Foreign exchange transactions
Q01. Which foreign currencies are offered by HSBC (Taiwan)’s foreign exchange transaction service?
HSBC (Taiwan) offers foreign exchange transaction services for fund transfers between New Taiwan Dollar demand accounts and foreign currency accounts, fund transfers between foreign currency accounts, and cash transactions. Our foreign currency omnibus deposit accounts offer deposits in US Dollar, Japanese Yen, Canadian Dollar, Australian Dollar, Swiss Franc, British Pound, New Zealand Dollar, Swedish Krona, Hong Kong Dollar, Euro, Singaporean Dollar, Renminbi, and South African Rand. Our bank offers foreign currency cash in US Dollar, Hong Kong Dollar, British Pound, Japanese Yen, Renminbi, and Euros. The availability of cash foreign currencies depends on the inventory held at the branch at the time of exchange.
Q02. Which types of foreign currency cash are offered by HSBC (Taiwan)?
Our bank offers foreign currency cash in US Dollars, Hong Kong Dollars, British Pounds, Japanese Yen, Renminbi and Euros.
If you have any questions, please kindly call our 24-hour Contact Center hotline on +886 2 6616 6000.
Q03. Are there restrictions on foreign currency transaction services based on the status of the client? What are the business hours for such transactions?
Clients of our bank can apply for foreign currency transaction services through internet banking, the Customer Contact Centre, or in person at a branch during branch business hours. After business hours, clients can perform foreign exchange transactions with amount USD20,000 equivalent or above (excl. New Taiwan Dollar) until 5:30 PM through the Customer Contact Centre. We would like to remind you that, if the transaction requires disclosure of foreign currency transactions to the Central Bank, the client is required to report such transactions truthfully according to relevant laws and fill out foreign exchange remittance or transaction reports.
Q04. Are there restrictions on the dollar amount of foreign currency transaction services?
If you perform exchange transactions between New Taiwan Dollars and foreign currencies over our banks Customer Contact Centre, the cumulative exchange ceiling per person per day (including transactions at the branch and all channels of our bank) must be lower than the equivalent of NT$500,000 (the ceiling is NT$499,999). If you would like to exchange large amounts of foreign currency, please perform remittance and declaration at HSBC (Taiwan) branches. As for transactions in Renminbi, each natural person cannot exchange more than Renminbi 20,000 through accounts at all banks in Taiwan each day according to the current “Regulations Governing Foreign Exchange Business of Banking Enterprises.” We would like to remind you that, if the transaction requires disclosure of foreign currency transactions to the Central Bank, the client is required to report such transactions truthfully according to relevant laws and fill out foreign exchange remittance or transaction reports.
Q05. What are the restrictions on minors when purchasing and selling deposits denominated in foreign currencies?
Minors may exchange foreign currencies after the bank reviews the identity documents of the person performing the foreign exchange transaction and when each foreign exchange transaction is less than NT$500,000 or the equivalent in foreign currencies. If the amount of the current exchange transaction is more than NT$500,000, the person with the obligation to report the transaction should provide a filled out application form and relevant supporting documents. After the bank applies for and receives approval from the Central Bank, that individual can perform foreign currency transactions in New Taiwan Dollars.
Q06. How can someone wire funds in foreign currency to my HSBC (Taiwan) account from foreign currency accounts at other banks overseas?
When you wire funds in foreign currencies into your account, you must fill out the following inbound remittance information:
Beneficiary Bank: HSBC Bank (Taiwan) Limited
Swift Code: HSBCTWTP
Bank Address: 54F., No. 7,Sec. 5, Xinyi Rd., Xinyi Dist., Taipei City 110
Beneficiary Name : Please fill out your English name you registered at HSBC
Beneficiary A/C No. : Please fill in your 12-digit foreign currency account number
Q07. Are there additional fees for foreign currency transaction service at HSBC (Taiwan)?
No additional transaction fee is applied on foreign exchange spot transaction services within individual’s foreign currency accounts at HSBC (Taiwan). However, if you would like to deposit or withdraw cash in foreign currencies, the fees charged can be found on the “Banking Service Tariff and Product Fee Information” on the bank’s website.
Q08. Are management fees applied on deposits in foreign currency when such deposits are below the minimum balance?
HSBC (Taiwan) does not apply minimum balance to individual foreign currency account. HSBC (Taiwan) sets monthly minimum average balance and account management fees based on different wealth management accounts. The basis for calculating this minimum balance includes a client deposit in foreign currencies. See HSBC (Taiwan) general agreement for relevant regulations.
Q09. Does the foreign exchange service use spot exchange rate?
The exchange rate used by HSBC (Taiwan) exchange rate service use spot exchange rate. Exchange rate based on the real-time situation in the foreign exchange market each day.
Q10. Where can I find the foreign exchange rates at HSBC (Taiwan)?
Our clients can find the exchange rates for New Taiwan Dollars and foreign currencies on exchange rate boards at all branches of HSBC (Taiwan), the Customer Contact Centre, HSBC (Taiwan) web page, or internet banking. The HSBC (Taiwan) website is: http://www.hsbc.com.tw
Q11. What are the risks that I have to be aware of on deposits denominated in foreign currencies?
Foreign exchange transactions and foreign currency deposits may incur gains or losses. The client by himself or herself assumes all risks such as those related to restrictions on the exchange of foreign currencies and losses (including but not limited to price, exchange rate, politics and country/territory risks), and exchange losses that may arise when the client exchanges the foreign currencies he or she invests in into New Taiwan Dollars or other foreign currencies. The maximum possible loss is the loss of all principal and interest. HSBC (Taiwan) does not share losses or guarantee any revenue. Furthermore, foreign exchange transactions and related products are regulated by relevant laws, and the Central Deposit Insurance Corporation also sets ceilings on deposit insurance. However, investors still have to assume the credit risks of HSBC (Taiwan). The exchange rate level at any time does not guarantee a favorable return on investment. Therefore, we recommend clients assess their own needs for foreign currencies before engaging in transactions in foreign exchange and deposit funds in foreign currencies, and evaluate estimated losses on the combined effect of actual interest income and the reverse movement of foreign currencies at the time of the transaction.
Q12. What are the channels to make complaints regarding disputes over foreign exchange transactions?
If a client has any opinion or is unhappy with the services provided by HSBC(Taiwan), that client can contact his or her relationship manager or comment/ complain through the following channels: (1) Customer contact centre (02-6616-6000); (2)all branches in Taiwan; or(3) complaint phone line (0800-050-018). For detailed information, please see “Legally required disclosures – procedure for managing comments/complaints by clients at HSBC (Taiwan).”
Q13. Will there be correspondent bank fee charged for foreign currency outward remittance?
Correspondent bank fee charge for Foreign Currency outward Remittance:
There are two ways to remit USD to other domestic bank accounts from HSBC:
- 【 Domestic USD payment to be cleared through HBUS】
The transaction can be made in any of the HSBC branches or by internet banking. It will take at least 2 to 3 working days for settlement, and there will be processing fee charged by foreign correspondent bank. The processing fee would vary and it’s typically around USD $15 to USD $50, subject to the requirement by correspondent banks. Please be reminded that there may be more than 1 correspondent bank in each transaction.
- 【 Domestic USD payment to be cleared through FISC】 (The beneficiary bank should be the participants of FISC settlement Platform, and has RMA (Relationship Management Application) with HSBC bank)
The transaction can be made in any of the HSBC branches or by phone banking (not applied to internet banking). The remittance can be settled on the same day or the next working day if it’s been made before 14:30 on the day, and there’s no processing fee charged by correspondent bank.
Please be reminded that the Bank has to review the transaction contents. If any information or transaction details need to be supplemented, or if any special condition occurred from system checking, the remittance would not be settled in time, and the Bank will only execute the transaction again 2 working days after any necessary remediation.
Q01. What types of deposits are offered by HSBC Taiwan?
HSBC (Taiwan) currently offers demand deposits, foreign currency demand deposits, New Taiwan Dollar time deposits and foreign currency time deposits. We offer a wide range of deposit durations and currencies so that clients can manage their foreign currency deposits with ease and flexibility.
Q02. Does HSBC offer paper certificates for time deposits?
No. HSBC (Taiwan) currently only offers time deposits without paper certificates.
Q03. How can I get a time deposit? Are there additional fees for this service?
Clients of our bank can get time deposits with our bank’s personal internet banking and Customer Contact Centre or in person along with identification documents at branches throughout Taiwan. (Clients of HSBC Direct are not eligible for in-person services at branches.) There are no additional fees for time deposit service.
Q04. Are there additional fees for early withdrawal of time deposits?
HSBC (Taiwan) does not apply additional fees on early withdrawal of time deposits on early withdrawal of time deposits. However, HSBC (Taiwan) will calculate interest according to laws and our bank’s regulations. Time deposit in New Taiwan Dollars earns 80% of the publicly disclosed interest board rate of the equivalent full duration from the day interest begins to accrue to the withdrawal day. Time deposits in foreign currencies earn 80% of the interest of the original interest rate agreed upon since the day interest begins to accrue. However, when the early withdrawal happens when deposit is less than a month, no interest is paid.
Q05. Are there risks with deposits in foreign currencies?
We would like to remind clients that exchange rates for deposits denominated in foreign currencies may fluctuate due to market, political, and economic factors. Losses may also arise when converting deposits back to the original currency. The exchange rate level at any time does not guarantee a favorable return on investments. Therefore, we recommend that clients assess their own need for foreign currencies before undertaking transactions in foreign exchange and deposit funds in foreign currencies and evaluate the estimated losses on the combined effect of actual interest income and the reverse movement of foreign currencies at the time of the transaction.
Q06. What are the channels for complaints on time deposits related issues?
If a client has any opinion or dissatisfactions with our bank’s service, that client can contact his or her own wealth management specialist or comment/ appeal through the following channels: (1) Customer Contact Centre (02-6616-6000); (2) all branches throughout Taiwan; or (3) Complaint phone line (0800-050-018). If the dispute cannot be resolved by said appeals procedure, the client may request arbitration or mediation from Financial Ombudsman Institution, or appeal to the Financial Supervisory Commission.