RMB Business for Hong Kong or Macau Residents FAQs
- I want to open a RMB savings account for a Hong Kong or Macau resident. What do I need to do?
Hong Kong and Macau residents should bring their own Mainland Travel Permits as well as Hong Kong or Macau resident ID to open this type of account.
- Are there any necessary conditions for opening a RMB savings account for a Hong Kong or Macau resident?
A customer who would like to open a RMB savings account for a Hong Kong or Macau resident must be an individual in possession of a valid Hong Kong resident ID card or Macau legal residence documents. A customer must provide his/her valid Mainland Travel Permit issued for Hong Kong or Macau Residents and Hong Kong/Macau resident ID as the effective document to open such an account at our bank.
- As a Hong Kong resident, what is the largest amount that can be wired into my account from Hong Kong in one day?
Hong Kong residents can wire a maximum of RMB80,000 into their accounts from Hong Kong each day.
- As a Macau resident, what is the largest amount that can be wired into my account from Macau in one day?
Macau residents can wire a maximum of RMB50,000 into their accounts from Macau each day.
- Can I wire RMB into another account with a single account holder, or into my own account that is jointly owned with another individual?
No. At present, our bank can only allow residents of Hong Kong or Macau to wire RMB into the account solely owned by the same customer. The recipient and sender must be the same person.
- Can I wire funds from my RMB savings account to Hong Kong or Macau?
Yes. Customers can have funds in RMB previously wired from Hong Kong or Macau transferred back to an account in Hong Kong or Macau and/or the remaining balance of undrawn RMB funds and interest (without an upper limit) transferred back to Hong Kong or Macau.
- What types of transactions can I do with my RMB savings account?
You can make cash withdrawals, fixed term deposits, and other similar transactions.
- Can I convert a demand deposit into a fixed term deposit?
- What should I do in order to access my RMB savings account?
You can access your RMB savings account by personally visiting any Standard Chartered Bank branch in Mainland China with your HK/MA Travel Permit and HK/MA Resident ID.
- I want to terminate my RMB savings account. What should I do?
You can visit any Standard Chartered Bank branch in Mainland China to terminate your account.
- Is there a customer service hotline that handles inquiries related to residents of Hong Kong or Macau opening a RMB savings account in China?
You can dial our 24-hour customer service hotline at 800-820-8088. If calling from a cell phone from outside Mainland China, you can dial (86-755) 2589-2333.
- How can I use a Hong Kong or Macau resident savings account to withdraw cash?
You can bring your valid ID (both HK/MA Travel Permit and HK/MA resident ID) to a Standard Chartered Bank branch in Mainland China and withdraw your cash at the counter.
- How can I withdraw foreign currency?
You must use a foreign currency settlement account to withdraw foreign currency. The maximum amount of foreign currency that can be withdrawn in a day is a total of US$10,000 or the equivalent in other currencies.
- How can I use my Hong Kong or Macau resident savings account to transfer funds? How can I transfer funds back to Hong Kong?
- This account can only receive RMB transfers from Hong Kong or Macau. Funds from Mainland China cannot be transferred into this account.
- You can only use this account to transfer the balance of undrawn funds back to the account of your own name in Hong Kong or Macau. You cannot transfer funds to any domestic account, whether it is in your name or not.
Unless you use a Hong Kong and Macau resident RMB savings account, RMB funds are prohibited from being transferred to accounts in any country or region outside Mainland China.
What are the differences between using a Mainland China RMB settlement account and a Hong Kong or Macao resident savings account?
Type of Transaction RMB Savings Account for a Hong Kong or Macau Resident RMB Settlement Account Opening an account Restricted to residents of Hong Kong or Macau (Mainland Travel Permit for Hong Kong or Macau residents as well as HK/MA resident ID required) √ Cash deposit X √ Cash withdrawal √ √ Fixed term and call deposits √ √ Transfers from Mainland China accounts X √ Transfers to Mainland China accounts X √ Transfers from accounts outside Mainland China Can accept transfers from Hong Kong/Macau performed by the same account holder, limited to a total of RMB80,000/ RMB50,000 per day X Transfers to accounts outside Mainland China Only transferring an undrawn portion of RMB previously transferred by the account holder back to the Hong Kong or Macau account of your own name is allowed X Opening a debit card X √ Foreign exchange X √ Investment banking X √ Public services fees X √ Personal loans X √
For more information, please visit any of our branches or call our 24-hour Customer Care Centre Hotline on 800 820 8088. If you are using a mobile phone or dialing from Hong Kong, Macau, Taiwan or areas outside China, please call: (86-755) 2589 2333
- RMB remittance from Hong Kong and Macau cannot be directly transferred to the beneficiary's RMB settlement account, or another person's RMB account. If the beneficiary and the remitter is not the same person or are joint account holders, then this remittance must be returned back to Hong Kong and Macau. No withdrawal or transfer is allowed.
- The Time Deposit account, interest account and maturity account must belong to the same account holder of the RMB savings account who remitted the RMB funds to China from Hong Kong and Macau.