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FAQ
Customer Eligibility
Account Type/ Interest Calculation
- Can I open RMB Passbook Savings Account?
- Why can't I open more than one RMB Current Account?
- Can I apply for an overdraft facilities for RMB Current Account?
- Can I write "Open Bearer" RMB cheques?
- What is the minimum account opening balance for each of RMB Current / Savings / Time Deposit Account?
- What is the minimum balance for earning interest under a RMB Savings Account?
- What is the interest calculation basis for RMB deposits?
- Will "Time Deposit Maturity SMS Reminder Alert Service" apply to RMB Time Deposit?
- Are there any fees & charges on Personal RMB Service?
Transfer / Remittance
- Can I transfer my RMB balance from my RMB account to other accounts?
- Can I transfer RMB fund to accounts with other banks?
- Can I remit RMB funds to China directly from my HKD account?
- My RMB savings account is a joint name account; can I remit funds to my sole account in the Mainland?
RMB Exchange Services
- What is the RMB/HKD exchange limit?
- If the exchange is done via a joint RMB account, will the daily exchange limit be counted towards primary account holder or secondary account holder?
- If I have already utilized my personal daily exchange limit, can I (primary account holder of joint RMB account) still exchange RMB via a joint RMB account and use the secondary holder's personal exchange limit?
Dual Currency ATM Card
- Can I withdraw ATM cash in China?
- Other than ATM cash withdrawals, what other transactions can I do with the dual currency ATM card, particularly in China?
Payment in China
- Is there any clearing limit for the RMB cheques?
- Where can I use the RMB Cheques?
- What is classified as consumer spending?
- Other than ATM cash withdrawals, what other transactions can I do with dual currency ATM card, particularly in China?
- Can I pay Shenzhen's utilities bills in HK?
Can I (a non HKID holder) open a RMB deposit account with your Bank?
According to the requirements of People's Bank of China (PBoC), at present, only HKID holders are eligible to open RMB deposit accounts
(Applicable to both primary and secondary account holders).
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.
Will "Time Deposit Maturity SMS Reminder Alert Service" apply to RMB Time Deposit?
Yes, Prioirty Banking or Preferred Banking customers who have registered for the "Time Deposit Maturity SMS Reminder Alert Service" will receive the alert message on maturity day via mobile phone when their RMB time deposit matures.
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 to/from HKD / RMB accounts within Standard Chartered Bank (Hong Kong) Limited (including same name or third party transfer) is allowed, but subject to an exchange limit if exchange service is involved.
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 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 joint name account; can I remit funds to my sole account in the Mainland?
Yes, but the application should be made by you and the remittance amount will be subject to the daily limit.
What is the HKD/RMB exchange limit?
The exchange limit applies to 2 way HKD/RMB exchange per day as below:
• Buy/Sell CNY20,000 per customer if made through accounts; and
• Buy/Sell CNY20,000 per person per transaction if in cash.
If the exchange is done via a joint RMB account, will the daily exchange limit be counted towards primary account holder or secondary account holder?
The exchange transactions done via a joint RMB account will utilize the primary account holder's personal daily limit.
If I have already utilized my personal daily exchange limit, can I (primary account holder of joint RMB account) still exchange RMB via a joint RMB account and use the secondary holder's personal exchange limit?
No. Since exchange transactions done via a joint RMB account will utilize the primary account holder's personal daily limit and your limit is already used up, the said transaction will be rejected.
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.
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:
(i) expenditure for purchases of fixed assets or financial assets, and
(ii) 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.
