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FAQ
Frequently Asked Questions for RMB Services
Deposit and Account Opening Service
| Q1. | Who may open a personal RMB deposit account with ICBC (Asia)? |
| A: | Individuals who are the holders of Hong Kong Identity Card (including residents who legally work, study, conduct business or reside in Hong Kong) can open a personal RMB account with ICBC (Asia). |
| Q2. | Can I open a RMB deposit account for a company? |
| A: | Yes. Designated business customers which are Hong Kong commercial establishments can open a RMB account. Designated business customers are defined as business / service providers which engage in retail, catering, accommodation, transportation services, communication services, medical services and educational services. |
| Q3. | What is the minimum initial deposit for opening a RMB Savings Account with ICBC (Asia)? |
| A: | The minimum initial deposit is RMB100. |
| Q4. | Can I transfer funds between my RMB accounts at ICBC (Asia)? |
| A: | Yes. A personal customer can transfer funds from his or her personal RMB savings account to other RMB savings accounts within ICBC (Asia). But the funds cannot be transferred to RMB account in other banks in Hong Kong or other places except the mainland. However, for designated business customers, fund transfer between RMB company accounts can only be made under the same account name. |
| Q5. | Is there any daily transaction limit for the deposit made to or funds withdrawal from RMB accounts? |
| A: | There is no transaction limit if the deposit and withdrawal do not involve exchange. |
| Q6. | What is the daily transaction limit for placing a deposit to or withdrawing a deposit from a RMB Savings Account in a currency other than RMB? |
| A: | If a personal customer places a deposit to or withdraws a deposit from his or her personal RMB account in a currency other than RMB, the daily transaction limit is RMB10,000 per day (The transaction limit for withdrawal and deposit are calculated separately). On the other hand, designated business customers can only deposit RMB banknotes, and withdraw either RMB or HKD banknotes. Only one-way exchange is allowed for designated business customers, i.e. sell RMB and buy HKD, and there is no exchange limit provided that the transaction amount is in line with the business nature of the customers. |
| Q7. | Is there any handling fee for deposit and withdrawal made to a RMB Savings Account? |
| A: | If the daily deposit or withdrawal amount is over RMB10,000, a handling fee of 0.25% (minimum RMB50) will be levied. |
| Q8. | What denominations of RMB notes are accepted for deposit or withdrawal? |
| A: | The denominations of RMB100, RMB50, RMB20 and RMB10 are accepted. |
| Q9. | What tenors are availabe for RMB Time Deposit ? |
| A: | You may select 1-week, 2-week, 1-month, 2-month, 3-month, 6-month and 1-year. |
| Q10. | You may select 1-week, 2-week, 1-month, 2-month and 3-month. |
| A: | The interest of RMB account is calculated on the basis of 360 days per year. |
| Q11. | What is the initial deposit amount of RMB Time Deposit? |
| A: | The minimum initial deposit is RMB5,000. |
| Q12. | Can I pre-set a renewal instruction for a RMB Time Deposit? |
| A: | Yes, you can pre-set a renewal instruction for a RMB Time Deposit and the choices of instruction are the same as that of HKD and other currencies. |
Current Acount
| Q1. | What is RMB Current Account? |
| A: | RMB Current Account is a newly launched service for the second phase of RMB Services, which facilitates personal customers in Hong Kong to pay for spending expenditure by cheque in Guangdong Province, including Shenzhen. RMB cheque payment is generally accepted by the merchants in retail, travel and entertainment sectors. Therefore, neither cash withdrawal nor exchange from the RMB Current Account is allowed in the banks in Hong Kong. |
| Q2. | Who can open personal RMB Current Account? |
| A: | Individual, who is over 18 and holds Hong Kong Identity Card and maintains a RMB Savings Account with the Bank , can open a personal RMB Current Account. |
| Q3. | Can customer open a joint name RMB Current Account? |
| A: | Individual, who holds Hong Kong Identity Card, can open a RMB Current Account jointly with another person who also holds Hong Kong Identity Card, subject to the requirement of one person maintains one account. |
| Q4. | How much for the initial account opening amount for RMB Current Account? |
| A: | RMB1,000. |
| Q5. | Is there any limitation for the aggregate payments per day for each current account? |
| A: | Customer cannot issue a single RMB cheque exceeding RMB80,000 and cannot issue any one or more RMB cheques with aggregate amount exceeding RMB80,000 on the same day. |
| Q6. | Is there any requirement for the day-end balance per day of each current account? |
| A: | The cap of day-end balance of the RMB Current Account per day is RMB80,000. The Bank is entitled to transfer any excess amount to the RMB Savings Account which is owned and designated by the customer. |
| Q7. | Is there any service fee for minimum account balance? |
| A: | No service fee is set for the requirement of minimum account balance of RMB deposits at this stage. |
| Q8. | Is there any overdraft service for RMB Current Account? |
| A: | No overdraft service is provided for RMB Current Account. |
| Q9. | Is there any cashier’s order service or counter cheque service for RMB Current Account? |
| A: | No. |
| Q10. | Can customer withdraw cash from branches of ICBC on the Mainland or other banks in Hong Kong by presenting a RMB cheque? |
| A: | No. |
| Q11. | Can we accept any RMB cheque issued by other banks? |
| A: | No. RMB Current Account can only be used for payments of spending expenditure to merchants in Guangdong Province, including Shenzhen. |
Exchange Service
| Q1. | Who can exchange RMB banknotes with ICBC (Asia) ? |
| A: | We provide the RMB banknotes exchange services to both our account holders and non-account holders. |
| Q2. | What is the transaction limit for a non-account holder exchanging RMB banknote with ICBC (Asia)? |
| A: | The transaction limit is RMB20,000 per transaction per person. However, there is no limit for designated business customers provided that the transaction amount is in line with the business nature of the customers. Moreover, it is restricted to one-way RMB exchange for company clients, allowing clients to sell RMB and buy HKD only. |
| Q3. | What is the daily transaction limit for a RMB account holder to withdraw RMB or exchange it into HKD via his or her ICBC (Asia) RMB Savings Account? |
| A: | The transaction limit is RMB20,000 per day for a personal client (the transaction limit for withdrawal and deposit are calculated separately). On the other hand, designated business customers can only deposit RMB banknotes, and withdraw either RMB or HKD banknotes. Only one-way RMB exchange is allowed for designated business customers, i.e. sell RMB and buy HKD, and there is no exchange limit provided that the transaction amount is in line with the business nature of the customers. |
| Q4. | Can a company customer exchange RMB banknote with ICBC (Asia)? |
| A: | We only accept the RMB banknote exchange for designated merchants. They can exchange RMB into HKD only (HKD exchanged to RMB is not allowed). The designated merchants include those engage in retail, catering, accommodation, transportation services, communication services, medical services and educational services. |
| Q5. | Is there any handling fee for RMB exchange service? |
| A: | The handling fee for RMB exchange is HKD30 per transaction. However, the fee is waived for travelers from the mainland, designated merchants and our account holders. |
Remittance Service
| Q1. | Can a customer make RMB remittance to other person's account on the mainland? |
| A: | No, the remitter should only remit RMB funds to his or her account (under the same name) with the bank on the mainland. |
| Q2. | Can a customer arrange remittance without a RMB savings account? |
| A: | No, the remitter can only remit RMB funds to the mainland via his or her personal RMB savings account. |
| Q3. | Can joint name customers make remittance via their joint RMB savings account? |
| A: | Customers may make remittance via their joint name RMB savings account but the remitter should be one of the account holders only. In addition, the remitter and beneficiary should be the same person. |
| Q4. | Can RMB funds be remitted to other countries? |
| A: | No, the RMB funds can only be remitted to the mainland China. |
| Q5. | What is the maximum limit of RMB Remittance?？ |
| A: | The aggregate limit is RMB80,000 per day for a personal client. However, there is no RMB remittance service for company cleints yet. |
| Q6. | What are the charges for RMB Remittance ? |
| A: | HKD150 - HKD200 per transaction plus correspondent bank charges, if any. |
| Q7. | Can the RMB funds that have been remitted to the mainland be remitted back to the RMB personal account in Hong Kong? |
| A: | The outstanding amount of remitted RMB funds which have not been withdrawn from the mainland can be remitted back to Hong Kong via the personal RMB account under the same acount name. (For details, please contact the related financial institution on the mainland) |
Service Hours
| Q1. | What are the service hours of RMB services ? |
| A: | Service hours of our RMB services are shown as follows: Deposit : (Savings) Business hours of our branches* (Time Deposit) Mon - Fri: 9:30a.m. to 2:00p.m. (Current) Business hours of our branches* Remittance: Business hours of our branches* Exchange: Business hours of our bran* * Remarks: Business hours of different branches may be different. Please click here for details. |