FAQ - Deposit

Renminbi Services for Hong Kong Residents

Can I open RMB Passbook Savings Account?

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

Why can't I open more than one RMB Current Account?

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.

Can I apply for an overdraft facilities for RMB Current Account?

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

Can I write "Open Bearer" RMB cheques?

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

What is the minimum account opening balance for each of RMB Current / Savings / Time Deposit Account?

The minimum account opening balance for RMB Current / Savings Account is CNY1,000 and for Time Deposit Account is CNY10,000.

What is the minimum balance for earning interest under a RMB Savings Account?

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

What is the interest calculation basis for RMB deposits?

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.

Are there any fees & charges on Personal RMB Service?

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

Can I transfer my RMB balance from my RMB account to other accounts?

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).

Can I transfer RMB fund to accounts with other banks?

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.

Can I remit RMB funds to China directly from my HKD account?

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

My RMB savings account is a jointname account, can I remit funds to my sole name account in the Mainland?

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

Can I withdraw ATM cash in China?

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

Other than ATM cash withdrawals, what other transactions can I do with the dual currency ATM card, particularly in China?

You can make purchases with the 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.

Is there any clearing limit for the RMB cheques?

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.

Where can I use the RMB Cheques?

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.

What is classified as consumer spending?

"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.

Can I pay Shenzhen's utilities bills in HK?

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.

Renminbi Services for Non-Hong Kong Residents

Can I (a non HKID card holder) open a RMB deposit account with your Bank?

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.

If I have subsequently obtained a Hong Kong Identity Card, should my account be changed to a Hong Kong resident account accordingly?

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).

What is the minimum balance for earning interest under a RMB Savings Account?

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

What is the interest calculation basis for RMB deposits?

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

Are there any fees & charges on Personal RMB Service?

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

Can I transfer RMB fund to accounts with other banks?

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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