Account in ICBC, US as an International Student

If you are an international student studying in the US, then it is recommended that you open an account in the Industrial and Commercial Bank of China (ICBC) US. The ICBC US account is specifically provided to foreign and domestic students attending colleges, universities, professional schools, technical schools, and other educational institutions in the United States. 

Industrial and Commercial Bank of China Limited (ICBC) is the largest bank in the world by total assets, which is listed on both the SSE and the SEHK. It is present on all six continents, and its international network now spans more than 40 nations and areas. ICBC was consistently recognised as the largest public company in the world among the Global 2000 companies listed by the US magazine Forbes.

Keep reading to understand in detail the account opening process, benefits, and eligibility criteria for ICBC US.

What is ICBC US?

The ICBC US is the US division of ICBC. The Office of the Comptroller of the Currency (OCC) has granted ICBC national bank status. Retail and business banking services such as deposit taking, lending, remittances, and settlement are offered by ICBC.  

The FDIC provides deposit insurance to the bank. ICBC runs five branches in the greater Los Angeles area, five branches in the greater San Francisco area, three branches in New York City, deposit and loan production offices in Seattle, Washington, and Houston, Texas, and three branches in the larger New York City area.

Also Read: THE IMPORTANCE OF HAVING AND MAINTAINING A GOOD CREDIT SCORE AND RATING

How to Open an Account in ICBC US as an International Student?

You can open a bank account at a specific overseas ICBC institution in order to send money or make payments abroad. Currently, there are several countries where you can open a bank account with ICBC, such as the United States and Canada. 

If you are an international student who wants to open an account in ICBC, then follow these 4 steps given below: 

• The first step is to visit the official website of ICBC US, www.icbc-us.com, and go to the account opening section. 
• Then, download and fill out the application form available on the website. 
• Submit the mandatory documents that you are asked to submit, such as a valid passport, visa, and offer letter. 
• You can also directly contact the bank and they will properly guide you through the whole process, making your process much smoother. You can dial this number 1-800-663-3051 to reach out to them. 

Also Read: HOW TO OPEN AN ACCOUNT IN AIB IRELAND: A COMPLETE GUIDE

Why Open an Account in ICBC US as an International Student?

Opening an account in the ICBC can be very beneficial for overseas students because of the plethora of advantages it offers. Here are some of the main reasons why you should open an account in ICBC as an international student: 

• You can easily manage your account remotely through ICBC USA online banking and mobile banking.
• Paying bills, transferring money, and depositing checks are all available online.
• For accounts with a daily minimum average amount of $1,000 or more, there are no ATM access fees. 
• Once your account is open, you can transfer money instead of carrying a lot of cash for convenient and secure travel.

Also Read: BENEFITS OF DBS BANK CREDIT CARD FOR INTERNATIONAL STUDENTS

Eligibility Criteria

You now know the benefits of having an account in ICBC and might be considering opening one. There are some eligibility requirements you need to fulfil in order to open an account in the ICBC. which are as follows: 

• The student must be at least 18 years old.
• Students from other countries are required to provide an equivalent valid ID, a passport, and a student visa.
• The applicants must present a legitimate student ID (or an I-20 form and an offer letter from the institution).
• One must complete the address verification (utility bill, bank account, etc.)

Also Read: CHASE COLLEGE CHECKING ACCOUNT FOR INTERNATIONAL STUDENTS- A GUIDE

The Mission of ICBC US

The ICBC US offers services for online banking, credit and debit cards, mortgage loans, personal banking, and lending. The bank serves global clients and strives to provide even better services. 

Here are some of the main objectives of ICBC US:

• ICBC USA’s goal is to elevate its name in the USA to that of a premier bank with the highest levels of reputation, performance, and profitability. 
• It wants to become a successful bank that specialises in cross-border specialised markets between the US and China. With its knowledge, service talents, and efficient branch network in significant urban centres, it seeks to achieve this. 
• In accordance with the Community Reinvestment Act, the bank also works to assist local community development by providing local homes, businesses, and organizations with credits, training, and gifts.
• Additionally, the bank strives to be actively involved in delivering services to consumer, commercial, and institutional customers in the areas of deposit taking, lending, remittances, and settlement thanks to strong management capabilities and cutting-edge technology. 
• The Bank strives to dedicate itself to becoming a new bridge for Sino-US trade and economic development as well as a new platform for bilateral financial exchanges and collaboration as the extension of ICBC Global service network into the US market.

Also Read: TOP REASONS TO CHOOSE THE CENTRAL BANK OF GERMANY FOR YOUR STUDENT ACCOUNT

Points to Note 

If you are an international student who is considering opening an account in the ICBC US, there are some important things you should note beforehand. Before you open an account in this bank, keep these crucial points in mind: 

• To avoid the $10 monthly service charge, you must have an average daily balance of $300.
• Qualifying incoming wire transfers must come from one of the ICBC locations globally. 
• At the conclusion of the month, the service charges will be reimbursed.

Also Read: BENEFITS OF RBC STUDENT CREDIT CARD FOR INTERNATIONAL STUDENTS

FAQs

Hope this blog gave you all the necessary information regarding opening an account in ICBC, US as an international student. For more such information visit us at FlyFinance.