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Bank of China RMB Business Q&A

Personal Customers

1.     RMB Deposit

(1)   Is there a minimum balance requirement for setting up a RMB deposit account?

Yes. The minimum balance requirement for RMB accounts are the same as our regular USD accounts. The minimum balance for RMB Savings accounts is the RMB equivalent of USD500. The minimum balance of RMB time deposit accounts is the RMB equivalent of USD1,000. We offer RMB CDs in 6-month and 1-year terms.

(2)   What are the required documents for account opening?

For customers who want to open a RMB deposit account with us, they need to complete the account application form, W-9 form, and the signature card. In addition, customers are required to provide their Social Security Numbers and two valid identification documents. At least one of the identification documents should be a government issued photo ID, e.g. Passport, Driver's License. Another supporting document could be a major credit card, employee ID or health insurance card, etc. International students need to fill out the W-8 form and provide a valid passport with I-20 visa and I-94, or the admission letter from their schools.

(3)   Can I issue checks from my RMB account?

No. We do not offer RMB checks.  

(4)   How can I find my RMB account?

Customers can fund their RMB accounts by incoming RMB remittance or buying RMB from our bank. We do not accept RMB cash deposit at the moment.

(5)   Can I withdraw RMB cash from my RMB account?

No. You can not withdraw RMB cash directly from your RMB account at this moment.

(6)   Is my RMB deposit Federal Deposit Insurance Corporation (FDIC) insured?

Yes. Like other currencies, RMB accounts are covered by FDIC insurance.

(7)   What is your customer service hotline and website?

Our customer service hotline is (212) 935-3101 ext. 313. Our website is WWW.BOCUSA.COM.

2.     RMB Exchange

(1)   Can I buy and sell RMB from/to your bank?

Yes, you can exchange USD for RMB or exchange RMB for USD at our bank.

(2)   Is there a limit for how much I can exchange?

Yes. Our bank has the right to impose a limit on RMB exchange.

(3)   Where can I get a quote of the RMB exchange rate?

Customers can get the quote through our customer service hotline.

3.     RMB Remittance

(1)   Can I wire transfer RMB to accounts in China (include Hong Kong and Macau)?

Yes. We offer RMB remittance service to accounts in China, including Hong Kong and Macau; however, according to the regulation, the daily limit could not exceed 80,000 Yuan, and the remitter and payee have to be the same person. If customers would like to send money to their friends and relatives in China, they should use our RMB pre-settlement remittance service.

(2)   Can I or my relatives in China wire RMB into my RMB account at your branch?

Yes, we can deposit the fund into your RMB account at our branch, as long as the domestic branches in China have approved you remittance application. You should consult your domestic branch in China for the requirement of sending RMB to foreign countries.

(3)   Am I required to open a RMB account at your branch in order to use your RMB remittance service?

Yes. The remitter must have a RMB account at our branch.

(4)   What is the difference between your RMB remittance and your RMB pre-settlement remittance service?

RMB remittance is for customers who want to transfer RMB between their own RMB accounts at our branch and in China. According to the regulation, the name of the remitter and the payee has to be the same, and there are daily and annual limits of this practice. By using our RMB pre-settlement remittance service, you can transfer RMB to any payees other than your name, but you have to provide us the payee's identification number in China.

4.     RMB Currency Exchange

(1)   What are the maximum and minimum RMB currency exchange amounts?

There is no minimum amount for the currency exchange service.

For account customers, the daily limit is USD4,000 worth of RMB, and the annual limit is USD20,000 worth of RMB. For non-account customers, the daily limit is USD2,000 worth of RMB, and the annual limit is USD10,000 worth of RMB.

(2)   Am I required to open an account to use the service? What kind of identification documents do I need to provide?

We offer RMB currency exchange service to both account customers and non-account customer. For customers who have accounts at our bank, they can exchange more than walk-in customers, and can directly credit/debit their accounts. Non-account customers need to provide their social security number and a government issued photo ID.

(3)   Which branches of yours offer RMB currency exchange service?

Currently, only Chinatown Branch offers this service.

(4)   Are the exchange rates offered by Chinatown Branch identical to the rates in China?

No. Exchange rate depends on many different factors, e.g. market supply and demand, shipping cost, insurance cost, administration cost, etc. Therefore, the rates offered by Chinatown Branch and the rates in China would not be the same. Chinatown Branch usually updates its exchange rates daily before the branch opens.

Both New York Branch and Chinatown Branch offer RMB services to personal customers. Service area is limited to Great New York Metropolitan Area.

Business Customers

1.     RMB Deposit for Business Customers

(1)   Q:  What are the required documents for opening a business account?

A: Business customers must open a USD account first, if they have not already had one. 

Required documents for account opening are the same as UDS accounts. Companies should complete the application form, W-9 form, Corporate Resolution Form, Signature Cards and Fax Agreement (optional). In addition, companies need to provide their Certificate of Incorporation, Filing Receipt, Articles of Incorporation, Employer Identification Number (EIN) notification letter issued by Internal Revenue Service (IRS), Financial Statement/Tax Return, and 2 valid ID of each authorized signor. All original documents must be presented and the bank will make photocopies of the document to keep on file. Besides, companies should also provide related documents that prove its trading background and transaction amount. In order to convert your USD into RMB, we require the exchange amount to be consistent with the transaction amount on your sales contract or related trade documents. If you are sending your application by mail, all require documents need to be notarized.

(2)   Q: What kind of RMB accounts do you offer to business customers?

A:  We offer RMB saving account, RMB demand deposit account, and RMB time deposit accounts to business customers.

(3)   Q: What is the minimum balance requirement for these accounts?

A:  The minimum balances required for RMB business accounts are as follows:

RMB Statement Saving account required a minimum balance of RMB equivalent of USD 5,000. RMB Demand Deposit account required a minimum balance of RMB equivalent of USD $3,000. RMB Time Deposit account required a minimum balance of RMB equivalent of USD $1,000.

2.     RMB remittance for International Business

(1)   Q: Where are the RMB Settlement Pilot Areas?

A: The Pilot Areas include 20 provinces: Beijing, Tianjin, Inner Mongolia, Liaoning, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Hubei, Guangdong, Guangxi, Hainan, Chongqing, Sichuan, Yunnan, Jilin, Heilongjiang, Xizang, and Xinjiang. 

(2)   Q:  What are the rules of RMB settlement business set by the People's Bank of China and U.S. regulators?

A:  U.S. regulators have not had any special specific rule for this kind of business. For the related regulations about RMB settlement Pilot areas, please visit the website of the People's Bank of China for updated information.

(3)   Q: Are there any penalties if the amount of remittance exceeds the prescript amount?

A: We will not process the transaction if the amount of remittance exceeds the prescript amount. The excess amount will be exchanged into U.S. Dollar in accordance with the minimum exchange rate. There is no extra commission charge.

(4)   Q: How can business customers send RMB? How much is the fee?

A: Business customers can send their RMB by wire transfer. The amount should be consistent with the sales contract or invoice provided. The fee charged for each remittance transaction is USD20.

(5)   Q: Can I open more than one account to transfer money?

A: One company can only open one RMB settlement account at our bank.

3.     Currency Exchange for Business Customers

(1)   Non-deliverable forward (NDF) foreign exchange

1)     Q: Can a business customer use NDF to hedge the potential RMB exchange rate risk related to its import/export trade business?

A: Yes.

2)     Q: Can the margin be held in a time deposit account?

A: Yes, your margin deposit can be held in either a time deposit account or saving account.

3)     Q: In addition to opening a USD settlement account, does a business customer need to open Margin Account at the same time to conduct NDF transaction?  Should the margin deposit be in RMB or in USD?

A: Yes, your company must have a Margin Account in order to conduct NDF transaction and the margin deposit can be either in RMB or in USD at your discretion.

4)     Q: What are the required documents my company needs to provide before conducting NDF transactions with your bank?

A: Business Customers must provide valid trade documents such as sales contracts. In addition, related Agreements with the bank must be signed before the first transaction can be entered.

(2)   RMB spot exchange

1)     Q:  Are business customers required to have international trading background?

A: Yes.

2)     Q: Can the bank provide same day settlement?

A: Although the exchange rate and amounts can be confirmed on the trading day, the settlement date is T+2 (two business days after trading day).

3)     Q: How can a business customer inquire about the exchange rate?

A: The customer can make the inquiry by phone or by visiting our branch in person.

4)     Q: How will the bank send trading confirmation to customers?

A: We can send the confirmation to customer by mail, e-mail or fax according to customers' needs.

5)     Q: What documents are required for spot transactions?

A: Generally, the spot transactions are conducted by the Banking Department of our bank. If a business customer has frequent transaction needs with large amounts, the customer may choose to conduct directly with our FX & Funds Department. Then the customer must provide valid sales documents and sign related Agreements with the bank.

4.     Trade Finance 

(1)   What kind of trade finance services does your bank offer?

We offer Letters of Credit, Supply Chain Financing, Export Bill Purchase, Forfeiting, Export Two-factor Factoring, Import Bill Purchase, Outward Remittance Financing, Shipping Guarantee, Packing Loan, Export Discounting, Import Factoring and Invoice Discounting, etc.

(2)   Q: what are the target customers of trade financing?

A: The target customers of trade financing include all Chinese-funded enterprises in U.S and U.S. local businesses. However, our trade financing and settlement services are not limited between China and the U.S.  We also provide trade financing and settlement between U. S. and other countries. For detail procedure of these services please visit our website.

To open account in our branch, customers will needs to provide their trade documents.

(3)   Q: Do I need to have lines of credit at your bank in order to use these services?

A: You may need a line of credit for some of our services, for examples, Letters of Credit and Packing Loan. Some other services like Export Factoring and Export Bill Purchase do not required to have a line of credit.

All New York Branch, NY Chinatown Branch and Los Angeles Branch offer RMB services to corporate customers. Services are limited to Great New York and Los Angeles Metropolitan Areas.

Bank of China USA

December 2010

中国银行人民币业务知识问答

个人客户

一、    人民币存款

(一)  开立人民币帐户是否有存入资金最低限额及期限的要求?

答:人民币帐户的存入资金最低限额要求与美元帐户相同,人民币活期帐户最低存款限额为等值500美元的人民币,人民币定期帐户最低存款限额为等值1,000 美元的人民币,存期有6个月和1年。

(二)  个人首次开立人民币帐户需提供哪些证明材料?

答:按照规定,个人首次开立人民币帐户需填写帐户申请表格、W9 表格、与个人帐户印鉴卡,提供社会安全卡号、两个有效个人身份证件,其中一个要为有照片的身份证明,如护照、驾照等等,另一个身份证明可为信用卡、工作证、医疗保险卡等等。持留学生身份的客户除填写帐户申请表、个人帐户印鉴卡外,需填写外籍人员W8免税表格,并提供有效护照、I-94、以及I-20 或学校录取通知书。

(三)  是否可办理支票?

答:我行暂不开办人民币支票帐户,不提供人民币支票服务。

(四)  客户可通过哪几种渠道存入人民币?

答:客户可通过人民币汇入及人民币买卖两种渠道存入人民币。我行暂不接受人民币现钞存入。

(五)  是否可以从人民币帐户提取人民币现钞?

答:不可以。

(六)  人民币存款是否参与FDIC联邦存款保险公司的保险?

答:是的,人民币存款与其他货币存款一样享受FDIC联邦存款保险。

(七)  客户服务热线及网址?

答: 人民币业务客户服务热线为(212)935-3101 313 ,网址为WWW.BOCUSA.COM

二、    人民币现汇兑换

(一)  纽约分行是否提供双向人民币兑换业务,即把美元兑换成人民币或把人民币兑换成美元?

答:是。纽约分行提供双向人民币兑换业务。

(二)  办理人民币汇兑是否有金额限制?

答:是的,纽约分行有权视乎当天的人民币市场情况而设定汇兑限额。

(三)  人民币汇率以何种方式报价?

答:客户可以通过拨打我行的服务热线询问当日报价。人民币汇率报价按国际惯例,以银行买卖价报价,与纽约分行目前的欧元、日元和澳元等外币报价方式一致。

三、    人民币汇款

(一)  客户可否将人民币汇入中国(含港、澳地区)的人民币帐户吗?

答:纽约分行提供的人民币汇款业务可将人民币汇入中国(含港、澳地区)的帐户, 但款项只能汇给汇款人本人在中国(含港、澳地区)开立的同名帐户上。

从纽约分行个人人民币帐户汇往香港及中国境内的款项,按照规定,每天不超过8万人民币,且收款人和汇款人名称必须完全相符。如汇款人需要汇人民币给其他在中国的亲朋好友,可使用纽约分行的人民币预结汇汇款产品办理。

(二)  客户在国内的亲属或客户本人的人民币可否汇到客户本人在纽约分行的人民币帐户中?

答:将人民币从中国汇往美国,由中国境内汇出银行负责审核。如汇款银行可以汇出,并且收款人在纽约分行已经开立人民币帐户,纽约分行可以将人民币汇入款项存入收款人在我行的人民币帐户。

(三)  个人客户办理人民币汇款必须有人民币帐户吗?

答:汇款人必须在纽约分行开有帐户方可办理相关人民币业务。

(四)  预结汇汇款和人民币汇款有何区别?

答:办理预结汇汇款,汇款人可以汇给不同名字的中国境内居民收款人,但汇款人需提供收款人国内身份证号码。人民币汇款是指汇款人将自己开立在纽约分行帐户的人民币汇到中国境内的同名人民币帐户。收款人与汇款人的名字必须相同,而且每日汇款金额不超过人民币80000元。

(五)  我行暂不办理人民币现钞汇款业务。

四、    人民币现钞兑换

(一)  是否有兑换金额限制?

答:基本上不设最低金额。

已在纽约分行开立帐户的客户每日兑换限额为$4,000 等值的人民币,每年限额$20,000 等值的人民币。未在纽约分行开立帐户的客户每日兑换限额为$2,000 美元等值的人民币,每年限额$10,000 美元等值的人民币。

(二)  办理人民币现钞兑换是否必须开户?办理兑换业务需要提供哪些身份证件?

答:办理人民币现钞兑换无需开立人民币帐户,已开立帐户的客户可直接入帐或划付帐户;未开立帐户的客户需持有效身份证明,包括一个由政府签发带照片的有效证件及提供社会安全号才能到我行办理此业务。

(三)  此业务是否只能在中国城分行办理?

答:是的,目前只有中国城分行提供此项服务。

(四)  中国城分行现钞兑换所使用的牌价是否与中国境内分行的牌价一致?

答:因决定牌价包括多种因素,例如:不同地区的市场需求,运费,保险费,行政费用等决定,所以中国城分行现钞兑换的牌价与中国及其他地区外币交易市场的牌价存在差异。中国城分行牌价于每天营业前更新一次,早晚的价格无特殊情况一般没有变动。

纽约分行和华埠分行均可办理个人人民币业务。客户范围仅限于纽约大都会地区。

公司客户

一、    公司人民币存款

(一)  公司开立人民币存款账户需要提供哪些资料?

答:公司必须先开立美元账户,然后方可开立人民币账户。所开立人民币存款账户需资料与美元账户类似,公司须提供: 公司开户申请表格、W9表格、公司董事会决议、公司预留印鉴卡及传真汇款协议书(选择性)。客户还需提供公司在美国的注册执照及申请收据、公司章程、美国国税局(IRS)签发的联邦税号(EIN)通知函, 财务报表 / 年度退税表 及有权签字人的两个有效身份证件。以上提供材料均需为原件,纽约分行会将原件复印后备案。另外,公司客户开立人民币存款账户还需提供相关贸易背景证明文件及涉及贸易相关的交易金额证明。公司提出的美元兑换人民币交易需求必须提供相关有效贸易文件,兑换金额也必须与贸易文件上金额相符。如果所有申请表格通过邮寄方式发送,则全部材料需要经过公证后方可生效。

(二)  公司可在纽约分行开立几种人民币存款账户?

答:公司存款账户类型包括人民币活期存款账户、人民币支票账户(不提供人民币支票)和定期存款账户。

(三)  开立人民币账户的最低存款限额是多少?

答:公司人民币活期账户最低存款限额为等值5,000美元的人民币,公司人民币支票账户最低存款限额为等值3,000美元的人民币,公司人民币定期存款账户最低存款限额为等值1,000美元的人民币。

二、    跨境贸易项下公司人民币汇款

(一)  目前人民币结算试点地区有哪些?如甲方为试点地区企业,乙方为非试点地区企业,两者之间发生跨境贸易人民币结算,能否通过纽约分行进行人民币汇款?

答:根据2010622日由人民银行、财政部、商务部、海关总署、税务总局和银监会联合发布的《关于扩大跨境贸易结算试点有关问题的通知》(银发(2010186号)内容,指出此次试点扩大后,跨境贸易人民币结算试点地区由上海市和广东省的4个城市扩大到北京、天津、内蒙古、辽宁、上海、江苏、浙江、福建、山东、湖北、广东、广西、海南、重庆、四川、云南、吉林、黑龙江、西藏、新疆20个省(自治区、直辖市)。试点业务范围包括跨境货物贸易、服务贸易和其他经常项目人民币结算;不再限制境外地域,企业可按市场原则选择使用人民币结算。对于中美贸易人民币结算业务来说,美方企业不存在试点企业的说法,只要中方企业是试点地区企业即可。

(二)  人民银行及美国监管当局对此类业务有哪些规定?

答:目前美国监管当局对此类业务的没有限制规定。人民银行关于扩大跨境贸易人民币结算试点工作的有关规定,可参阅人民银行(含各地分行)网站最新资料。

(三)  公司客户有几种汇款方式?收费标准是多少?

答:公司客户可办理电汇汇款,所汇金额需与其所提供的贸易合同或发票金额相符。汇款收费标准为每笔20美元。

三、    公司兑换

(一)  公司客户无本金交割远期外汇交易

1.     为避免人民币不断升值而带来的汇兑损失,进出口项下贸易融资企业可否进行NDF方式交易操作?

答:可以。

2.     除活期存款外,公司客户的保证金能否做定期存款?

答:可以。

3.     公司客户在开立美元往来账户的同时,是否必须开立保证金账户?保证金按人民币收取还是按美元收取?

答:公司客户办理远期交易需要开立保证金账户交纳保证金,保证金可以是人民币或美元。

4.     公司客户申请办理NDF业务时,需要提供哪些材料?

答:提供具有真实贸易背景的相关材料如合同等,还需要与纽约分行签订相关法律文本。

(二)  公司人民币即期外汇交易

1.     客户是否必须有贸易背景?

答:是。

2.     纽约分行能否在当日为客户办理交割?

答:交易日定价为当日,交割为T+2 (交易日后2个工作日)

3.     即期交易询价方式有哪些?

答:电话或银行柜台。

4.     纽约分行以何种方式向客户发送交易证实?

答:信函、Email 或传真。

5.     客户办理业务有哪些账户要求及需要提供哪些材料?

答:即期外汇交易一般通过营业部叙做。如果交易频繁,数额较大,也可以在一般账户的基础之上再开立保证金账户,直接与外汇资金部通过保证金账户进行外汇交易。客户需提供具有真实贸易背景的相关材料,并需与纽约分行签订相关法律文本。

四、    贸易融资

(一)  纽约分行开办哪些贸易融资业务?

答:纽约分行提供授信开证、供应链融资、出口押汇、福费廷、出口双保理、进口押汇、汇出汇款融资、提货担保、打包贷款、出口贴现、进口双保理、商业发票贴现等贸易融资业务。

(二)  以上业务分别针对哪些客户群?美中业务的具体办理流程及客户需提供哪些相关证明文件?

答:针对的客户群是:所有在美的中资企业,以及美国当地企业。但贸易结算及融资范围并不局限于中美之间业务,纽约分行同样受理其他国家和美国之间贸易结算及融资业务。具体承办流程可参阅纽约分行网站。

客户需要在我行开户,一般说来客户提供的文件只需要贸易单据即可,但有时可能需提供例如出口许可证等其他证明文件。

(三)  客户办理以上业务的前提条件是否须在纽约分行有授信额度?授信额度是否可循环使用?如无授信额度,能否为客户办理?

答:有些业务要求在纽约分行有授信额度,如开证、打包贷款等,但有些业务则不需要;如出口押汇、出口保理等,具体情况请与纽约分行联系。

纽约分行, 华埠分行和洛杉矶分行均可办理公司人民币业务。客户范围仅限于纽约和洛杉矶大都会地区。

中国银行纽约分行

2010 12

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