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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, HSBC Advance and SmartVantage customers2
- Complete Renminbi transactions conveniently through Renminbi transfer, exchange and remittances services.
Benefits
- Earn bonus interest3 on your account if your Total Relationship Balance is HKD1 million or above
- Set-up standing instructions4 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...
Visit a HSBC branch to open an account
Need Help?
- Call (852) 2233 3000
Manage your account online...
Logon to HSBC Internet Banking to buy/sell Renminbi, place Renminbi time deposits, setup Renminbi Switching instructions and many more.
What is a Renminbi Current Account?
A Renminbi Current Account allows you to issue Renminbi cheques in Hong Kong and 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 RMB20,0005 and remit up to RMB80,0005,6 to your account in the Mainland7 in a single day
- Issue cheques in Renminbi in Hong Kong and to retailers across Guangdong Province (including Shenzhen)
- Minimum initial deposit of RMB5,0002 is required for account opening
- No maximum limit on the account balance.
Benefits
- Access your account 24 hours a day via HSBC Internet Banking or Phonebanking
Next steps...
Visit a HSBC branch to open an account
Need Help?
- Call (852) 2233 3000
Manage your account online...
Logon to HSBC Internet Banking to buy/sell Renminbi, place Renminbi time deposits, setup Renminbi Switching instructions 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
- Range of tenors: 1-week, 2-week, 1-month, 2-month, 3-month, 6-month, 9-month and 12-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 product12 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 pursue13.
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...
Visit a HSBC branch to purchase RMB NDF
Need Help?
- Call (852) 2233 3000
Manage your account online...
Logon to HSBC Internet Banking to buy/sell Renminbi, place Renminbi time deposits, setup Renminbi Switching instructions and many more.
RMB cash withdrawal is now available at Express Banking in the following locations
- Admiralty, Central, Causeway Bay, Tsim Sha Tsui and MTR East Rail stations.
- Please click here for detailed location list.
Eligible accounts
- HKD account (i.e. Passbook Savings Account, Current Account, SuperEase Account, HSBC Premier, HSBC Advance or SmartVantage Account) recorded on your ATM card.
- RMB Savings account under the Integrated Account (i.e. HSBC Premier, HSBC Advance or SmartVantage Account) recorded on your ATM card.
Withdrawal amount
- Maximum daily withdrawal limit up to HKD40,000 equivalent, subject to daily exchange limit of up to RMB20,000 per personal customer.
- There is no handling fee.
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 Service9, 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 notes10 at any branch in Hong Kong11
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
Risk Disclosure
Currency conversion risk - the value of your RMB deposit will be subject to the risk of exchange rate fluctuation. If you choose to convert your RMB deposit to other currencies at an exchange rate that is less favorable than the exchange rate in which you made your original conversion to RMB, you may suffer loss in principal.
RMB is currently not freely convertible and subject to regulatory restrictions. For personal customers, conversions conducted through RMB deposit accounts with banks in Hong Kong are subject to the limit of up to RMB20,000 per person per day. You should allow time for conversion of RMB from/to another currency of an amount exceeding the daily limit.
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, HSBC Advance 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.
- 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, HSBC Advance 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. Customers must have a valid Renminbi Savings Account for the Renminbi Switching instructions to be effected.
- 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.
