The world's local bank
Renminbi Accounts
Gain access to one of the world's largest and fastest growing
economies with an HSBC Renminbi Savings or Fixed Deposit Account
HSBC was the first bank in Mauritius to offer Renminbi (RMB) accounts for business customers and the first in the world to offer this service across six continents. Now we're leading the way again with the HSBC Renminbi Savings and Fixed Deposit Accounts, which gives personal customers the opportunity to access, what has until now, been a restricted emerging market currency.
Features
Renminbi accounts: hold RMB funds in Mauritius, just like any other foreign currency, earning interest on any balance held.
- The minimum balance requirements for the opening of Renminbi Currency Accounts are as follows:
| CNY | |||||
| Savings | 10,000 | ||||
| Fixed Deposit | 25,000 | ||||
Remittances: Customers will also be able to transfer funds internationally to other RMB accounts or to accounts in any other foreign currency. Limitations concerning the transfer of RMB funds to mainland China and Macau exist.
Click here to view important notes regarding restrictions on remittances in Renminbi
RMB foreign exchange: capitalise on shifting exchange rates by exchanging other currencies to and from Renminbi.
What is the difference between Chinese Yuan (CNY) and Renminbi (RMB)?
The Renminbi is the name of the official currency of the People's Republic of China and is often shortened to RMB or also known as the Yuan. The terms CNY and RMB can be used interchangeably, but nowadays the currency is more commonly referred to as RMB. The sign for the currency is Y and the official SWIFT Approved Currency code is CNY for this reason, your RMB account balance and statements will display the CNY prefix.
Click here to view important notes regarding restrictions on remittances in Renminbi
Eligibility
- Individuals aged 18 years and above
- Accounts for minors must be operated by the parent or an authorised person
- Accounts can be opened for: individual(s) (sole or joint), society, partnership or for a company
- For joint accounts, a joint mandate must be completed and signed by all parties
- No introducer required
- Minimum initial deposit required as indicated under "Features"
- Foreign nationals should produce a Letter of Reference from their main banks overseas
Documents Required
- Completed Account Opening form
- Completed Signature Card
- Proof of identity - Identity card or passport
- Account Opening terms and conditions
- A Letter of Reference from the main overseas banks (for foreign nationals)
- Birth certificates (for minors)
- For large cash deposits, evidence of source of funds must be produced
