[2019.11 Update] In Q4, ICBC USA launched a new bonus again. Both new and existing customers can earn $50 each for Checking and Saving. New customers only need to open an account and complete the requirements, while existing customers must first register for the promotion by phone, email, or at a local branch. The promotion ends on December 31. Details are as follows:
- $50 Checking Bonus: Within 60 days of opening the account or registering, receive one $250 Direct Deposit.
- $50 Saving Bonus: Within 30 days of opening the account or registering, deposit $5,000 and maintain it for 90 days.
- Promotion terms
While this offer is relatively skimpy compared with bonuses from other US banks, ICBC USA is still quite useful for US-China transfers, and it does not have hard requirements such as an SSN.
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About ICBC USA
ICBC USA is the US branch of Industrial and Commercial Bank of China. It was established in 2008 and is a US bank formed and operated under US law. It has also started offering consumer banking products (with a credit card product expected to be launched as well). Currently, international transfers from ICBC in China to ICBC USA Checking and Savings accounts through electronic banking can waive both transfer fees and wire fees, making the transfer effectively free. There are also limited-time account opening bonuses in varying amounts before year-end. This account is especially suitable for students.
Opening an Account
Unfortunately, you must visit an ICBC USA branch in person to open an account. ICBC USA has branches in New York (Downtown Chinatown, Brooklyn, and Flushing), the Bay Area (San Francisco and Oakland), Southern California (Monterey Park and Torrance), and Seattle. If there is no ICBC USA branch where you live, you may have to open one while traveling.
Remember to bring identity documents, proof of address (such as a bank, credit card, or other bill), and documents proving your legal status. Some ICBC branches can be quite strict.
Account Feature: Fee-Free ICBC Transfers
For transfers from China to the US, ICBC USA serves as the intermediary bank for ICBC, so using an ICBC USA checking account is theoretically the fastest way to receive the funds. Since the ICBC mobile banking app now offers fee-free and wire-fee-free international transfers (ICBC Quick Remittance), US-China transfers can be completely free after you open an ICBC USA account. Note that you must use the mobile app. ICBC online banking on a computer does not waive the fees.
The process is also very simple. In the ICBC mobile app, go to the transfer page, select overseas remittance, then choose “Overseas ICBC Account” at the top, and fill in your ICBC USA account information step by step.
ATM Withdrawals
ICBC USA does not charge a fee when you use its debit card to withdraw cash from ATMs operated by other banks. However, if the ATM charges a separate surcharge, ICBC will not reimburse it unless certain conditions are met:
- Your average account balance (not clearly defined) is above $10,000, or
- Your student account average balance is above $1,000
Only then will ICBC reimburse the ATM fee charged by the machine. Therefore, we still recommend Charles Schwab or Fidelity accounts, which have no minimum balance requirement and both reimburse ATM surcharges.
Free US-China transfers are the highlight of this ICBC USA checking account. If you happen to live near an ICBC USA branch, this is a product well worth opening. If your parents need to send money to the US, this can save the X‰ transfer fee as well as wire fees that can run as high as $100. On top of that, getting an $85 account opening bonus is also pretty nice.