ICBC Information
Industrial and Commercial Bank of China Limited (ICBC) was established on January 1, 1984, and is one of the largest commercial banks in China.
It provides a wide range of financial products and services to global corporate and individual customers through distribution channels such as online banking, telephone banking, and self-service banking.
Pros and Cons
Is ICBC Legit?
The ICBC was registered in 1984, but it does not have a foreign exchange trading license.
What Can I Trade on ICBC?
ICBC supports a broad range of financial products and services, including funds, bonds, foreign exchange, commodities, futures, and derivatives. The bank is heavily involved in asset management, investment banking, and brokerage services.
Account Types
The account types of Industrial and Commercial Bank of China mainly include Type I accounts, Type II accounts, and Type III accounts.
Type I account is a fully functional bank account that has functions such as deposit, purchase of wealth management products, transfer, consumption, payment, and withdrawal of cash. Type I account is suitable for use as a salary account or personal wealth account, mainly for various application scenarios.
Type II account is a wealth management account, which can be used for investment and wealth management, consumption, and public utility payments after transferring funds.
Type III account is mainly a “wallet” account, which is mainly used to bind small payments such as quick payment, online consumption, and payment.
ICBC Fees
Commission fee is applied at a rate of 0.08 percent of turnover for the Deferred Settlement. This comprises 0.02 percent for gold exchange commissions and 0.06 percent for the use of banking terminals.
Trading Platform
ICBC offers a range of digital platforms, each designed to provide customers with convenient and comprehensive financial services.
Deposit and Withdrawal
Cash payments, Debit cards, Credit cards and Online banking are available for deposit and withdrawal.
Additionally, cheques serve as a payment method at ICBC branches, with no fees attached, although customers are advised to allow sufficient time for cheque clearance before bill due dates.
