Singapore
You are here:

You are not logged on to Internet Banking  Log on to Internet Banking Icon: Not logged on

Contact us
Customer Service Centre
1800 216 9008 (Singapore)
(65) 6216 9008 (overseas)
9.00 am to 5.30 pm
Mondays to Fridays
Contact guide
Enquiries / feedback
Useful links
Business Internet Banking security guide
Economic reports and FX commentaries
General terms and conditions governing account
HSBC investment funds performance
Interbank GIRO Participating Banks In Singapore
SWIFT codes
Tariffs and Charges
Rates
Smartform

Renminbi Current Account

Simplifying your cross-border transactions
Renminbi Current Account
HSBC's Renminbi (RMB) Current Account

With HSBC's RMB Current Account*, you can now use RMB to settle cross-border transactions# with your overseas business partners. The RMB Current Account allows businesses to reduce the costs involved in foreign currency conversions when engaging with enterprises# located within or outside of the People's Republic of China (PRC), making your international business dealings easier and more efficient.

You can also manage your finances within a single currency account allowing businesses to conduct deposits, currency exchange and remittance services+ conveniently and with greater flexibility.

What you can achieve with HSBC's RMB Current Account?
Manage RMB foreign exchange risk exposure within a single currency account
Manage conversions in line with your specific currency requirements
Take advantage of any natural hedges in your RMB payables and receivables
Gain access to a greater range of RMB settlement solutions and options to manage your import and/or export business, and on-going RMB cash management requirements
Meet trading partner requirements for RMB settlement which include exchange of goods and services, improving key supplier, buyer and distributor relationships
Why HSBC?

With the support of HSBC's award-winning global payments and cash management team and trade and supply chain specialists, HSBC provides you with a complete settlement solution to suit your international needs in RMB. HSBC's RMB Current Account streamlines your payables and receivables management, whilst saving currency conversion costs and enchancing business relationships.
Find out more

For more information about HSBC's RMB Current Account and other tailored cash management and trade solutions, please contact your Relationship Manager, Cash Management Specialist or Trade and Supply Chain Specialist today.
 
Alternatively, you may visit our RMB Resource Centre for more information.

Important notes
Important notes
* Customers are required to have other operating accounts with HSBC prior to opening a RMB Current Account. Terms and conditions apply.
# Scope and eligibility requirements under the expanded scope for permitted transactions in RMB:
  1. Generally, RMB remittances to and from the PRC can be used for trade settlement for the provision of goods and services and/or other transactions as permitted by the relevant authorities.
However the below applies:
RMB remittances from Singapore to the PRC can only be made to enterprises located in the 20 pilot provinces (Shanghai, Guangdong, Beijing, Tianjin, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Jiangsu, Zhejiang, Fujian, Shandong, Hubei, Guangxi, Hainan, Chongqing, Sichuan, Yunnan, Tibet, Xinjiang)
RMB remittances from Singapore to the PRC for the trade settlement for the provision of goods can only be made to Mainland Designated Enterprises (MDEs) who are exporters of such goods (MDEs) are enterprises designated, nominated and approved by the provincial-level governments in the pilots areas and approved by the relevant authorities which include the PBOC, Ministry of Commerce (MOFCOM), Customs, Tax Bureau and the China Banking Regulatory Commission (CBRC)
RMB remittances from Singapore to the PRC are always subject to verification by the beneficiary banks in the PRC and must comply with all relevant laws, rules and regulations of PRC (including those issued by the People's Bank of China (PBOC) and State Administration of Foreign Exchange office (SAFE).
Customers are required to check with their trading partner(s), counterpart(s) and beneficiary bank in the PRC on the acceptability of the payments before proceeding with the remittance.
  2. RMB remittances may be made from Singapore to countries outside the PRC but will be subject to the rules, regulations and market practices of the country of the beneficiary bank. Customers are required to check with their overseas trading partner(s), counterpart(s) and beneficiary bank on the acceptability of the payments before proceeding with the remittance.
+ Deposits – Cash balances held as a result of handling day-to-day RMB receipts and remittances for such transactions as permitted by the relevant authorities.
Currency exchange – RMB funds maintained in deposit accounts can also be exchanged/converted to SGD/other foreign currencies and be remitted/transferred out of the RMB Current Account for such transactions as permitted by the relevant authorities.
Remittance – Outward and inward remittance based on such transactions as permitted by the relevant authorities.
Please also refer to the terms and conditions for the RMB Current Account and for telegraphic transfers.
Remarks:
While the information set out herein is provided to the best of our knowledge and understanding of the relevant law, rules, regulations, directions and guidelines governing or otherwise applicable to RMB transactions, we make no guarantees, representation or warranty and accept no responsibility or liability as to the accuracy or completeness of the information. Please refer to any updates that may be published or issued by us from time to time including notices that we display on our website.
  Back to top  
Apply now Apply now
Key benefits:
Reduce costs associated with currency conversions
Streamline the management of payables and receivables
Enhance business relationships with enterprises within or outside of the PRC
RMB Current Account terms and conditions
 
Print this page Print this page
 

Privacy and Security   |   Terms of Use   |   Hyperlink Policy
© Copyright. The Hongkong and Shanghai Banking Corporation Limited 2013