Industrial and Commercial Bank of China (referred to as ICBC) is one of China's largest commercial banks, with numerous branches worldwide, including branches in the United States.

ICBC USA, currently operating 13 branches on both the East and West Coasts of the United States, provides a wide range of retail and commercial banking services such as deposits, loans, remittances, and settlements. ICBC USA is a wholly-owned subsidiary of Industrial and Commercial Bank of China Limited, with 80% ownership held by ICBC and the remaining 20% by East Asia Holdings Company, a U.S.-based entity.

Overview of ICBC USA

ICBC USA's business scope covers major financial centers including New York City, San Francisco, and Los Angeles, aiming to provide convenient financial services to customers. The bank offers USD account services, enabling users to conduct various transactions post account opening, such as direct deposits of salaries, retirement funds, government benefits, and cross-border remittances.

ICBC USA requires applicants for account opening to be at least 18 years old and to provide valid passports, visas, and other relevant identification documents.

As a wholly-owned subsidiary of Industrial and Commercial Bank of China in the United States, ICBC USA operates 13 branches along the East and West Coasts, including 3 branches in New York City, 5 in Northern California, and 5 in Southern California, with additional loan offices in Seattle, Washington, and Houston, Texas. These branches not only cover major economic hubs in the U.S. but also serve large Chinese communities and businesses, offering a diverse range of financial products and services.

Key Services and Products

ICBC USA offers a range of primary services including but not limited to:

• Deposit Services: Supports the opening of USD accounts for both individuals and corporate clients. Users can deposit funds into their accounts through methods such as salary deposits, retirement funds, etc., and benefit from deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC).
• Loan Services: Provides various loan products including personal loans and commercial loans to meet the diverse funding needs of customers.
• Remittance and Settlement Services: Offers convenient cross-border remittance services. Customers can conduct overseas remittance transactions through online banking or by visiting branches, as well as engage in various international settlement services.
• Witness Account Opening Service: Provides convenient and efficient service for customers in mainland China who wish to pre-open ICBC USA accounts, processed through designated branches of Industrial and Commercial Bank of China domestically, ensuring customers can smoothly open US accounts before traveling abroad.

Account Opening Requirements and Process

Requirements:

1. Age: Applicants must be 18 years old or above.
2. Identification: Valid passport and visa to verify legal identity.
3. Address Proof: Recent proof of address, such as utility bills or lease agreements, if addresses in China and the U.S. differ.

4. Specific Account Requirements：

   • Student Accounts: Requires relevant student documents like admission notices and Form I-20.
   • Other Accounts: Additional documents may be required based on specific needs.

Opening Process:

1. Appointment: Customers need to schedule an appointment at designated ICBC branches in China for witness account opening.
2. Document Preparation: Prepare and submit completed account opening application forms along with necessary identity and address proof documents.
3. Witness Account Opening: At the appointed time and place, ICBC staff will witness the account opening process, verify the applicant's identity and documents.
4. Card and Checkbook Delivery: Upon successful account opening, ICBC USA will mail debit cards and checkbooks to the customer's address in the U.S.

Witness Account Opening Service

For customers who have not yet arrived in the United States, ICBC USA provides a convenient and efficient Witness Account Opening Service. This service allows customers to open personal accounts with ICBC USA while still in mainland China, including personal checking accounts as well as online and mobile banking services. The specific steps are as follows:

1. Application and Appointment:Customers need to visit designated ICBC branches in mainland China, fill out and submit the Witness Account Opening Application Form. They can make appointments via phone or online, choosing a convenient time and location for processing.
2. Identity Verification and Document Preparation:Customers are required to prepare valid passports, visas, and other identity documents. Additionally, proof of address such as recent utility bills or lease agreements is also necessary.
3. Witness Account Opening Process:At the scheduled time and location, designated ICBC staff will witness the account opening process. The witnesses will verify the customer's identity and documents, ensuring the validity of the account opening application.
4. Delivery of Bank Cards and Checkbooks:After successful account opening, ICBC USA will mail debit cards and checkbooks to the customer's address in the United States. Customers can use these tools for daily financial transactions and payments.

Cross-Border Remittances and Fees

Customers can initiate domestic remittances to their ICBC USA accounts through the Bank of China's online banking service. The remittance fee is charged at 0.5% of the remittance amount, with a minimum of $50 per transaction and a maximum of $260 per transaction. The telegraphic transfer fee is calculated separately. Customers must ensure they provide correct recipient information and ICBC USA's Swift Code (ICBKUS3N) to ensure smooth remittance processing.

As an integral part of the Industrial and Commercial Bank of China, ICBC USA will continue to enhance service experiences, expand business scope, and provide customers with more comprehensive and convenient financial solutions. With deepening Sino-US economic and trade relations, ICBC USA will actively support financial exchanges and cooperation between the two countries, creating greater value and opportunities for customers.