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Deposits FAQs

FAQs

Renminbi Services for Hong Kong Residents FAQs

  • RMB Passbook Savings Account such as My Dream Account RMB Savings is offered during the promotion period, please stay tuned for our latest promotion.

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  • According to the requirements of People’s Bank of China (PBoC), at present, only 1 RMB Current Account can be opened for each HKID holder.

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  • No overdraft facilities are provided for RMB Current Account and no overdraft is allowed for the RMB Current Account.

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  • According to the requirements of the RMB Clearing House in HK, only crossed and order cheques are allowed for RMB Current Accounts.

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  • The minimum account opening balance for RMB Current / Savings Account is CNY 1,000 and for Time Deposit Account is CNY 10,000.

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  • Customer has to maintain a minimum balance of CNY200 in RMB Savings Account to earn interest.

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  • Interest for RMB savings and RMB time deposits are calculated on the basis of 360 days per year (in both ordinary and leap years).

    Interest for RMB savings is simple interest. It is paid on a monthly basis for statement savings and semi-annually for passbook savings. Interest for RMB time deposit is paid on maturity.

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  • You may click here to know more about fees & charges on Personal RMB Service.

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  • Fund transfer between RMB accounts within Standard Chartered Bank (Hong Kong) Limited (including same name or third party transfer) is allowed. If fund transfer from/to HKD/RMB accounts involved exchange, the relevant accounts must be in same name and such transaction is subject to an daily exchange limit (not applicable to non-Hong Kong residents).

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  • RMB remittance to your personal RMB deposit accounts under the same name at banks in Mainland China up to RMB80,000 per day (not applicable to non-Hong Kong residents) or any RMB deposit account in Hong Kong is allowed.

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  • No, you need to exchange HKD to RMB (this will be subject to the exchange limit) before making the RMB remittance.

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  • Yes, but the application should be made by you and the remittance amount will be subject to the daily limit.

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  • With the dual currency ATM card, you can withdraw RMB directly from your RMB account on any UnionPay ATM when you travel to China.

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  • You can make purchases with the dual currency ATM card at any China UnionPay merchants. For transactions in China, funds will be debited from your RMB account on your card. For transaction elsewhere (e.g Hong Kong), funds will be debited from your HKD account on the card.

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  • The daily clearing limit is CNY80,000 for cheques presented through Guangdong Province. Customers should endeavour to ensure cheques presented for payment each day should not exceed such limit. The daily clearing limit is waived for inward clearing cheques presented within Hong Kong.

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  • RMB Cheques can be used in Guangdong Province for consumer spending. They can also be presented and cleared within Hong Kong for any purpose. RMB cheques, however, cannot be encashed over counter in Hong Kong and cannot be used in Mainland China by non-Hong Kong residents.

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  • “Consumer spending” refers to expenditure for purchases of goods and services by Hong Kong residents personally; but it does not cover:

    1. expenditure for purchases of fixed assets or financial assets, and
    2. expenditure for settlement of cross-border trade.

    Some examples of consumer spending by Hong Kong residents in Guangdong Providences that can be settled by RMB cheques are utility fees and management fees for properties, club membership fees etc.

    Customer should note that the receiving banks in China will have the discretion as to whether to accept such cheques to be deposited into a particular account.

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  • You may set cross-border direct debit authorization with your China UnionPay ATM card. Many merchants in the Shenzhen area, such as electricity company, gas company, mobile phone service provider have already accepted such payment method. Customers can visit our branches to set up direct debit authorization to pay bills in Shenzhen.

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Renminbi Services for Non-Hong Kong Residents FAQs

  • With effect from 1 August 2012, non-Hong Kong resident, i.e. an individual does not hold Hong Kong Identity Card can open RMB deposit accounts and enjoy RMB services at the banks in Hong Kong. Non-Hong Kong resident customers may visit any of our branches to open a non-Hong Kong Resident RMB account during the office hours.

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  • According to the declaration when opening a non-resident account with the Bank, customer should inform the Bank if his/her status has subsequently changed to become a resident. Upon notification from the customer, his/her non-resident account(s) at the Bank will be closed. Customer may open a resident account with the Bank and the relevant requirements applicable to resident account should apply thereafter (such as daily RMB exchange limit per person).

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  • Customer has to maintain a minimum balance of CNY200 in RMB Savings Account to earn interest.

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  • Interest for RMB savings is simple interest. It is paid on a monthly basis for statement savings.

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  • You may click here to know more about fees & charges on Personal RMB Service.

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  • RMB remittance to any RMB deposit account in Hong Kong is allowed. For Remittance to Mainland China, approval from relevant Mainland authorities may need to be obtained. Possible consequence such as charges that may be incurred in case the outward remittance be rejected by the RMB clearly bank, the Mainland authorities or Mainland banks.

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