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FAQs: Deposits and Transfers

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

Renminbi deposits

1. How can I check the latest interest rates?

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

2. 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).

3. 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

4. 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.

5. 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.

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

The minimum deposit amount is RMB200,000. 

7. 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.

8. 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.

Foreign currency deposits

1. 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

2. 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

3. 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

1. How can I apply for a Frozen Deposit Certificate?

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

2. How can I apply for an Overseas Travel Deposit Certificate?

Please visit your local branch for this service. 

3. 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

1. What remittance services are available at HSBC China?

You can make local transfers in RMB and foreign currencies. We also offer overseas payment-related services.

2. Can I withdraw cash from my Foreign Currency Exchange Accounts?

Yes, you can withdraw cash in RMB or other currencies from your foreign currency exchange accounts, as long as it complies with the regulations of the State Administration of Foreign Exchange (SAFE). Call our customer service team or visit a local branch for more information. 

You'll need to give your local branch 2 business days' notice so they can make sure the currency notes you require are available. All foreign currency cash withdrawals are subject to commission-in-lieu of exchange. 

Services may vary across branches, so we recommend that you consult your local branch 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

3. How much is the service charge for remittances? How is it charged?

Service charges may vary according to the type of remittance made. Contact us for more information.

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

4. 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. 

5. What is Global View? Can I access my accounts anywhere in the world through this service?

Global View is a unique service that allows you to link and see all of your eligible worldwide HSBC accounts from anywhere in the world.

6. How can I open an account in HSBC China?

With our key benefits of global connectivity and international recognition, we would be very happy to open accounts for you in HSBC China and provide you with customized personal banking and wealth management services. Your Relationship Manager will provide you with all the assistance you need. Please consult your Relationship Manager for details. To make it easier for you to access and manage your accounts, we recommend that you register for our online banking service via
www.hsbc.com.cn. Upon successful registration, a Security Device will be mailed to your correspondence address within 14 business days. You may then connect your HSBC China account to your global accounts.

7. How do I link up my accounts in different countries/territories via online banking?

First, sign up for online banking in that country/territory's HSBC website. Then log on to HSBC China online banking and add your account by going to 'Add/Remove a country or territory' under 'Global View' in 'My banking'. You'll need to enter your username, password and token code or answer security questions based on the hints shown on the screen.

8. When can I access Global Transfer?

Global Transfer is available 24 hours, 7 days a week, except when system maintenance has been scheduled, which is usually early in the morning on weekends or holidays.  Please check the maintenance schedule in the Internet Banking notification page.

9. How can I use HSBC Global Transfer?

Overseas foreign currency transactions between your global HSBC accounts can be made through online and mobile banking. Transfers to family members within your Premier Family account can only be made via mobile banking, but we'll be launching other digital channels very soon.

10. Can I make same-currency and cross-currency transfers via Global Transfer?

Yes. For cross-currency transfers, a review page will show an indicative exchange rate at which the transfer will be conducted. A confirmation page with details will be shown after the transfer has been processed.

11. Can I schedule immediate, future-dated and recurring transfers via Global Transfer?

Global Transfer to Self—Transfers within your global HSBC accounts: 

1) For transfers from overseas to China accounts, you can choose to make immediate, future-dated and recurring transfers. The type of transfer is subject to availability at the initiating bank.

2) For transfers from China to overseas accounts, you can choose either immediate or future-dated transfers

Global Transfer to Family—you can make immediate transfers from China to HSBC overseas accounts held by family members in the same HSBC Premier Family account.

Recurring transfer are not available for transfers from China to overseas accounts due to regulatory requirements.

12. I'm an existing Global Transfer customer in other countries/territories. Does HSBC China’s site look exactly the same as those sites?

In general, the look-and-feel and process are the same except for transfers from China to overseas. However, for transfers from China to overseas accounts, you'll need to report the reason or purpose of the transfer on the Balance of Payment (BOP) , which is mandatory under China's regulations on Foreign Exchanges Administration. 

Visit our branch for support if the reason or purpose of the transaction is not covered by our Global Transfer service.

13. Can I review my Global Transfer transaction history?

Yes, you can check your past 12 months' Global Transfer transaction history. Please select the country/territory of outgoing transfers and the debit account in the 'View transfer history' page.

14. What do I do if I have problems linking up my HSBC accounts via online banking or when using Global Transfer?

Please call our customer service hotline or contact your customer relationship manager if you need support.

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