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Account Opening Witness Service for Studying in Australia


 

Name

Account opening witness service for studying in Australia

Introduction

Account opening witness service for studying in Australia means that, customers use accounts to pay the funds with legal purposes in accordance with applicable laws and regulations of both countries (China and Australia) within the scope permitted by the policies of the two countries. For example, customers can use the funds to pay their tuition fees and living expenses rather than for investment, business on other purposes.

Witness account for overseas students is a current savings account, which is called "Savings Account" and is collectively referred to as "Demand Deposits" in Australia at the same time. This type of account bears pretty low interest; therefore, if customers want to deposit their money into accounts with higher interests, they can choose term deposits with higher interest rates or premium term deposits.

In witness accounts, customers can use the method of active debit for payments of various amounts, that is to say, customers can sign relevant authorized debit agreements with telephone companies, power companies, house agents and the like, which can then collect telephone charges, power charges, house rents and other fees on a regular basis from the banks where customers open such accounts.

After formally opening this account, customers can also enjoy other extended services and preferences offered by Bank of China (Australia) Limited, such as debit cards, outward remittance, inward remittance, foreign exchange, deposits and withdrawals in foreign currencies (USD/HKD/RMB) as well as safe deposit box, etc.

Target Customers

1. Applicants shall be 16 years old or above;

2. Applicants shall study in Australia and hold the acceptance or admission letters issued by Australian colleges;

3. Applicants shall have obtained valid Australian student visas;

4. Applicants shall ensure that the accounts will be used for their daily life only, but not for investment or business purposes, or even lent to others.

Service Channels

Before going abroad, customers should apply for "Account Opening Witness Service for studying in Australia" by Bank of China's domestic acceptance office, and obtain the approval of relevant overseas offices.

Process

1. Customers should apply to Bank of China's domestic acceptance offices, fill in relevant forms and submit relevant application documents;

2. Bank of China's domestic acceptance offices will witness and verify the originals of your passports, ID cards/Hukou book, valid visas, admission letters and other relevant documents;

3. Bank of China's domestic acceptance offices will submit the documents above to Bank of China (Australia) Limited for further verification; after two to three working days (for both China and Australia), Bank of China (Australia) Limited will notify customers of the final results of account opening, and send the account numbers and relevant remittance documents to customers in case of successful verification;

4. If customers need to remit money to accounts opened in Bank of China (Australia) Limited, they are expected to handle remittance procedures at acceptance offices with their account numbers and relevant remittance documents.

Kind Reminder

1. Customers should make sure that, within six months after the successful opening of witness account application(subject to the date of the confirmation letter for account opening ), they should bring their own valid passports and relevant evidentiary materials (including acceptance or admission letters) to go through the "formal use" (activation) procedures for the accounts at outlets of Bank of China (Australia) Limited.

2. If customers fail to handle the account activation procedures within the designated period, Bank of China (Australia) Limited will cancel their account numbers. In case of any inward remittance, such remittance will be returned to the remitters after the cancellation of the account numbers, and any relevant charges generated should be borne by the customers themselves.

3. If customers are unable to handle the account activation procedures in Australia due to various reasons after making remittances, they can apply to Bank of China's domestic acceptance offices with the witness service for refund of the remittance. After deduction of appropriate handling fees, Bank of China (Australia) Limited will handle the refund procedures according to the refund account information filled by customers in their account opening application forms.

4. Customers apply for debit cards

(1) Customers can apply for debit cards while applying for account opening witness service at Bank of China's domestic acceptance offices.

If you apply for debit cards before going abroad and meet conditions for account opening, it generally will take 2 weeks to prepare the cards and send the passwords. If you leave enough time to handle the account activation procedures at Bank of China (Australia) Limited after your arrival in Australia, you can receive debit cards and passwords at the same time. After the activation of the debit cards, you can use them conveniently in Australia.

(2) Customers apply for debit cards after their arrival in Australia

Customers can apply for debit cards upon activation of their accounts. It will take one week for Bank of China (Australia) Limited to prepare debit cards. After receiving the cards, customers are required to sign the receipts and mail or send the receipts back to any outlet, and then the cards will be "activated". Generally, customers will receive the passwords about one week after they receive the debit cards, and then use the debit cards with the passwords. When applying for debit cards, customers can choose the method for receiving the cards and passwords, for example, by mail or by receiving at an outlet of Bank of China (Australia) Limited, etc.

Features of debit cards:

?Cardholders can make inquiries and withdrawals on Bank of China's ATMs in Australia free of charge;

?Cardholders can make inquiries and withdrawals on the ATMs of other banks and make purchases via EFTPOS machines free of charge for five times each month;

?Cardholders can get statements free of charge each month;

?Cardholders can apply for and launch debit cards, and get new cards after expiration;

?Cardholders can enjoy free counter services: with their cards, customers can enjoy a series of services including deposit, withdrawal, transfer, inquiries, remittance, etc.;

?Cardholders can make purchases without carrying cash on them: with the debit cards, they can make purchases and transfer money in major department stores, supermarkets, post offices and merchants, and withdraw petty cash at the same time.

5. If customers have not received the visas to Australia or pre-visas, they are prohibited to apply for account opening witness service. Bank of China recommends that customers apply for this service only after they have obtained the visas to Australia.

6. At present, Bank of China has established several branches in Sydney and Melbourne of Australia. There are four branches in Sydney: namely, Sydney Branch, Haymarket Branch, Parramatta Branch and Hurstville Branch. The details of the branches are shown in the following table:

Branch Name Address Tel
Sydney Branch 39-41 York Street Sydney NSW 2000 (612)82355888
Haymarket Branch 681 George Street Sydney NSW 2000 (612)92123877
Parramatta Branch Shop 2104 Westfield Shopping Town Parramatta NSW 2150 (612)98938833
Hurstville Branch 213 Forest Road Hurstville NSW 2220 (612)95863205
Melbourne Branch 270 Queen Street Melbourne VIC 3000 (613)96023655

7. How can they apply for the account opening witness service if there is no Bank of China branch in the cities where customers are going to study?

First, customers indeed can apply for the account opening witness service. After their arrival in Australia, customers are required to activate their accounts at outlets of Bank of China within the designated period and can apply for online banking services and debit cards at the same time. Subsequently, the dealings between customers and Bank of China can be carried out by means of letter authorization or via online banking, and there is no need for customers to pay visits to Bank of China any more.

8. If any change occurs to the student identity of the Chinese students in Australia, they should notify Bank of China immediately; In addition, if the valid period of students' identity documents expires, they are also required to notify Bank of China timely; otherwise Bank of China will automatically change the deposit accounts for overseas students into ordinary deposit accounts upon expiration of the valid period of the students' identity documents.

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