Bank of Communications keeps abreast of the rapid development of economy in China to provide a comprehensive array of Renminbi Services catering your financial needs.
Deposit Services
We offer a wide variety of convenient personal RMB deposit services to meet your financial requirements, including:
Savings Deposits:The handling fee will be waived if the total daily sum of deposit or withdrawal is under RMB20,000.
Current Deposits:Renminbi cheques can be issued for the purpose of making payments for personal consumer spending in Guangdong Province (including Shenzhen), and are subject to the daily clearing limit of RMB80,000.
Time Deposits and Club Deposits: Flexible plans are available to fulfill your different needs.
(Please click Savings Deposits, Current Deposits, Time Deposits and Club Deposits for more information.)
Investment Services
We provide a variety of investment choices, including RMB investment funds, bonds, structured deposits and securities etc, allowing you to diversify your investment portfolio and capture investment opportunities according to your own objectives.
Account Services
Exchange Services
You can exchange RMB to HKD, and vice versa, through savings account by using our Phone Banking, Internet Banking, or at any of our branch/sub branches without any limitation. You can also set standing instructions to automatically buy or sell RMB daily as a time-saving technique. The RMB Notes Exchange Services are also available at any of our branch/sub-branches. In addition, we provide RMB Deliverable Forward (DF) / Non-Deliverable Forward (NDF) Contracts2 which help to protect you from the risk of RMB exchange rate fluctuations.
Cashier's Orders
We can provide you with this additional instrument to fulfill your need for flexible RMB payment methods.
Card Services
Credit Card
To save on your foreign exchange expenses, any purchases made with a Bank of Communications CUP Dual Currency Credit Card in Hong Kong will be settled in HKD, while transactions made in Mainland China is settled in RMB. Moreover, Diamond Card Cardholders can earn double bonus points for certain transactions at HKD/RMB300 or above in Hong Kong ,Mainland China and overseas. No handling fee will be charged for purchases made in Mainland China and overseas.
ATM Card3
Our Dual Currency Card allows you to conveniently manage your RMB / HKD account using ATMs in Hong Kong, Macau and Mainland China with no geographical limitation.
Transfer and Remittance Services
You can conveniently transfer RMB funds from your RMB account to other third-party RMB accounts at our Bank, or to other inter-bank RMB saving accounts in Hong Kong by visiting any of our branch/sub-branches. You can also conveniently remit RMB from your RMB personal account at our bank to accounts in Mainland China if the name of the account holder is the same. The remittance amount is capped at a maximum of RMB80,000, or equivalent, per person per day.
Loans Services
Personal Customers may apply for a credit facility denominated in Hong Kong Dollars or other accepted currencies by pledging their RMB deposits as collateral.
Insurance Services
To suit your lifestyle and financial needs at every stage, you can apply for the insurance plan denominated in Renminbi11. The insurance application process is simple and straightforward, and will provide comprehensive protection for your loved ones while helping you to achieve your financial goals.
Cross-border Services
Cross-border Account Opening Services4
You no longer have to travel to Mainland China to open an account, as we can arrange that right here in Hong Kong.
Cross-border Financial Convenience
Simply register your RMB account maintained at our mainland branches with our Hong Kong branch's Internet Banking service, and you can check the account balance and transaction record5 of your registered account, as well as make fund transfers6 to it via Hong Kong branch's Internet Banking.
Professional Cross-border Service7
Integrated with our mainland branch's "OTO FORTUNE" services, and experience premier banking services throughout China.
E-services Channels
You can manage your RMB financial matters by visiting any of our branch/sub-branches during office hours. You can also ask for a 24-hour transaction history, order a cheque book, preset remittance instructions and place time deposits, among other services, using our Internet Banking, Phone Banking and ATM services. Further, you may simply dial our Customer Services Hotline at 223 95559 in Hong Kong in connection to our mainland branches without incurring any long-distance call charges.
Other Information
RMB Services for Commercial Customers
To enhance the competitive advantage for our commercial customers in today's ever-growing cross-border trading business, our Bank provides RMB banking services including RMB current accounts, savings accounts, fixed deposits, remittance and two-way exchange of RMB for HKD or other foreign currencies.
- RMB exchange Rate
- RMB Deposit Rate
Terms & Conditions
1."The Bank" refers to Bank of Communications Co., Ltd. Hong Kong Branch.
2.This product is not principal protected. Should the exchange rate between the Chinese yuan and the US dollar (or other specified currencies) change between the time the transaction is entered into and the time it is settled, customers may bear a foreign exchange risk. Customers should note that this product is illiquid, which is not transferable or tradable. Customers should therefore be prepared to hold this investment until the settlement date.
3.Daily ATM card withdrawal limit is limited to maximum of HK$20,000 or equivalent.
4.Applicable only to BComBEST customers with Mainland Travel Permit for Hong Kong and Macau Residents.
5.Transaction records of Pacific Debit Card's Renminbi Account (Reservation Fund) are available for last 2 trading days.
6.Only transfer in HKD and USD is accepted. The transfer should be made from Monday to Friday 9:00a.m. to 4:00p.m. The service is not available outside the above time period including Saturday/Sunday/Hong Kong Holidays/Mainland China Holidays.
7.Applicable only to BComBEST customers.
8.For the terms and conditions of BComBEST service, please refer to the relevant leaflet or contact our staff for details.
9.RMB is currently not freely convertible and subject to restrictions. (It is subject to the daily limit specified by the Bank and regulatory requirements applicable from time to time.)
10.The Bank reserves the right to change these service scopes of this leaflet at its discretion without prior notice. In the event of a dispute relating to this leaflet, the decision of the Bank shall be final and conclusive.
11.For the key features of the insurance plan, please refer to the product leaflet or factsheet of the relevant insurance plan. For details of the terms and conditions of the insurance plan, please refer to the prevailing policy provisions.
Risk Disclosure Statement
The above information is for reference only and is neither a recommendation, an offer, nor a solicitation for any investment product or service. Investors should note that all investment involves risks. Prices of investment products may go up as well as down and may even become valueless. Past performance is not an indication of future performance. Investors should read carefully the offering documents and the relevant Risk Disclosure Statement before making any investment decision. You should carefully consider whether any investment product or service mentioned herein is appropriate for you in view of your personal circ*mstances and should seek independent professional advice if necessary. The investment decision is yours but you should not invest in the product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives.
RMB Currency Risk Disclosure Statement
1. RMB is subject to exchange rate risk and is currently not freely convertible. Conversion of RMB or provision of RMB services through banks in Hong Kong is subject to relevant RMB policies, other restriction and regulatory requirements in Hong Kong. No prior notice will be given for any changes which may be made from time to time.
2. RMB products are subject to exchange rate fluctuations which may involve risks. The fluctuation in the exchange rate of RMB may make a gain or loss in the event that customer converts RMB into Hong Kong dollar or other foreign currencies.
Bank of Communications Co., Ltd. Hong Kong Branch (Incorporated in the People's Republic of China)
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Now, let's dive into the concepts mentioned in the article you provided.
Bank of Communications (BOCOM)
Bank of Communications is a financial institution based in China. It offers a comprehensive array of Renminbi (RMB) services to cater to various financial needs. BOCOM keeps up with the rapid development of the Chinese economy and provides a range of services to meet customers' requirements.
Deposit Services
BOCOM offers several convenient personal RMB deposit services. These include:
- Savings Deposits: BOCOM provides savings deposit services with a waived handling fee if the total daily sum of deposit or withdrawal is under RMB20,000.
- Current Deposits: Renminbi cheques can be issued for personal consumer spending in Guangdong Province (including Shenzhen) and are subject to a daily clearing limit of RMB80,000.
- Time Deposits and Club Deposits: BOCOM offers flexible plans to fulfill different needs, such as time deposits and club deposits.
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Investment Services
BOCOM provides various investment choices to diversify investment portfolios and capture opportunities. These include:
- RMB Investment Funds: BOCOM offers investment funds denominated in RMB.
- Bonds: BOCOM provides investment opportunities in RMB bonds.
- Structured Deposits: BOCOM offers structured deposits in RMB.
- Securities: BOCOM facilitates investments in RMB securities.
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Account Services
BOCOM offers account services to facilitate financial transactions. These include:
- Exchange Services: Customers can exchange RMB to Hong Kong Dollars (HKD) and vice versa through savings accounts using Phone Banking, Internet Banking, or at any BOCOM branch/sub-branch without any limitation. Standing instructions can also be set to automatically buy or sell RMB daily.
- Cashier's Orders: BOCOM provides additional instruments for flexible RMB payment methods.
- Card Services: BOCOM offers credit cards and ATM cards for managing RMB/HKD accounts conveniently.
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Transfer and Remittance Services
BOCOM offers convenient transfer and remittance services for RMB funds. Customers can transfer RMB funds from their BOCOM RMB accounts to other third-party RMB accounts within the bank or to inter-bank RMB saving accounts in Hong Kong. Remittances can also be made from BOCOM RMB personal accounts to accounts in Mainland China if the account holder's name is the same. The remittance amount is capped at a maximum of RMB80,000, or equivalent, per person per day.
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Loans Services
Personal customers can apply for credit facilities denominated in Hong Kong Dollars or other accepted currencies by pledging their RMB deposits as collateral.
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Insurance Services
BOCOM offers insurance plans denominated in Renminbi to suit customers' lifestyles and financial needs. The insurance application process is simple and straightforward, providing comprehensive protection for loved ones while helping customers achieve their financial goals.
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Cross-border Services
BOCOM provides cross-border services to enhance convenience for customers. These include:
- Cross-border Account Opening Services: Customers can open accounts in Mainland China without traveling there, as BOCOM can arrange account opening in Hong Kong.
- Cross-border Financial Convenience: Customers can register their RMB accounts maintained at BOCOM's mainland branches with the Hong Kong branch's Internet Banking service. This allows them to check account balances, transaction records, and make fund transfers to their registered accounts via Internet Banking.
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E-services Channels
BOCOM offers various e-services channels for managing RMB financial matters. Customers can visit branch/sub-branches during office hours or utilize Internet Banking, Phone Banking, and ATM services. These services allow customers to access 24-hour transaction history, order cheque books, preset remittance instructions, and place time deposits, among other services.
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RMB Services for Commercial Customers
BOCOM provides RMB banking services for commercial customers engaged in cross-border trading business. These services include RMB current accounts, savings accounts, fixed deposits, remittance, and two-way exchange of RMB for HKD or other foreign currencies.
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Please note that the information provided is based on the article you shared and the search results available to me. It's always a good idea to verify the details and consult official sources or contact Bank of Communications directly for the most up-to-date and accurate information.
