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  Home Page > Corporate Banking >Corporate Deposit >Foreign Exchange Deposit
Foreign Exchange Deposit
 

As for the enterprise foreign exchange deposit service, bank absorbs the foreign exchange funds from the organizations set up inland by law, organizations residing in China and overseas organizations.

Transaction Guide
I. Opening of enterprise foreign exchange deposit account

1. Current enterprise foreign exchange deposit
In order to open the foreign exchange accounts, the depositing units need to go to the expected account opening bank to get the "Account Opening Application" and "Seal Card" in three copies, fill out all contents and stamp the unit's business seal and corporate seal, the name of which shall be identical to the account name or stamp the authorizer's seal according to the contents in the corporate authorization letter; or stamp unit's financial special seal or corporate seal on the "Seal Card". The personal name seal mentioned above can be replaced with his own signature.

Meanwhile, account opening applicant also needs to offer:
(1)Business license verified and issued by industrial and commercial administration organizations;
(2)Material and approval documents which were regarded as necessary to be offered by the national foreign exchange authority;
(3)The enterprise standard code certificate issued by the National Technical Supervision Bureau;
(4)Other materials required by bank.

After examined and approved by bank, clients can open the current foreign exchange deposit account.

2. Time enterprise foreign exchange deposit
Any unit which has opened foreign exchange current deposit account in ICBC or not opened the current account but in conformity with the regulations concerning foreign exchange management for reservation of foreign exchange (or has been approved for reservation of foreign exchange) can transact the service.

The foreign exchange time deposit for Chinese-owned enterprises can be divided into 1 month, 3 months, 6 months, 1 year and 2 years; as for foreign-invested enterprises' or domestic and foreign financial organizations' foreign exchange time deposit can be divided into 6 grades, they are,7 days, 1 month, 3 months, 6 months, 1 year and 2 years. The minimum sum for the 7-day call deposit shall not be less than 500,000 US dollars. 

II. Varieties of traditional foreign exchange deposit services
1. Small sum foreign exchange deposit
Interest rate is executed according to the regulations of the banking industry association. Its term includes current, 7-day call, 1 month, 3 months, 6 months, 1 year or 2 years.

2. Large sum foreign exchange deposit
(1) The minimum deposit amount will follow the regulations of the bank association. At present, the start-up deposit amount for different currency types are as follows: 3 million for US dollar, 2 million for UK pound, 3.4 million for euro, 300 million for Japanese yen, 23 million for HK dollar, 4.4 million for Canadian dollar, 5.3 million for Swiss franc. 

(2) Currency type: US dollar, UK pound, euro, Japanese yen, Hong Kong dollar, Swiss franc and other exchangeable currencies.

(3) Term: 1 month, 3 months, 6 months, 1 year, 2 years or other terms mutually agreed by both parties.

(4) The reference interest rate and the highest interest rate for the large sum foreign currency deposit shall refer to the LIBOR in the international financial market, adjustable with the reference of the interest rate level of bank associations and other banks. 

III. Interest calculation and settlement
1. The interest for current foreign currency unit deposit is settled quarterly and its interest settlement date is the 20th of the month in the end of each quarter. 

2. The interest for time foreign currency deposit is settled along the principal independent of the adjustment of interest rate before its expiry.

3. In case of need of withdrawal of the whole or part of large sum time foreign currency deposit before its maturity, consent from ICBC in advance is needed. As for the full withdrawal before maturity, its interest will be calculated by the interest rate of the current deposit announced by bank association on the current day; as for the partial withdrawal before maturity, the interest for the immaturely withdrawn part will be calculated according to the interest rate of the current deposit on the current day, as for the rest part which is not withdrawn, if it's more than the start-up deposit amount for large sum foreign currency deposit, the interest will be calculated according to the original term and interest rate, if it's less than the start-up deposit amount, the interest will be calculated according to the originally determined term and the interest rate announced by bank association on the original deposit date.  

4. Clients need to negotiate with the handling bank on whether to transact the automatic transferring and deposit service; if not determined, the interest for the overdue part of the time deposit shall be calculated according to the interest rate of current deposit announced on the withdrawal day.


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