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SEPA and International Payment

SEPA and International Payment
The Multi Currency Account (Payment Account) offers the possibility to perform SEPA and International payment(s) Our advanced and powerful systems can handle your requests cost-effective and safely.

On all our retail products the Terms and Conditions Retail Customers are applicable. In this terms and conditions the Payment Service Conditions give special attention to this product.

Besides this product terms and conditions, also our General Banking Conditions including the Notes to the General Banking Conditions are applicable.

You can find the Terms and Conditions Retail Customers, General Banking Conditions and the Notes to the General Banking Conditions at our webpage “Download”.

Our worldwide ICBC network makes it possible to execute a payment to every region in the world at low cost. By using the ICBC Express service, your fund(s) will be received the following business day by the beneficiary who has an account with the participating ICBC overseas branches.

There are 2 types of International payment services: the normal international payment and the international remittance with settlement in advance. The remittance with settlement in advance offers a special service regarding payments to Mainland China (The People’s Republic of China excluding Hong Kong, Macau and Taiwan) residents whereby a EUR or USD payment is converted to CNY in advance.

International payments/ Domestic Payments Remittance with settlement in advance
· Transfer from and to your account safely  · Sending EUR/ USD, receiving CNY
· Receiving funds in EUR, USD or RMB · No FX procedures for the beneficiary
· ICBC Express · Daily fixed exchange rate
· SEPA Direct Debit  
· Sending funds quickly   
· Standing order  

Fees, rates and cut-off times
Please click here for more information on our fees, rates, limits and processing time.

Orders by post, fax or e-mail (scan) received by us before the defined cut-off time will be processed by us the same business day. Every order by post, fax, e-mail (scan) received after the defined cut-off time will be processed on, and has the following business day as value day. Please take in mind that payments executed through Internet Banking have the value date of execution. Also on non-business days Internet Banking transactions will have the value date of execution, while your payment may be processed only on the following business day.

SEPA countries:
Please click here for more information the SEPA countries.

Special Cases
Remittance with settlement in advance

Chinese authorities have set restrictions for beneficiaries as below:

Resident Individuals Mainland China 50,000 USD equivalent per Calendar year
Outside Mainland China Residents Not possible

Chinese authorities have separated their RMB currency into an offshore market (CNH) and an onshore/ Mainland China market (CNY). For the onshore market there are transfer restrictions but the offshore market is not restricted. Both markets have the same currency only they come with a different rate. Funds hold on your RMB account at ICBC Amsterdam is CNH and can be remitted to other countries except for Mainland China. You can only remit EUR and USD with CNY settlement in advance into Mainland China.

ICBC Express
This service is only available for payment(s) to an account with an ICBC overseas branch all over the world. This function is only available with ICBC Amsterdam Internet Banking. For the complete overview of participating ICBC overseas branches, please log into ICBC Amsterdam Internet Banking.

Completing the International Payment order
Besides the importance of a correct BIC/ SWIFT code, it is important to state the exact accountholder details and especially the correct account number from the beneficiary. If the translation is not done identical to what is registered at the beneficiary bank the payment might suffer a delay or will be rejected (charges to remit the amount back to the sender might be applicable, and also the exchange rate can influence the initial amount) or worse transferred to the wrong beneficiary.

Data collection by International Payment and Cash transactions
Banks are expected to know their customers, and provide background information on transactions to official authorities when requested. For this reason we may ask you to provide information on the payee and/ or beneficiary, about the source of fund(s), the purpose of transaction and your identity.

SEPA Direct Debit (SDD)
SEPA Direct Debit can be used for EURO payments in the SEPA area. It allows a company or an institution to automatically debit your Payment Account once or periodically:
-It allows you to pay on time
-You only give an one-time mandate to the creditor
-You can request a refund without reason within 56 calendar days

Click here for more detailed information on the SEPA Direct Debit.

Standing Payment Order
With a standing payment order it is possible to make an automatic payment transaction (on a fixed moment/ in a certain cyclus/ in a desired frequency) to a pre-determined beneficiary. This function can currently only be applied by form. You can find our transaction form on our webpage Download.

User Information
For instructions how to do payments through our Internet Banking system we refer to our Internet Banking manual. You can find the manual at our webpage Download.

For more information on how to make secure payments, please visit our webpage “Secure Banking”.

Contact details
For more information on our products, please call our 24/7 call center +31 (0)800 999 5588 (Only Chinese or English) or send an email to

We did our best to inform you in a complete and accurate manner, but we do appreciate your feedback if you find some information missing or unclear.