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RMB Saving (RenMinBi)

RMB (Renminbi) is the official currency of the People’s Republic of China (“PRC”). RMB meant in here is the currency coded as CNH, which is traded outside the PRC.

Terms and Conditions

RMB saving with code CNH in DBS Bank has following Terms and Conditions:

  1. Customers may not deposit RMB denominated notes in your RMB Accounts. All RMB placements in your RMB Foreign Currency Accounts shall be done by:
    • Cash deposit in IDR, SGD or USD or other CCY accepted by Bank to be then converted into RMB at the Bank’s prevailing exchange rate; or
    • An inward telegraphic transfer of RMB from an account outside of the PRC; or
    • An inward overbooking from Bank’s account with IDR, SGD or USD currency or Bank’s account with other currency that Bank has to be then coverted into RMB at the Bank’s prevailing exchange rate.
  1. You may not withdraw RMB denominated notes from your RMB Accounts. All withdrawals of RMB from your RMB Accounts may be made by:
    • Converting the RMB into a non-RMB currency selected by you that is freely convertible and available, at the Bank’s prevailing exchange rate and subject to the Bank’s prevailing commission and/or service charges; or
    • an outward telegraphic transfer of RMB to an account located outside the PRC as designated by the Bank or
    • Withdrawals in IDR, SGD,USD or other denominated notes, at the Bank’s prevailing exchange rate and subject to the Bank’s prevailing commission and/or service charges.
    • Withdrawals in demand drafts denominated in a non-RMB currency that is freely convertible and available, at the Bank’s prevailing exchange rate and subject to the Bank’s prevailing commission and/or service charges.
  1. Cheque books will not be issued RMB Foreign Currency Accounts.
  1. Bank may proceed an outward telegraphic transfer of RMB on your behalf on condition that:
    • Beneficiary’s account is with a bank located outside the PRC that is acceptable to the bank in its sole discretion; and
    • The RMB are debited from your RMB Foreign Currency Accounts.
  1. Bank may accept an inward telegraphic transfer of RMB on your behalf on condition that
    • Such transfer of RMB is affected from an account outside of the PRC; and
    • Such RMB are credited directly into your RMB Foreign Currency Accounts.
  1. Notwithstanding the above, Bank has the right at any time to reject, refuse or reverse an RMB telegraphic transfer (whether in whole or in part) effected on your behalf
    • For compliance with any prevailing laws, regulations, guidelines, restrictions, administrative rules or direction ; or
    • If the relevant correspondent bank, paying or agent bank recalls or claims a refund or repayment of the RMB transferred to you following the agreement between sender and paying bank or
    • if the relevant correspondent bank, beneficiary or agent bank rejects or fails to accept an outward telegraphic transfer of RMB by you.
  1. In the event that the availability, credit or transfers of RMB are restricted, suspended or prohibited by any judicial, governmental or regulatory authority, agency or body, the Bank shall have no obligation whatsoever to:
    • pay the RMB whether by way of draft or cash or by any other means in RMB or other currency to you (in the case of an inward telegraphic transfer of RMB) or the beneficiary (in the case of an outward telegraphic transfer of RMB) or
    • In the case of an outward telegraphic transfer of RMB, return the RMB to your RMB Foreign Currency Accounts, as the case may be, until such RMB funds are refunded to and received by the Bank.

Risk

  • RMB Convertibility and Transferability Restrictions.
  • As RMB is currently not a freely convertible currency and transfers of RMB to and from the PRC are restricted, conversion of RMB and RMB telegraphic transfer through the Bank is dependent on the availability of RMB outside of the PRC and may be subject to restrictions prevailing at the relevant time.
  • Exchange Rate Risk.
  • You are subject to RMB exchange rate risk as you are required to convert a non-RMB currency into RMB to effect a RMB deposit placement and you may only withdraw your RMB deposit in a non-RMB currency. You could therefore potentially receive less than the full value of the original amount used for the RMB deposit placement at the time of withdrawal.

For more information, click on the 'Contact Me' button below or contact DBSI Customer Centre at 1 500 327 / 69 327 (via mobile phone) or contact your Treasures Relationship Manager.

Contact Me

For more information, kindly check fee and charges or Service Fees Terms & Conditions.

PT Bank DBS Indonesia is registered and monitored by Financial Services Authority (OJK – Otoritas Jasa Keuangan).

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