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FAQs: Deposits and Transfers

Frequently asked questions relating HSBC China's deposit and transfer products and services.

Renminbi Deposits

How can I check the latest interest rates?

Please click here to see the latest interest rates provided by HSBC China Deposits Interest Rates.

What are the differences in opening an Overseas Renminbi Savings Account, Overseas Renminbi Settlement Account and normal Renminbi Settlement Account?

Account opening instructions
Renminbi Settlement Account
Overseas Renminbi Savings Account
Overseas Renminbi Settlement Account
Who is eligible for this service?
Local Chinese residents, foreigners, residents of HK SAR, Macau SAR or Taiwan
HKID or Macau ID holders, or Taiwan residents
Taiwan Residents
Is a joint account available?
Yes, but the account holders must be direct relatives
No
No
What forms need to be completed?
The customer needs to complete the ‘Customer Information/Sole Account Opening Form’ and ‘Renminbi Settlement Account Opening Form’
The customer needs to sign the  ‘Customer Information/Sole Account Opening Form’ and tick ‘Overseas Renminbi Savings Account’ in the ‘Choice of account’ section
The customer needs to sign the ‘Customer Information/Sole Account Opening Form’ and tick ‘Overseas Renminbi Settlement Account’ in the ‘Choice of account’ section and ‘Renminbi Settlement Account Opening Form’
How to differentiate them in account numbers?
Suffix is 050
The first 9 digits are the same as that for Renminbi Settlement Account. Suffix is 054
The first 9 digits are the same as that for Renminbi Settlement Account. Suffix is 053

Note: ‘Customer Information / Sole Account Opening Form’ is only required for new customers the first time they set up an account with HSBC (China).

What are the differences between an Overseas Renminbi Savings Account, Overseas Renminbi Settlement Account and a normal Renminbi Settlement Account?

Account features
Renminbi Settlement Account
Overseas Renminbi Savings Account
Overseas Renminbi Settlement Account
Can I receive Renminbi remittance from overseas?
Yes, you can receive non self-named Renminbi remittance from Taiwan
Yes, you can receive self-named Renminbi remittance from Hong Kong, Macau or Taiwan
Yes, you can receive self-named Renminbi remittance from Taiwan
Any limit on Renminbi remittance from overseas?
The daily limit is RMB 80,000 per person for Renminbi remittance from Taiwan
The daily limit is RMB80,000 per person for Renminbi remittance from Hong Kong or Taiwan. The daily limit is RMB50,000 per person for Renminbi remittance from Macau
The daily limit is RMB80,000 per person for Renminbi remittance from Taiwan
Does it support Renminbi domestic transfer or transfer between self-named accounts within HSBC China?
Yes
No
Transfer-out allowed but transfer-in not allowed
Does it support Renminbi cash withdrawal in branch?
Yes
Yes
Yes
Does it support Renminbi Cash Deposits in branch?
Yes
No
No
Does it support TMD placement?
Yes
Yes
Yes (the capital and interest accrued must be credited back to this account otherwise it cannot be remitted back to Taiwan)
Does HSBC China provide Debit Card service?
Yes
Yes (as the secondary or third account only)
Yes (as the secondary or third account only)
Can the unused portion of the deposits in this account be remitted back?
No
Yes, back to Hong Kong, Macau or Taiwan, including the capital and interest
Yes, back to Taiwan, including the capital and interest
Any daily limit on Renminbi remittance back to Hong Kong, Macau or Taiwan?
N/A
No
No
Does it support Online Banking?
Yes
Yes, but limited to balance enquiry, time deposit placement and remittance back to Hong Kong, Macau or Taiwan of the unused portion
Yes, but limited to balance enquiry, time deposit placement and domestic remittance and remittance back to Taiwan of the unused portion

Does it support Phone Banking?

Yes
Yes, but limited to balance enquiry and time deposit placement
Yes, but limited to balance enquiry, time deposit placement and pre-designated local payment

Can I withdraw my money before my Time Deposit matures?

Yes, customers can partially or fully withdraw the money before the maturity date of the Time Deposit. Unless otherwise set by laws, regulations or rules, we also reserve the right to cancel any Time Deposit due to the balance of the account falling below the minimum initial deposit amount.

How can I check my balance or other information of my HSBC (China) account?

You can access and manage your account via Online BankingMobile BankingPhone Banking and WeChat Banking. If you have an HSBC Debit Card you can also check your balance at any ATM machine.

What is the minimum deposit amount of Personal Large-Denomination Certificates of Deposit?

The minimum deposit amount is RMB200,000. 

Is Renminbi the only accepted currency for the subscription of Personal Large-Denomination Certificates of Deposit?

Yes. Renminbi is the only accepted currency for the subscription of Personal Large-Denomination Certificates of Deposit.

Does HSBC provide cross-branch services?

Yes, we provide a range of services across our branch network, regardless of which branch your account is maintained in. This includes RMB cash withdrawals/deposits*, foreign currency notes withdrawals, foreign currency cash deposits, statement requests and certificates of balances services.

*Renminbi cash withdrawals/deposits are for HSBC Premier customers only.

What foreign currency services does HSBC provide?

We provide multi-currency account services including cash deposits and withdrawal transfer, term deposits, mortgages, remittance, foreign currency exchange and rate enquiry. There are two different personal accounts for Foreign Currency Accounts, Foreign Currency Exchange Accounts and Foreign Currency Notes Accounts.

 

Account Types
Foreign Currencies
Notes Accounts
HKD, USD, JPY and EUR
Exchange Accounts
HKD, USD, JPY, EUR, GBP, CAD, AUD, SGD and NZD

Is there any charge for cash deposit or withdrawal of foreign currencies?

For more details, please refer to Fees and Charges. Or contact us

HSBC Premier customers call

400-820-8828

HSBC Advance customers call

400-820-8878

Other customers call

400-820-3090

Please dial China country code +86 if you are calling from overseas

How can I fund my HSBC Foreign Currency Accounts?

You can fund your account with cash notes deposit, cheque, local transfer, demand draft and telegraphic transfer. We recommend you to fund your HSBC account via wire transfer or local clearing. Non-cash transactions help reduce the inconvenience caused by handling cash notes and help ensure the maximum security of your funds. 

Deposit Services

How can I apply for a Frozen Deposit Certificate?

You or your agent should visit any HSBC branch and bring valid identification documents. 

How can I apply for an Overseas Travel Deposit Certificate?

Please visit your local branch for this service. 

Can I release my bank account before the expiration of the freezing period of a frozen deposit?

Yes. To release the corresponding deposits, take all the original Frozen Deposit Certificate documents to your local branch.

Transfers and Remittance

What remittance services are available from HSBC?

We provide you with the ability to make local transfers in Renminbi and foreign currencies. We also offer outward/inward overseas remittances, travellers' cheques and overseas remittance-related investigation services. 

Can I withdraw cash from my Foreign Currency Exchange Accounts?

Yes, you can withdraw cash from your Foreign Currency Exchange Accounts provided that it complies with State Administration of Foreign Exchange (SAFE) regulations. Supporting documents or approval from SAFE may be required under certain circumstances. For details, please call your local HSBC branch to speak to one of our branch customer service representatives. 

To ensure the ordered notes are available, two working days' notice in advance must be given to the branch. All foreign currency cash withdrawals are subject to commission in lieu of exchange. 

As services may vary across branches, we recommend you contact us in advance:

HSBC Premier customers call

400-820-8828

HSBC Advance customers call

400-820-8878

Other customers call

400-820-3090

Please dial China country code +86 if you are calling from overseas

How much is the service charge for remittance? How will it be charged?

The service fee varies for remittance types. For details, please refer to Fees and Charges or contact us by phone. 

HSBC Premier customers call

400-820-8828

HSBC Advance customers call

400-820-8878 

Other customers call

400-820-3090

Please dial China country code +86 if you are calling from overseas

Can I transfer foreign currencies in China?

Yes. According to the State Administration of Foreign Exchange, you can transfer foreign currencies between your self-named accounts, or between you and your direct relatives’ accounts. You should visit your local branch in person for this service. 

For more information, please refer to the Frequently asked questions page.

Disclaimer

These FAQs are intended to provide an overview of the information on issues related to financial products or services, or regulatory requirements faced when undertaking financial activity in mainland China. Due to the diversity and  complexity of financial products/services and local regulatory environment, these FAQs can only provide an outline of the issues. The information is provided for your reference only, and shall not be construed as legal, financial or any other professional advice. HSBC makes no guarantee, representation or warranty and accepts no responsibility for the accuracy updatedness and/or completeness of the information.

Latest update in Nov. 2016