Description

Foreign currency deposit is a deposit denominated in foreign currency or other special payment means of international settlement.

At present, foreign currency deposit s in IB mainly cover USD, HKD, JPY, EUR, GBP, AUD, CAD, and CHF, etc., and are freely convertible between each other. However, the foreign banknotes accepted by the bank are limited to USD, HKD, JPY and EUR presently.

Handling Directions

Threshold of the demand foreign currency deposit is RMB 20 or equivalent, and RMB 100 or equivalent for time deposit. The minimum amount for fixed deposit is USD 10, EUR 10, HKD 20, JPY 2000, AUD 10, CAD 10, CHF 10, and GBP 50 (the above amounts all refer to foreign currency). The deposit periods are 1 month, 3 months, 6 months, 1 year and 2 years. The interest rates are quoted from the PBOC.

Reminding Issues 

•  Available foreign currencies for cash withdrawal are limited to USD, HKD, JPY and EUR. Cash withdrawal of deposit in other foreign currencies shall be handled by converting it into any, part or all of the named 4 currencies.

•  For the foreign exchange account, you can conduct three kinds of operations, cash withdrawal in the original currency upon maturity, outward remittance in accordance with relevant regulations of the State Administration of Foreign Exchange (SAFE), and RMB conversion according to the listed exchange rate.

•  For the foreign banknote account, only cash withdrawal in the original currency can be freely carried out. Remittance to other place domiciled in the PRC or to overseas shall be handled in compliance with relevant regulations of the SAFE.