseas Other Banks”. Some versions of the App may categorize it under the “Cross-Border Remittance” major category.

Operation Tip: This function is specifically designed for remitting to bank accounts outside mainland China. Please do not select “Domestic Transfer” or “Transfer to ICBC Account” to avoid operation failure.

Fill in OCBC Recipient Information

This is the part most prone to errors in the entire operation. You need to accurately fill in the previously prepared OCBC recipient information into the corresponding fields. To successfully wire transfer USD from ICBC to OCBC, please ensure every letter and number is completely consistent with the information in your OCBC App.

Important Rule: All information must be filled in English According to bank and foreign exchange management requirements, all recipient-related information, including name, address, and remarks, must use English letters. Please do not enter any Chinese characters. Your name should use Pinyin.

Please refer to the table below and fill in OCBC’s recipient information item by item:

Fill in Remitter Information and Purpose

After filling in the recipient information, the system will require you to confirm or fill in the remitter (yourself) information.

• Remitter Name: Usually automatically populated, please ensure it is your name in Pinyin.
• Remitter Address: Fill in your permanent address in mainland China, also need to translate into English or use Pinyin.
• Contact Phone: Fill in your mobile number.

Next is selecting the Remittance Purpose.

Core Principle: The remittance purpose filled here must be completely consistent with the purpose selected during foreign exchange purchase.

If you selected “Personal Travel” during foreign exchange purchase, you must also select “Personal Travel” here. If the purposes are inconsistent, the remittance application may be rejected by the bank. According to China’s foreign exchange management regulations, if you need to remit funds exceeding the annual convenience quota for paying tuition or medical expenses, the bank will require you to provide corresponding tuition proof or medical proof documents.

Confirm Fees and Complete Payment

In the final step before submission, the App will generate an information confirmation page. This page will summarize all the information you filled in, including:

• Recipient name, account, and bank information
• Remittance amount (USD)
• Remittance purpose
• Estimated handling fees and cable fees

Please take a moment to carefully verify every item. Once confirmed and submitted, the funds will be remitted. After confirming all information is correct, you can enter the payment password or use face/fingerprint ID to complete the final step of this ICBC wire transfer USD to OCBC. After successful payment, you can query the progress and status of this remittance in the App.

Remittance Fees and Arrival Time

After completing the remittance operation, your most concerned issues are certainly: How much are the fees for this money? How long until it arrives? This section will detail the full fee composition and estimated time for wire transferring USD from ICBC to OCBC.

Total Remittance Fee Composition

The total fees for cross-border wire transfers are not a single number; they usually consist of three parts: sending bank handling fees, intermediary bank fees, and receiving bank fees. You need to understand these three fees to accurately estimate the total cost.

1. ICBC Handling Fees: These are the fees you directly pay to ICBC during remittance, mainly including two items.
   • Commission: Charged at 0.1% of the remittance amount, minimum $7, maximum $70.
   • Cable Fee: Fixed charge per remittance regardless of amount, approximately $15.

You can refer to the table below to calculate the fees charged by ICBC:

2. Intermediary Bank Fees: These are service fees charged by intermediate banks during the international transmission of funds. This fee is not charged in advance by ICBC but directly deducted from your remittance principal.
3. OCBC Receiving Fees: According to information from third-party platforms like Singsaver, OCBC may charge approximately $7.5 USD (about 10 SGD) for receiving international wire transfers, but this depends on your specific account type, and some accounts may be free.

A Different Choice: Traditional banks have a relatively complex fee structure. In comparison, you can learn about new payment platforms like Biyapay. These platforms sometimes offer simpler fee models, such as a fixed $5 fee or a clear percentage charge, allowing you to know the total cost precisely before remitting.

Understand Intermediary Bank Path

You may wonder why an “intermediary bank” is needed?

Simply put, when two banks (ICBC and OCBC here) have no direct USD clearing account established, a “middleman” that cooperates with both banks is needed to transmit funds. This is like needing a connecting flight for international travel; the intermediary bank is the “transfer airport” for funds.

According to official information provided by OCBC, the common intermediary bank for its USD payments is J.P. Morgan Chase Bank in the United States, with SWIFT code CHASUS33.

This process explains why the final amount you receive is slightly less than the remitted amount minus ICBC fees—because the intermediary bank has deducted its service fee during processing. This is a very common phenomenon in global wire transfers.

Actual Arrival Time and Tracking

Under smooth conditions, USD wire transfers sent from ICBC usually take 1-3 business days to arrive in your Singapore OCBC account.

However, the speed of international remittances is affected by multiple factors, and delays may sometimes occur. Understanding these potential reasons can help you better plan your funds.

• Information Errors: Any minor spelling error in recipient name, address, or account number may cause the remittance to be returned or delayed.
• Compliance Review: To comply with anti-money laundering (AML) regulations, banks conduct additional reviews on some transactions. If your remittance amount is large or the purpose description is unclear, it may trigger review, extending processing time.
• Holidays and Weekends: You need to consider bank holidays in both mainland China and Singapore. If remitting on Friday afternoon, funds may not start processing until the next week.
• Intermediary Bank Processing: Funds also need processing time at intermediary banks like J.P. Morgan, especially when transmitted across time zones, which may add half a day to one day.
• Technical Issues: Though rare, bank system maintenance or SWIFT network issues may occasionally cause delays.
• [About Arrival Speed Tip: Traditional SWIFT network involves multiple links, so speed has its limit. Some new payment tools (like Biyapay) use different settlement networks and can sometimes achieve faster fund arrival, even near instant.

If your remittance has not arrived after more than 5 business days, you can log in to the ICBC App to query the remittance status and contact ICBC customer service, providing the business number on the transaction voucher for assistance.

Congratulations, you have now mastered all the key points for ICBC wire transfer USD to OCBC. To ensure your funds arrive safely and quickly, please remember the following three core points:

1. Use the Correct USD Account: You must remit to OCBC’s Global Savings Account (GSA), not ordinary STS or SSA accounts.
2. Verify Bank SWIFT Code: The recipient bank’s SWIFT code must be accurately filled as OCBCSGSGXXX.
3. Keep Purposes Consistent: The fund purpose selected during foreign exchange purchase must be completely the same as the purpose filled during subsequent remittance.

Incorrect SWIFT code or account number may lead to fund delays, additional fees, or even remittance failure. Please carefully check before submission.

By following this tutorial, you will find that cross-border remittance is actually very simple.

FAQ

What if I accidentally fill in wrong recipient information?

You should immediately contact ICBC customer service. The bank can try to recover the remittance for you, but this may incur additional fees and success is not guaranteed. Therefore, you must carefully verify all information before submission.

Is there a limit on remittance amount?

Yes. According to China’s foreign exchange management regulations, you have an annual convenience quota equivalent to $50,000 USD. If your remittance needs exceed this quota, you need to provide corresponding supporting materials to the bank.

Why is the amount I receive less than the amount remitted?

This is because the intermediary bank charged a service fee. This fee is directly deducted from your remittance principal, so the final arrival amount decreases. This is a common phenomenon in global wire transfers.

Can I directly remit Singapore Dollars from ICBC to OCBC?

In theory yes, but the process is more complex and exchange rate losses may be greater. We recommend purchasing USD first, then wire transferring USD to OCBC’s USD account. This is the most direct and cost-controllable path.