Basic Payment Account of
Industrial and Commercial Bank of China (Europe) S.A., Sucursal en España

Conditions and characteristics of the basic payment account

The basic payment account is a euro-denominated, non-interest-bearing account that allows for a limited set of operations, as described below. Applying for this account does not require the purchase of any other products or services from Industrial and Commercial Bank of China (Europe) S.A., Sucursal en España (“ICBC” or the “Bank”).

This account may be requested by any individual who does not already hold another payment account in Spain and who can demonstrate that they meet any of the following conditions:

·●Is a legal resident of the EU (including individuals without a fixed address).

·●Is an asylum seeker.

·●Does not hold a residence permit, but is unable to be expelled for legal or factual reasons.

Only one basic payment account is permitted per holder. The corresponding account opening contract must be completed at a branch, and the required information must be provided in compliance with anti-money laundering and counter-terrorism financing regulations.

Even if they meet the above criteria, the following individuals may not open this account:

·●Holders of another payment account in Spain, opened before applying for a basic payment account, that allows them to perform the services associated with basic payment accounts.

·●Those applying to open the account in order to manage a professional or business activity.

The basic payment account allows for a limited set of operations, detailed below:

Note: this account does not allow overdrafts.

View the list of the most typical services of the basic account: (.pdf)

View the Pre-contractual Information Document: (.pdf)

Free basic payment account

You may request recognition of the right to a free basic payment account if you are in a situation of particular vulnerability or at risk of financial exclusion, in accordance with Royal Decree 164/2019 of 22 March, which establishes a free basic payment account scheme for individuals in situations of vulnerability or at risk of financial exclusion.

To do so, you must provide the Bank with evidence that you meet the following requirements:

a) Your gross annual income, calculated per household, does not exceed the following thresholds:

· ·1. Twice the Public Multiple Effects Income Indicator (IPREM) in force at the time of application, for individuals not forming part of a household unit.

· ·2. Two and a half times the IPREM for household units of fewer than four members.

· ·3. Three times the IPREM for household units of four or more members, or for households officially recognised as large families under current regulations.

· ·4. Three times the IPREM for households that include a member with a disability officially recognised as equal to or greater than 33% by a resolution issued by the Institute for the Elderly and Social Services (IMSERSO) or by the competent body of the autonomous community.

· ·b) None of the members of the household has, directly or indirectly, any ownership or real rights over real estate, other than their main residence, nor any beneficial ownership in commercial companies.

The definition of household unit will be governed by Law 35/2006 of 28 November, on Personal Income Tax, although legally registered domestic partnerships shall be treated in the same way as married couples who are not legally separated.

To prove that you meet the requirements described above, you must provide the Bank with the following information for all members of the household unit:

a) The number of people forming the household unit, by providing the family record book or a document proving registration as a domestic partnership.

b) Evidence of income received by the members of the household unit, by providing one of the following documents:

1. Income certificate and, where applicable, certificate of submission of the Wealth Tax return for the most recent tax year.

2. The last three payslips received.

3. Certificate issued by the managing body of unemployment benefits or allowances, indicating the monthly amount received under such schemes.

4. Certificate proving the receipt of social wages, minimum income schemes or similar social assistance benefits granted by the autonomous communities or local authorities.

5. In the case of self-employed workers, a certificate issued by the competent authority stating the monthly amount received if they are collecting the benefit for cessation of activity.

Fees applicable to the basic payment account

Unless the account has been recognised as free of charge, the following fees and charges apply:

Account fees:

● Account maintenance fee: 3 euros per month for:

· · ·o opening, use, and closure of the account;

· · ·o deposit of funds by transfer in euros;

· · ·o cash withdrawals in euros at ATMs of third-party institutions located in Spain or in other European Union Member States;

· · ·o up to 120 annual payment transactions in euros within the European Union, consisting of payments made by direct debit and transfers, including payments made under standing orders, at branches and via the Bank’s online services.

● For direct debit and transfer operations exceeding 120 transactions per year, fees may be charged in accordance with the Bank’s regulations, after prior notice.

● Fees and charges will be settled quarterly.

● Fees applicable to remote banking services: the remote banking service is exempt from fees.

● NIR: 0%, APR: -1.785% if a daily balance of 2,000 euros is maintained constantly for one year, applying a nominal annual interest rate of 0% and the account maintenance fee of 36 euros/year (3 euros/month). Account settlement is carried out monthly. The account settlement is carried out monthly.

Fees applicable to the Basic Debit Card:

● Issuance fee: 0 euros. It will accrue, be settled, and payable monthly from the card’s issue date.

● Renewal fee: 0 euros.

● Fees for debit cash withdrawals from ATMs:

In the case of cash withdrawals at ATMs, please note that the ATM’s payment service provider may charge a fee to ICBC, which may be passed on to the customer.

Fee information document (.PDF)

Documentation required to open a basic payment account

The basic payment account may be opened by any individual who is legally resident in the European Union, an asylum seeker, or, even without a residence permit, cannot be expelled, provided they do not already have a payment account with another institution in Spain. Applicants must provide:

· ·1. Official photo identification (DNI, passport, residence card) and proof of their right to access the account, either as a resident of the European Union or under one of the other two circumstances mentioned above.

· ·Any of the following documents will be accepted as forms of identification:

· · ·● Residents of the European Union:

· · · ·Spanish nationals: DNI.

· · · ·EU nationals: passport or valid identification from the country of origin, together with proof of NIE assignment and declaration of residence in Spain.

Non-EU nationals: Residence Card issued by the Directorate General of Police.

· · ·● Asylum seekers in Spain: Valid Red Card.

· · ·● Without a residence permit but unable to be expelled: valid identification from the country of origin or passport, together with documentation proving that expulsion from Spain is legally or practically impossible.

· ·2. Proof of address. If the applicant is not a resident of Spain, a declaration of tax residence must be signed.

· ·3. In the case of minors: Birth certificate or family book.

· ·4. Completion of a form with the client's personal details, including information on their employment situation.

· ·5. Official identification of other authorised account holders (if any).

· ·6. Other supporting documentation related to the client's activity, purpose of the account, etc.

The basic payment account may be closed:

· · ·● Due to misuse of the account.

· · ·● If the client has not carried out any transactions in the account for more than 24 consecutive months.

· · ·● If the client has provided incorrect information.

· · ·● If the client is not a legal resident of the European Union (except in the cases referred to above under the section on the conditions and characteristics of the basic payment account).

· · ·● If the client subsequently opens another payment account in Spain.

· · ·● If the Bank is unable to apply the due diligence measures required under anti-money laundering and counter-terrorism financing regulations.

Alternative dispute resolution system

You are also informed of the possibility of using the alternative dispute resolution system in accordance with the first additional provision of Law 7/2017 of 2 November, which incorporates into Spanish law Directive 2013/11/EU of the European Parliament and Council of 21 May 2013 on alternative dispute resolution for consumer disputes, once the relevant alternative dispute resolution entity in the financial sector is established, or to voluntarily submit to the jurisdiction of other accredited entities in accordance with Law 7/2017.