On April 1, residents of Hong Kong, Macau and Taiwan who lived or worked in China’s Mainland were permitted by the China Securities Regulatory Commission to open A-share accounts. To invest in securities, clients need to transfer their funds from their bank account to their security capital account. Escrow is the only approach for capital transfer in RMB securities trading. Bank of China (BOC), with its strong expertise and excellent channels in serving domestic and overseas clients, provides clients with considerate, professional and all-around services in Escrow of the settlement funds for securities trading.
Product Features
Transfer from Bank Settlement Account to Security Capital Account: the service enable clients to make real-time transfers of capital funds between the personal debit card/corporate settlement account and the security capital account; transfer can be easily made through BOC’s online banking, mobile banking, telephone banking, self-service terminal and the trading channels provided by security companies.
Ledger Inquiry: a management account corresponding to the security capital account will be created for the client, so the client can monitor the security capital account, thereby enhancing the security of the capital funds.
Balance Inquiry: the client can inquire about the amount of the withdrawal in the security capital account through various channels.
Trans-regional Contracting: the client can contract with BOC for Escrow service in any branch other than the branch where the security capital account is opened.
Procedures for Opening the Service
Individual clients from Hong Kong, Macau and Taiwan who intend to open the escrow service shall open an A-share stock account, security capital account (handled at the terminal of the relevant security company), debit card of the bank and telephone banking (handled at the bank terminal).
Business Procedures Concerning BOC are as Follows:
1. Clients from Hong Kong, Macau and Taiwan who do not hold a BOC bank card should bring the valid Exit-Entry Permit to China’s Mainland and fill out the Application Form for Individual Account Opening and Comprehensive Services to get a BOC debit card with telephone banking services.
2. Clients open the escrow service in a BOC branch.
2.1 Firstly, The client will go through the pre-designation procedures in the relevant security company to designate BOC as the escrow bank.
2.2 The client goes to a BOC counter to confirm the pre- designation upon presenting the personal debit card of BOC and the valid Exit-Entry Permit to China’s Mainland.
2.3 A teller of BOC opens the escrow service for the client.
3. Clients open the escrow service through POS terminals of BOC.
3.1 The client firstly goes through the pre-designation procedure in the relevant security company to designate BOC as the escrow bank.
3.2 A teller in charge of the POS terminals visits the institution to open the escrow service for the client.
3.3 The teller opens the escrow service for the client through the POS terminal.
4. Clients open the escrow service through self-service terminals of BOC.
4.1 The client firstly goes through the pre-designation procedures in the relevant security company to designate BOC as the escrow bank.
4.2 The client opens the escrow service through self-service terminals in a BOC branch.
5. Clients open the escrow service provided by BOC in the Business Department of the security company.
5.1 The client opens an A-share account and a security capital account in the Business Department of the security company upon presenting the debit card of BOC. A third-party service agreement shall be filled out and signed.
5.2 A teller of the Business Department of the security company opens the escrow service provided by BOC for the client through “One-step Contracting”. During the process, the client is required to enter the password for the telephone banking service linked with the debit card of BOC.
Please visit your local branch or call 95566 for more details.
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