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Renminbi (RMB)Services


 

Product Name

Renminbi (RMB)Services

Product Description

Bank of China (Canada) offers RMB deposit, remittance, foreign exchange, as well as RMB banknotes services. 

Frequently Asked Questions and Answers on RMB banking services

1. Are there any restrictions on who can maintain a RMB account with the bank?

Any entity legally registered or individual with valid IDs can maintain a RMB account(s) with the bank.

2. How to open a RMB account with the bank?

Any individual customer who presents two pieces of valid IDs (one of which should be with photo) may open a RMB account at any branch of the bank(not including Montreal branch). The name of the account going to open and the ID number provided must be in full conformity with what is shown in the ID. Valid IDs include but not limited to passport, citizenship card, permanent residency documents, SIN card and driver’s license. In Ontario, Health Card is not allowed to be used for identification purpose. Any company or other legally registered entity may also open a RMB account by presenting relevant registration documents at any branch of the bank.

3. What types of RMB accounts are available?

RMB deposit includes demand deposits and term deposits. Term deposits have 5 terms available, i.e., 1 month, 2 months, 3 months, 6 months and 1 year. Term deposits can be rolled over automatically upon maturity for the same term based on your standing instruction, but not redeemable before maturity. For an individual customer, RMB demand deposit is a passbook savings account that bears interest; whereas, for a corporate customer, the demand deposit is a current account with monthly statement. The bank statement will be mailed to customer after the end of each month if there is activity in the account during that month.

4. How to make a RMB deposit? 

Customers can deposit RMB banknotes (50 Yuan and 100 Yuan only) into their respective accounts, or convert their CAD or USD funds into RMB at the bank’s prevailing exchange rate before they make deposits.

5. How to withdraw the fund from a RMB account or term deposit? How to exchange RMB?

Customers can withdraw RMB banknotes from their deposits at any branch of the bank(not including Montreal branch). However, the maximum RMB banknotes a customer can withdraw are subject to the availability of RMB banknotes at the branch on that day. In line with their specific needs, customers may exchange USD or CAD into RMB, or conversely exchange RMB into USD or CAD at the prevailing rate determined by the bank. RMB exchange is simple, easy and no fee.

6. How to apply for RMB Pre-fixed Exchange Rate Remittance?

Individual customers may exchange their USD or CAD funds into RMB before remitting it to a Chinese citizen. The ID number of the Chinese beneficiary must be provided to the bank as the annual maximum amount each Chinese citizen is allowed to exchange foreign inward remittance into RMB is no more than USD50000 or equivalent other foreign currencies in accordance with prevailing foreign exchange control regulations.

7. Is the interest income on a RMB savings account or term deposit taxable?

Like any other deposits, interest of RMB deposit is taxable. If the total interest (including RMB deposit interest) generated in the tax year is more than CAD50.00, BOCC will mail out T5 slip showing the total interest income to each customers in the early months of each year. The T5 slip will be used to file income tax returns.

8. How to close a RMB saving account or term deposit?

With valid IDs, personal banking customers can close their RMB savings account at any branch of the bank(not including Montreal branch).

Customer Enquiry Hotlines: 1-844-669-5566

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