Icbc Transfer: Fill & Download for Free

Figure out if you can actually afford to buy the car, based on selling price, tax, fuel, parking, tolls, insurance, repairs etc. You may need to physically visit an Autoplan agent to get answers on insurance.Find a car. Note the VIN number (on the dash, and on the seller’s insurance papers. They should match)Do VIN number search at ICBC for damage (has the car been scrapped and re-animated)Do a VIN number search for liens (has the car been financed but not paid off)Negotiate a sale “subject to lien removal” and “subject to inspection”Get the car inspected by a 3rd-party mechanic, e.g. BCAAFill out an ICBC transfer paper, signed by you and the seller, with the agreed-on priceTake the transfer papers to an Autoplan agent and insure the car, get some plates and put them on the car. You will have to pay tax on the purchase price, and if it’s artificially low, expect to be asked why. Basic liability insurance is mandatory through ICBC. You can use a different company for collision or comprehensive if you want to. If you don’t get collision insurance and you hit a gatepost, too bad, you’ll have to pay for it yourself.If you can’t afford to pay cash, you’ll have to negotiate a loan, too, in which case if you don’t insure the car properly you could still be paying for it after you destroyed it.

If timed right, one can take 6 hours.I use ICBC and initiate the transfers online. No matter what time I initiate the transfer, ICBC only processes wire transfers from about 10 am until 3 pm each weekday. If you initiate your transfer after 3 pm or initiate the transfer in a branch, it will not be processed until the next working day.If the target bank is ICBC USA, the transfer arrives and posts almost immediately. If not, the wire is routed through ICBC’s correspondent bank in the US — often Bank of NY / Mellon. Mellon processes wires through their automated system in batches so there is minimal delay. Mellon credits the target bank and that bank processes incoming wires and posts them to tour account according to their internal schedule. Mine happens to process and post wires starting in the morning as soon as they open until about 10 am. After that, the wire sits until the next business day.Some target banks only process wires in the afternoon or evening, often to actually post the following morning.Wires do not pass through Homeland Security. They do not pass through the Federal Reserve other than through the Federal Reserve’s system for funds transfers between banks (FedWire). If the target bank has to file a SAR, they do NOT freeze your funds. That would happen only when FinCEN decides there is reason to do so.My question is how a wealthy Chinese investor is going to wire a million dollars when the Chinese government limits external foreign currency transfers to $50,000 per person per year. This investor would have to jump through some awfully big hoops and get special permission to send that much.Update: Yesterday, 6/20/19, I initiated a wire transfer from ICBC China to my bank in the US at exactly 4:45 pm. In under three hours the money was sitting safely in my US bank account and available to use.

The best way depends on several factors.Due to Chinese currency restrictions, PayPal is dead on arrival.In some provinces (but not in Beijing) you can go to a major branch of Bank of China and purchase a cashiers check denominated in US$. You can mail this to your bank in the US or use your US bank’s app to remotely deposit an image of the check. The fees are very low. For about $7,000 or less, the fee is 50 RMB. For $50,000, the maximum fee is 250 RMB.ICBC provides a wire transfer service that you can do online. It is extremely fast and cheap. I have transferred over $35,000 and the funds arrived within 4 hours. The fee was 200 RMB. Unfortunately the receiving bank in the US may also charge a fee, usually $25.As long as you already have the US$ in your Chinese bank account, it is simply not true that you need any validation paperwork. The problem you will face is exchanging your RMB for US$. If you are on any type of visa other than a valid work permit, you are limited to $500 per day. On a work permit, you can exchange up to your entire salary if (a) you have a labor contract that stipulates you can exchange your RMB salary to US$, and (b) you have tax receipts showing you paid income tax. Often item (a) is not needed, but they can require it.If you don’t have the proper documentation, you will need a Chinese citizen to help you. They can buy up to $50,000 per year.EDIT: As much as I like ICBC and also using cashiers checks with mobile deposit, I just recently discovered a far superior way to actually send the money from China to the US (or other country). Right now the best solution is HSBC. If you are an HSBC Premier customer, you can have your money sent from your HSBC China account to your HSBC US account in seconds — and totally for free. HSBC has Global Transfer system that is excellent!There is a slight drawback, though. Unless you have an average daily balance in your account of $75,000 (or ¥500,000), Premier charges a $50 fee per month. Aside from the average daily balance I just mentioned, you can avoid the monthly fee if you have $5,000 per month direct-deposited into your account.