HSBC was the first bank in New Zealand to offer Renminbi (RMB) accounts for business customers and the first in the world to offer this service across six continents. Now we're leading the way again with the HSBC Premier Renminbi Savings Account, which gives personal customers the opportunity to access, what has until now, been a restricted emerging market currency.
RMB funds: hold RMB funds in New Zealand, just like any other foreign currency, earning interest on any balance held.
You can also transfer funds internationally to other RMB accounts or to accounts in any other foreign currency. Limitations regarding the manner by which you deposit RMB funds into your RMB account and concerning the transfer of RMB funds to mainland China and Macau exist.
Please click here to view important notes regarding restrictions on RMB account transactions or contact your relationship manager for further details.
RMB foreign exchange: capitalise on shifting exchange rates by exchanging other currencies to and from RMB.
All RMB foreign exchange transactions will be managed through your relationship manager, due to the restrictions on the currency and the limited trading hours between Hong Kong and New Zealand. Your relationship manager will obtain a conversion rate for you against your desired currency and process the transaction upon your approval.
There are some limitations regarding the size of individual foreign exchange transactions to and from RMB. Please contact your relationship manager for further details.
No monthly service fee: available exclusively to HSBC Premier customers, there is no monthly service fee for this account.
The Renminbi is the name of the official currency of the People's Republic of China and is often shortened to RMB or also known as the Yuan. The terms CNY and RMB can be used interchangeably, but nowadays the currency is more commonly referred to as RMB. The sign for the currency is ¥ and the official SWIFT Approved Currency code is CNY - for this reason, your RMB account balance and statements will display the CNY prefix.
Click here to view important notes regarding restrictions on RMB account transactions.
Opening an HSBC Premier Renminbi Savings Account is easy. Simply contact your relationship manager, visit one of our branches, or call our HSBC Premier Contact Centre on 0800 028 088.
A minimum initial deposit of NZ$1,000 equivalent of RMB will be required to open your account, but once it is opened this balance will not need to be maintained.
Please note that there is no ATM card available for this account, nor will HSBC handle RMB cash directly, either through deposits, withdrawals, or through a demand draft. All deposits and withdrawals will need to be processed electronically via your relationship manager.
Eligibility criteria apply to HSBC Premier. Terms and conditions apply to the products and services mentioned. HSBC's Quarterly Disclosure Statement is available on request, free of charge from any HSBC office. Issued by The Hongkong and Shanghai Banking Corporation Limited, incorporated in the Hong Kong SAR with limited liability, acting through its New Zealand branch.