Priority Banking
Tax Loan
A financial service to help grasp the opportunities in the foreign exchange market
Are you looking for foreign exchange opportunities in currency market with greater flexibility? To help to meet your needs, we are pleased to introduce the following services.
Currency Switching
How does it work?
By selecting a conversion currency and agreeing on the exchange rate, you can "unlock" your time deposit and switch the currency for unlimited times before your deposit's maturity date. On the deposit maturity date, your deposit will automatically be converted to your final designated currency at the agreed exchange rate of the forward contract(s).
What are the options for Currency Switching?
- 9 major currencies to choose from - USD, GBP, JPY, EUR, CHF, AUD, CAD, NZD and HKD
- Minimum contract size is only USD20,000, or its equivalent
- Unlimited conversions (conversion instruction must be given before deposit maturity)
- No commission is charged on forward contract
Foreign Exchange Margin Trading Services
To ensure your dollar is working more efficiently for you, we provide the Foreign Exchange Margin Trading Services with higher flexibility:
- Trade up to 20 times of your margin deposit
- Minimum margin deposit of USD10,000 only
- Interest earned on margin deposits
- 8 trading currencies (AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD) available, plus a wide choice of cross-currency combinations
Foreign Exchange Leveraged Trading Services
Foreign Exchange Leveraged Trading Services help you implement your investment strategy with greater flexibility:
- You can sell short and buy long on 9 major currencies, including AUD, CAD, CHF, EUR, GBP,
JPY, NZD, USD and HKD, offering a total of 29 cross-currency combinations - You can trade up to 10 times of your margin deposit
- The minimum margin deposit is only USD2,500 and the minimum contract size is
USD20,000
Foreign Exchange Order Watching Service (For Priority Banking Customers only)
The complimentary Foreign Exchange Order Watching Service provides you with both convenience and timely assistance. We will watch the market 24 hours a day on your behalf to help you capture foreign exchange opportunities.
- We monitor the market 24 hours a day to give you peace of mind. When the exchange rates reach your pre-determined level, we will automatically execute your pre-set orders , to help you capture your desired price levels.
- An extensive range of standing orders to suit your needs
| Target order | When the exchange rate reaches your pre-determined level, your instructions will automatically be carried out. |
| Stop Loss Order | When the market rate moves beyond your specified stop-loss level, your order will be executed at the next available rate. |
| One-cancel-the-other Order | Combining the benefit of Target Order and Stop Loss Order, no matter you want to buy or sell a currency, you can pre-set a pair of orders of the same amount with different price levels. If one of them is executed, the other will be voided automatically. |
| If-done Order | You can place a pair of orders of the same amount for the same currency simultaneously. The second order will become effective only if the first one has been executed. |
- 9 major currencies – AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD and USD are available for your selection, helping you to make the most of your currency investment. The minimum transaction amount for the Foreign Exchange Order Watching Service is HKD200,000 or equivalent.
Special Remarks for Foreign Exchange Order Watching Service:
- To pre-set standing orders, please call our customer service hotline from Monday to Friday (9am to 5pm), or visit any of our branches (9am to 4:30pm)
- All orders are "good-till-weekend" and will be voided automatically if they are not executed at 2:30am Saturday Hong Kong time (or the last trading day of the week). If the Friday is a Hong Kong Public Holiday, the trading cut-off time will be at 2:30am on Friday.
- The minimum transaction amount is HKD200,000 or equivalent of any currency accepted by us.
- If the order is executed at or before 5:30pm on a trading day, the relevant forex trading transaction amount resulting from the executed order will be settled on the same day by crediting to or debiting from your designated deposit amount. If the order is executed after 5:30pm on a trading day, the relevant forex trading transaction amount resulting from the executed order will be settled before noon on the next trading day by crediting to or debiting from your designated account.
Risk Disclosure Statements:
Currency Switching:
- Investment involves risks. The worst case will result in loss of your entire investment.
- This is an investment product. The investment decision is yours but you should not invest in Currency Switching 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.
- This product is not an alternative to ordinary savings or time deposits and is NOT a protected deposit under the Deposit Protection Scheme in Hong Kong and that the repayment is not guaranteed by the Hong Kong SAR Government’s Exchange Fund.
- Principal Loss Risk / Currency Risk - This product is not principal-protected and the return of which will be dependent on movements in some specified currency exchange rates which are affected by a wide range of factors and may rise or fall rapidly.
- Liquidity Risk / Early Withdrawal Risk / Cancellation Risk - Any cancellation or withdrawal prior to maturity is subject to the consent of the Bank. With these risks, investors may incur significant costs or losses.
Foreign Exchange Leveraged/ Margin Trading Services:
The risk of loss in leveraged foreign exchange trading can be substantial. You may sustain losses in excess of your initial margin funds. Placing contingent orders such as 'stop-loss' or 'stop-limit' orders, will not necessarily limit losses to the intended amounts. Market conditions may make it impossible to execute such orders. You may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, your position may be liquidated. You will remain liable for any resulting deficit in your account. You should therefore carefully consider whether such trading is suitable in light of your own financial position and investment objectives.