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Renminbi Services
What are Renminbi Services?
HSBC provides you with diversified and convenient cross-border Renminbi banking services, so that you can benefit from the strengthening economic links with mainland China.
Select a Renminbi service:
What is a Renminbi Savings Account?
A simple and flexible account that you could manage your Renminbi freely via a variety of channel options; meanwhile, interest can be earned from your daily balance.
Who does it suit?
Customers who would like to deposit Renminbi but need flexibility in managing their savings
Features
- No minimum balance requirement and service fees for HSBC Premier, PowerVantage and SmartVantage customers2
- Complete Renminbi transactions conveniently through Renminbi transfer3, exchange and remittances services.
Benefits
- Earn bonus interest4 on your account if your Total Relationship Balance is HKD1 million or above
- Set-up standing instructions5 to complete regular remittances automatically
- 24 hours access to your account via HSBC phonebanking and Internet Banking
- Personalised service through HSBC's extensive branch network in Hong Kong and China
Next steps...
HSBC Internet Banking Users
Not yet a HSBC Internet Banking User
Need Help?
- Call (852) 2233 3000
What is a Renminbi Current Account?
A Renminbi Current Account allows you to issue Renminbi cheques to retailers across Guangdong Province (including Shenzhen) for consumer spending. You can also remit or exchange Renminbi with the account.
Who does it suit?
Customers who would like to make payment by cheques for consumer spending during their travel to the Mainland for leisure or business.
Features
- Exchange up to RMB20,0006 and remit up to RMB80,0006,7 to your account in the Mainland8 in a single day
- Issue cheques in Renminbi to retailers across Guangdong Province (including Shenzhen)
- Minimum initial deposit of RMB5,0002 is required for account opening
Benefits
- Access your account 24 hours a day via HSBC Internet Banking or Phonebanking
Manage your account online...
Logon to HSBC Internet Banking to carry out a local / overseas transfer, check your account balance and many more.
Why place a Renminbi Time Deposit?
A Renminbi Time Deposit provides you with a safe way to earn higher interest rates than savings account over a fixed period.
Who does it suit?
Customers who do not need immediate access to their funds and would like to gain a higher interest return over a fixed period of time.
Features
- Minimum deposit amount of RMB10,000
- Fixed tenor of 1-month, 2-month, 3-month, and 6-month
Benefits
- Higher interest return than with a savings account
- 24-hour access to your account through HSBC Internet Banking and phonebanking
Next steps...
HSBC Internet Banking Users
Not yet a HSBC Internet Banking User
Need Help?
- Call (852) 2233 3000
What is a RMB NDF?
RMB NDF is a currency exchange derivative product13 which allows you to exchange pre-determined amount of Renminbi at a set exchange rate on a fixed date in the future.
Who does it suit?
Customers who would like to hedge their Renminbi exposures, or have a Renminbi investment plan that they wish to pursue14.
There are 2 types of RMB NDF contracts available:
- Buy expected Renminbi - if you hold the view that Renminbi will appreciate and the expected future exchange rate be higher than the forward exchange rate.
- Sell expected Renminbi - if you hold the view that Renminbi will depreciate and the expected future exchange rate be lower than the forward exchange rate.
Features
- Minimum contract amount is USD10,000 but all you need is to place a deposit 25% of the contract amount as lien.
- There is no physical delivery of Renminbi, and all transactions are settled in US Dollars.
- Both customer and the Bank are obliged to exchange a pre-determined amount of Renminbi at the agreed forward exchange rate on that agreed date in the future.
Next steps...
HSBC Internet Banking Users
Not yet a HSBC Internet Banking User
Need Help?
- Call (852) 2233 3000
What are Renminbi Exchange Services?
Exchange your Hong Kong dollars to Renminbi and vice versa with an account transfer or note exchange to meet your currency needs
Find out more
Who does it suit?
Customers who need to convert Hong Kong Dollar to Renminbi and vice versa for travelling and investments
Features
- With the Renminbi Switching Service10, you can buy/sell Renminbi when your pre-set exchange rate and/or frequency (e.g. daily) criteria are met. You can also set the debit account minimum balance to make sure there are funds in your account
- Exchange notes11 at any branch in Hong Kong12
Benefits
- Renminbi switching instructions can be placed via HSBC Internet Banking or manned phone banking (HSBC Premier customers only)
Next steps...
HSBC Internet Banking Users
Not yet a HSBC Internet Banking User
Need Help?
- Call (852) 2233 3000
Renminbi Savings Account
- Renminbi deposit service is only applicable to HKID cardholders. All customers can open an Renminbi savings account at any HSBC branch in Hong Kong. HSBC Premier customers can also apply for Renminbi savings service via our 24-hour manned phonebanking service. No delegation arrangement is allowed for Renminbi accounts. Renminbi notes deposit and withdrawal service accepts Renminbi notes of RMB50 denomination or above only.
- Monthly fee of RMB50 will be charged on monthly balance (rolling average for the previous three month) below RMB5,000. If you do not have a HSBC Premier, PowerVantage or SmartVantage account, you can open a standalone Renminbi savings account to earn savings interest on your Renminbi deposits whenever your account balance is RMB5,000 or above.
- Only applicable to transfers to your account or a third- party's account with HSBC in Hong Kong.
- The balance of Renminbi savings account will be included in the calculation of the Total Relationship Balance. Bonus interest rate will be applied if the customer's Total Relationship Balance is over HKD1 million. When calculating the credit limit of secured HKD overdraft for HSBC Premier, PowerVantage or SmartVantage customers, the current advance ratio of Renminbi deposits is 90%. The use of secured overdraft is subject to the relevant terms and conditions.
- HSBC Premier customers can also set up standing instructions via our 24-hour phonebanking service.
- The daily Renminbi exchange limit and Renminbi remittance limit are shared amongst all the Renminbi accounts held with the Bank by the same customer.
- A customer's daily outward remittance amount may be checked by the Renminbi clearing bank.
- The account name of your beneficiary account in the Mainland must be identical with that for your Renminbi savings account with HSBC, including joint accounts. Renminbi funds that have been remitted to your Renminbi account under the same name in the Mainland and which have not been withdrawn may, after appropriate verification, be remitted back to your Renminbi savings account under the same name in Hong Kong. Conditions may apply including those specified by the bank concerned in the Mainland.
- Renminbi time deposit account must be opened with a Renminbi savings account under the same name and account number. All Renminbi time deposit or withdrawal transactions must be made through the corresponding Renminbi savings account.
- Renminbi Switching Service shares the same transaction limit of RMB20,000 per person per day with the Renminbi exchange services through HSBC accounts. Renminbi exchange between HKD account and RMB account is limited to the transfer between the same name accounts in the same account entity.
- Renminbi notes exchange services are applicable to notes of RMB50 denomination or above only.
- Day & Night Banking Centres are excluded.
- This product is not for speculation.
- Gains/losses of the RMB NDF contract are dependent on the contract forward rate.
