Foreign currency deposits refer to both foreign currency demand deposits and foreign currency term deposits.
Foreign currency demand deposits are defined as those that do not have a definite term, that depositors can deposit and withdraw at any time without providing the bank with prior notification, and that are not subject to amount limits.
Foreign currency term deposits are defined as those that have defined terms, that are deposited as a lump sum, and that are withdrawn as a lump sum with interest at maturity.
Three major reasons for selecting CCB’s foreign currency deposits
1. Secure. CCB has a powerful business system to support the deposit business and secure the safe operation of the business. The password set by the client is the only number recognized by the system for deposit and withdrawal.
2. Fast. There are 6,000 outlets across China that can offer this service. You may deposit and withdraw at any networked outlet in the same city. This will save you a lot of efforts.
3. Flexible. Foreign currency demand deposit account may offer such features such as bank-securities link for B shares, transfer between banking and securities accounts, personal foreign exchange trading, and foreign currency conversion services. For foreign currency term account deposited and withdrawn as a lump sum, the following services are also available: advance withdrawal of all or part of your deposit, automatic transfer, personal loans using foreign currency CDs as collateral.
1. Cash advance across the same city. You may advance cash at any CCB outlets across the same nation with the bankbook and password.
2. Account access. You may access your account information through various channels such as CCB’s outlets and telephone and online banking system.
3. Change password. You may reset your password over the counter or at ATMs.
4. Loss report. You may report the loss of your password or bankbook over the counter in a written form or through telephone banking system temporarily.
5. Automatic renewal. If you forget to process your term deposits that have matured, the bank will keep your account based upon existing conditions.
6. Print statement. The client may require the bank to print the statement over the counter or fax the statement through telephone banking.
Currencies and Terms
1. Currencies: US dollar, euro, Hong Kong dollar, Japanese yen, British pound sterling, Canadian dollar, Swiss frank, and Australian dollar, among other.
2. Terms: Foreign currency demand deposits do not have definite terms. Foreign currency term deposits have one-month, three-month, six-month, one-year, or two-year terms.
The process of depositing foreign currency is similar to that of depositing savings in the RMB. Generally, depositors are required to present personal identification when opening an account at a branch. Then they can receive proof of deposits, set passwords or seals, and start to receive services. When reporting a lost bankbook or card, and when modifying seals, depositors are required to present identification.