We updated and summarized the FAQ attached to the notices sent to you by Citibank (China), Ltd ("Citi China") in December 2023 and April 2024. Please find the FAQ below to know more about the products/services of HSBC China related to this transfer.
1. (Newly updated on 15 Oct 2024) Is Citi customer eligible for HSBC China marketing program for new customer such like ‘HBCN Eastern Airline (CEA) program’ from 1 December 2023 to 31 December 2024 after being successfully transferred to HSBC China as a Premier customer?
Sorry, HSBC China marketing program for new customer such like ‘HBCN Eastern Airline (CEA) program’ is not applicable to customers transferring from Citi China to HSBC China.
2. (Newly updated on 11 Oct 2024) My account had been terminated by HSBC before, what impact will it have on transferring my Citi China products?
For customers who have previously had an HSBC account that has been terminated by HSBC, to implement relevant risk control requirements upon the completion of the Transfer, they can only check their account balance and/or investment holdings. Meanwhile, we will review the customer relationship again and may approach the customers for additional information. Unless the customers can provide information/supporting documents sufficient to meet our risk control requirements, it is likely that we will terminate the customer relationship, including but not limited to closing all accounts of the customer in HSBC China.
If you want to keep your accounts with HSBC China, you may approach your relationship manager. After receiving your request of account retention, the Bank will review the reasons of terminating the relationship, and might ask for more information or supporting documents during the review. The Bank will come up with the final decision after the review, and will inform you the result in a timely manner.
3. (Newly updated on 11 Oct 2024) I used different identity documents for account opening at HSBC China and Citi China. Do I need to take any further action to prepare for this Transfer?
If you used different identity documents for account opening at HSBC China and Citi China, please contact Citi China as soon as possible to update your personal information, to avoid any adverse impact on the use of your account(s) after the Transfer (applicable before the Closing Date). After the Closing Date, visit a nearby HSBC China branch (personal banking service branch) to update your personal information.
4.(Newly added on 18 Jun 2024)How to find the HSBC product codes and product names corresponding to former Citi products?
Please refer to the following HSBC-Citi product mapping table to search for the product codes and product names in HSBC China corresponding to former Citi products.
5. (Revised on 12 Jun 2024) I have completed online identity verification, how can I register for online banking and mobile banking services ? Which password should I use?
You can use your Phone Banking Number on "Authentication Successful" page of online identification verification and Phone Banking PIN attached in the Phone Banking PIN letter to register. If you have completed identity verification but did not retain your Phone Banking Number, you can scan the online identity verification QR code again to find the number. If you can’t find your Phone Banking PIN, you can call our dedicated customer service hotline (+86) 400 820 0006 or (+86 21) 5060 6440 or visit HSBC China retail business branches in person to obtain. For further assistance, please contact your Relationship Manager.
Besides, you can access our official website at https://www.hsbc.com.cn/en-cn/ and click on the personal Online Banking entrance or scan the QR code below to download the HSBC Bank app. On the page to select the authentication method, choose "Phone Banking", and enter your Phone Banking Number and Phone Banking PIN to register for HSBC China's Online Banking and Mobile Banking services. Also, you can access app-guide-download-en.pdf (hsbc.com.cn) to find the Mobile Banking Registration Guidance.
Online Identification Verification QR Code
HSBC Bank app QR Code
6.(Newly added on 12 Jun 2024)After transferred to HSBC China, how will product gain and loss be calculated?
After your wealth and investment product holdings transferred to HSBC China, the gain and loss of your holdings will be calculated from the Confirmation Date of Transfer*, and the initial cost of your product holdings in HSBC China will be set as the units transferred multiplied by the latest NAV on the Confirmation Date of Transfer.
*Please contact our dedicated customer service hotline at (+86) 400 820 0006 or (+86 21) 5060 6440 to inquire the Confirmation Date of Transfer of relevant products.
7.(Newly added on 12 Jun 2024)Are there any differences in control over foreign exchange transactions between HSBC Bank China and Citibank China? How much can I deposit/withdraw/remit inwards and outwards/exchange foreign currencies with HSBC in a day/year?
HSBC Bank China (The bank) follows regulatory requirements and its internal policies in managing personal foreign exchange affairs, implementing distinct management models for various transaction types such as currency exchange, cross-border payments, cash deposits and withdrawals, and domestic and international fund transfers. Personal foreign exchange transactions must be backed by genuine and legitimate purposes, adhering to the principle of "real need and self-use." The bank reserves the right to conduct necessary verifications to ensure the transactions are real and compliant, supporting individuals' genuine and reasonable use of foreign currencies. The bank retains the rights to exercise enhanced measures to scrutinize and review foreign exchange or other business that is/are questionable. It is at the disposal of the bank to determine the document sorts to be reviewed, review forms and review focuses and so on to ensure the compliance of transactions. For those seeking further information, you can consult the "Personal Foreign Exchange Service Handbook" within HSBC's online 'Forex Toolkit' on our official website, or visit any of our branch/sub-branch premises for precise for precise details on the requirements and regulations governing personal foreign exchange services.
8.(Newly added on 13 May 2024)If I have pending remittances in my original Citi China account before transferring to HSBC, will they be transferred to my HSBC account? What will happen if I receive a refund to my original Citi China account after transferring to HSBC?
For refunds that were remitted from your original Citi China account before the Closing Date but returned after the Closing Date, or remittances that Citi China has received but has not yet paid out to your original Citi China account as of the Closing Date, Citi China will transfer it to HSBC China, which will then be paid to your account in HSBC China. However, personal cross-border RMB-related remittances will be directly returned by Citi China. Please be sure to make proper arrangements for remittance before the Closing Date.
For any remittance received by Citi China after the Closing Date, as your Citi China account will have been closed, Citi China will directly return the remittance to the remitter upon receipt. Please be sure to contact the remitter before the Closing Date to update your receiving account information.
9.(Newly added on 13 May 2024)As an existing customer with only a CNY settlement account opened in HSBC China, how will my Citi China FCY products be transferred to HSBC China? Will HSBC China automatically open a FCY settlement account to take over the deposit and investment products from Citi China?
HSBC China will automatically open an FCY settlement account for you to take over the transferred FCY deposit and investment products. And if you only have an FCY settlement account with HSBC China but hold Citi China CNY deposit and investment products , HSBC China will also automatically open a CNY settlement account for you to take over the transferred CNY deposit and investment products.
10. (Newly added on 13 May 2024) I did not apply for an HSBC China debit card or confirm a debit card delivery address, why do I have a debit card number? What is this card number used for?
If you hold a Citi China debit card, HSBC China will pre-open a debit card for you to take over your banking services. Since you have not confirmed a delivery address for your physical card, we will generate a debit card number for you, but not send the physical card automatically. The card number can only be bind to use third-party payment services, such as Alipay, WeChat Pay, JD Pay and other online third-party payment platform. If you need a physical card, you can apply for it through mobile banking. We will then send the debit card and an initial password letter to your specified mailing address.
11.(Newly added on 13 May 2024)After service starting date (tentatively scheduled for June 11, 2024), I have enabled the debit card and changed the password as instructed, but the debit card still cannot be used, what could be the possible reasons?
The main account associated with your debit card is a RMB settlement account. When the status of the RMB settlement account is restricted, the debit card may not be used normally. Reasons for a RMB settlement account under restricted status include: your identity document has expired, or your account information is incomplete, and etc.
If you encounter problems when using your card, please contact our customer service hotline at (+86) 400 820 0006 or (+86 21) 5060 6440, or go to our bank's business outlets to inquire about the cause and resolve it.
12.(Newly added on 13 May 2024)I have completed identity verification, then how to use the debit card after I received it?
The service starting date for the newly issued debit card due to the business transfer is tentatively set as June 11, 2024. The debit card cannot be used before this date. Customers who have confirmed the card delivery address will receive a debit card and a debit card password letter respectively. Please keep your debit card, password letter and the "Guide of Debit Card Enabling" that comes with the card properly. After the service starting date (tentatively scheduled for June 11, 2024), you can use your debit card after completing its setup following instructions in the "Guide of Debit Card Enabling".
13.(Newly added on 13 May 2024)I failed to apply for my HSBC Debit Card during online identity verification. How can I apply for it later?
Beginning on the service starting date (tentatively scheduled for June 11, 2024), if you can already check your debit card number through mobile banking, you can directly click "Apply for Physical Card", complete the application according to the instructions of mobile banking, and obtain your debit card.
If you cannot query your debit card number through mobile banking, please visit a nearby HSBC China branch (personal banking service branch) to apply.
14.(Newly added on 13 May 2024)I would like to obtain an HSBC Debit Card, how to confirm the delivery address to which the HSBC China Debit Card will be sent?
Before the service starting date (tentatively scheduled for June11, 2024), HSBC China debit cards will only be sent to the mailing address (statement address) held by Citi China as of April 26, 2024. You can check the address information through your Citi China paper statement or electronic statement from mobile banking/online banking, and confirm whether to use this address to receive the card during online identity verification.
If you have confirmed that you have updated or need to update your mailing address in Citi China after April 26, 2024, please select 'No' on the address confirmation page in online identity verification and continue to complete the online identity verification process. HSBC China will not mail you a physical card. You can update your mailing address and apply for a physical card online through HSBC China Mobile Banking since the service starting date,or visit a nearby HSBC China branch (personal banking service branch) in person to apply.
15.(Newly added on 13 May 2024)After being transferred to HSBC, can I check my historic Citi China product transaction records ?
After your investment product holdings have been transferred to HSBC, you can log in to your HSBC Personal Online Banking (once logged in, click My Investment, then click My Investment Portfolios to enter the page of My Holdings. From there, click on Transaction History, then Citi Transaction History). Or you can contact your relationship manager to inquire about your transaction history within five years from the Closing Date of your transferred products, including subscription, redemption, dividend and other record.
16.(Newly added on 13 May 2024)If my identity verification has not been completed yet or my ID has expired, will it impact the transfer of my Citi China product holdings in Citi and redemption of the transferred product? Will it impact my subscription of HSBC wealth management and investment products?
ID expiry may result in your Citi China account being blocked, therefore some customers may not be transferred to HSBC China.
For customers who are successfully transferred to HSBC China, if you have not completed identity verification or your ID has expired, it will not affect the transfer of your Citi China products, but we cannot accept your instruction before you complete identity verification. ID expired customers can redeem the transferred product, but you won’t be able to subscribe or switch any investment products. So We strongly recommend completing the identity verification process and updating your expired ID as soon as possible.
17. (Newly added on 30 April 2024) In order to use my account normally, do I need to provide supplementary information to HSBC China in additional to the information provided by Citi China?
HSBC China will open accounts for you based on your information held by Citi China; and in common scenario, you will be able to use your HSBC China accounts and other banking services normally after identity verification completion. However, even if you have completed identity verification process, if your information held by Citi China is incomplete or under certain special circumstances, to fulfil regulatory or HSBC China’s account security requirements, your HSBC China’s account may be restricted after the Closing Date; and we may need to obtain more information relevant to your account, such as, your occupation, employer, position, source of wealth, etc. We will contact you directly if necessary. To ensure you receive relevant information promptly, please make sure your telephone number and correspondent address held by Citi China are accurate and valid; and pay close attention to SMS messages and letters in relation to this Transfer. HSBC will restore the normal function of your account after you provide the required information or document and meet the relevant laws and regulations and our internal policy requirements.
18. (Newly added on 30 April 2024) How can I check the product performance that I hold after I transfer to HSBC China?
You can find information about your products, including but not limited to product performance, on HSBC China's official website or at your online banking and mobile banking.
19. (Newly added on 30 Apr 2024) What is the city coverage of HSBC Private banking?
Currently HSBC Global Private Banking has set up customer service teams and dedicated customer meeting areas to provide preferential services locally in 6 cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu and Hangzhou. For other cities (including Nanjing, Tianjin, Dalian, Chongqing, etc.), comprehensive, personalized and professional wealth management services could be provided remotely by Global Private Banking Relationship Managers, as the responsible person and contact point. Customer can also use to counter services with priority when coming into any of the branches with retail services.
20. (Newly added on 30 Apr 2024) Will my personal information be used in Tax Reporting?
In accordance to the requirements in Regulations on Common Reporting Standards (CRS), financial institution must well carry out CRS due diligence. Therefore, information regarding you and any reportable account(s) may be provided to China State Administration of Taxation and exchanged with tax authorities of another country or countries or region(s) in which you may be tax resident pursuant to intergovernmental agreements to exchange financial account information.
To comply with Foreign Account Tax Compliance Act (FATCA), HSBC China may share your details, where applicable, within HSBC Group and only the IRS of the United States of America or third parties appointed by the Congress of the United States for the purpose of FATCA.
21.(Newly added on 30 Apr 2024)I am a Canadian resident. After this transfer, what’s the arrangement of my current investment holding in Citi China? Can I make new investment with HSBC China in the future?
Currently, HSBC China does not provide investment products to Canadian residents (including Canadian Maple Leaf Card holders, or natural persons with permanent residential addresses, residential addresses, and mailing addresses in Canada). As some Citi China customers who are Canadian residents already hold relevant investment products, HSBC China will only accept product redemptions from these customers after the Transfer. You may check with your HSBC relationship manager for redemption process details after the service starting date (tentatively scheduled for June 11, 2024).
22. (Newly added on 30 Apr 2024)Can I redeem my investment products transferred from Citi China to HSBC China or subscribe new investment products as usual?
For QDII Bond and QDII Structured Note that transferred from Citi China, HSBC China will handle redemption, coupon payment, maturity termination and other services as stipulated in the contract. Depending on market conditions, HSBC China may subsequently issue new QDII Bond and QDII Structured Note. If you meet the purchase requirements set by HSBC China for these products at that time, you can subscribe normally. Please stay tuned.
You can redeem your QDII Mutual Fund, local unit trust, Hong Kong mutual recognition funds and asset management plans that you have transferred from Citi China. Whether new subscriptions can be accepted is subject to the list of products actually sold by HSBC China at that time. For the products on the actual sales list of HSBC China at that time, if you meet the purchase requirements set by HSBC China for these products, you can make a new subscription.
23. (Newly added on 30 Apr 2024) I am a Guiyang Citi China customer and my relationship manager has been transferred to Chengdu. How will HSBC China serve my account in the future?
If you were former clients of Citi China in Guiyang and have been transferred to Chengdu, the relationship manager of Chengdu in HSBC China will provide relevant remote services for you in the future, and you can conduct most relevant account operations through digital channels. HSBC China does not have any branch in Guiyang, therefore, so for certain businesses (such as cash service, part of wealth management services, etc.) which must be handled at branch, clients need to physically visit Chengdu or other cities where HSBC China has a branch.
24. (Newly added on 10 January 2024) Does HSBC China Changsha Branch provide personal banking services? Does HSBC China Changsha branch provide the same wealth management services with other HSBC branches?
HSBC Changsha provides personal banking business, but mainly in Go-Digital model, that is, there is no local Relationship Manager, customer relations are handled by relationship managers in other cities, and the main account services and wealth management (including investment and insurance agency sale) and other non-cash services are provided to customers online or remotely. Operation staff located in HSBC Changsha business site provide limited business services that only could be processed on-site or at the counter, but do not provide services related to wealth management (including investment, insurance agent sale and the first Risk Profiling Questionnaire evaluation).
25. (Newly added on 10 Jan 2024)I am living overseas, can I use my HSBC China account normally, including withdraw cash overseas with HSBC China Debit Card and use HSBC China online banking normally after the Transfer?
The HSBC China Debit Card supports the withdrawal of local currency at ATMs of UnionPay or consumption through UnionPay POS terminals overseas. At the same time, you can also use our bank's digital channel services overseas, such as registration and login for mobile banking and online banking.
26. I already have a personal account(s) with HSBC China, will my account(s) at the two banks be merged? Any other information I shall pay attention to?
If you already have a personal account(s) with HSBC China, your relevant products held at or purchased through Citi China will be transferred to such existing account(s) or any additional RMB / foreign currency accounts we will open for you, for which, you do not need to visit our branch unless you are notified otherwise.
You may need to complete identity verification in order to ensure your account security before making the full use of such accounts. Please make sure to check the Transfer Preparation Notification we recently sent out or go to the Online Identity Verification page on our website for details of the identity verification process.
27. I have reached the Citigold® Private Client status by purchasing insurance products through Citi China.Since insurance is out of the scope of the Transfer, will there be a potential impact on my account rights? After the Transfer, will my account be downgraded? Will any additional account service fee be charged?
We will provide at least HSBC Premier Elite Account services to Citigold® Private Client customers and will invite the customers to upgrade to Global Private Banking as appropriate, both of which can provide you customized banking services with high quality to meet your banking needs. For customers who become HSBC China Premier Elite, we will provide Premier Elite account services with monthly service fee waived from the day after the delivery date till 31 October 2024. After 31 October 2024, we will re-match your account service type based on your total relationship balance and the requirement at that time.
28. Can I enjoy the same fee standards for investment products at HSBC China as at Citi China?
With respect to investment product tariff, if you want to redeem the products transferred from Citi China, the fee rates are similar (except for a few differences as specified below). However, the fee rates of new subscription, switching and Regular Saving Plan should be subject to HSBC China's fee arrangement.
You may refer to the Tariff of Accounts and Services for Wealth and Personal Banking Business (PDF , 2.44MB) to check the complete fee standards for products/services in HSBC China.
Types | Items | Citi China | HSBC China |
---|---|---|---|
QDII – Mutual Fund (Bank owned) | Application Channel for Redemption/Switching | In Branch/Phone booking/Citibank Online /Mobile Banking |
Branch/Remote Live Sign, Branch/Remote Shopping Cart, Personal Internet Banking/Mobile Banking |
QDII – Mutual Fund (Bank owned) | Cut-off time for Redemption/Switching application | 16:00, Beijing Time for In Branch/Phone booking 17:00, Beijing Time for Citibank Online/Mobile Banking 15:00, Beijing Time for In Branch/Phone booking 15:30, Beijing Time for Citibank Online/Mobile Banking) |
15:00, Beijing Time for all application channels |
QDII – Mutual Fund (Bank owned) | Foreign exchange rate for redemption funds | Provided by the onshore custodian bank The real time exchange rate determined at any time between 09:00 and 12:00 Beijing time on the first FX trade day after the foreign currency fund redemption amount is confirmed to have arrived in the overseas custodian bank |
Provided by the Bank The exchange rate determined by the Bank at any time between 15:00 and 16:15 Beijing time on the date when the foreign currency fund redemption amount is confirmed to have arrived in the overseas custodian bank |
QDII – Mutual Fund (Bank owned) | Number of Investment Plan Units | The offshore fund management company and the Bank might make reasonable adjustment of its decimal part, in other words, to round the number to two, three or four decimal places according to its standard rules |
The offshore fund management company and the Bank might make reasonable adjustment of its decimal part, in other words, to round the number to two or three decimal places according to its standard rules |
Local Unit Trust/MRF-Mutual Recognised HK Funds (Distributed by the Bank) | Application Channel for Redemption/Switching | In Branch/Phone booking/Mobile Banking | Branch/Remote Live Sign, Branch/Remote Shopping Cart, Personal Internet Banking/Mobile Banking |
QDII – Bond (Bank owned) | Foreign exchange rate for redemption/coupon/maturity applicable for CNY as investment currency | Provided by onshore custodian bank The real time exchange rate determined at any time between 09:00 and 12:00 Beijing time on the first FX trade day after the foreign currency fund redemption/coupon/maturity amount is confirmed to have arrived in the overseas custodian bank |
Provided by the Bank The exchange rate determined by the Bank at any time between 16:00 and 17:00 Beijing time on the date when the foreign currency fund redemption amount is confirmed to have arrived in the overseas custodian bank |
QDII – Bond (Bank owned) | Early redemption fee rate applicable for CNY as investment currency | Early redemption fee rate is calculated on the basis of Investment Amount. (Investment Amount = Notional Amount × Redemption Price) |
Early redemption fee rate is calculated on the basis of Notional Amount. |
QDII – Bond (Bank owned) | Service fee rate (per annum) applicable for CNY as investment currency | Service fee (per annum) is calculated on the basis of Notional Amount, and the fee rate is 1.4% per annum | Service fee (per annum) is calculated on the basis of Notional Amount, and the fee rate is 0.2% per annum × Foreign exchange rate for redemption/coupon/maturity (The definition of Foreign exchange rate for redemption/coupon/maturity refers above) |
QDII – Bond (Bank owned) | Subscription/Redemption Price | It is provided by Oversea Trading Counterparty according to market condition | It is provided by Oversea Trading Counterparty according to market condition, and it includes subscription fee/redemption fee (The Oversea Trading Counterparty of Citi China and HSBC China is different) |
QDII – Structured Note (Bank owned) | Investment Early Redemption Application Cutoff Date/Time | 12:00 a.m. Beijing time of every 23rd of each month after Structured Note Issue Date | 16:00 p.m. Beijing time of every last China mainland working day of each month after Structured Note Issue Date |
QDII – Structured Note (Bank owned) | Investment Early Redemption Date/Time | Every 25th of each month after Structured Note Issue Date, if such day is not a scheduled trading day, the next succeeding day that is a scheduled trading day | Every first of each month after Structured Note Issue Date, if such day is not a scheduled trading day, the next succeeding day that is a scheduled trading day |
Types | QDII – Mutual Fund (Bank owned) |
---|---|
Items | Application Channel for Redemption/Switching |
Citi China |
In Branch/Phone booking/Citibank Online /Mobile Banking |
HSBC China | Branch/Remote Live Sign, Branch/Remote Shopping Cart, Personal Internet Banking/Mobile Banking |
Types | QDII – Mutual Fund (Bank owned) |
Items | Cut-off time for Redemption/Switching application |
Citi China |
16:00, Beijing Time for In Branch/Phone booking 17:00, Beijing Time for Citibank Online/Mobile Banking 15:00, Beijing Time for In Branch/Phone booking 15:30, Beijing Time for Citibank Online/Mobile Banking) |
HSBC China |
15:00, Beijing Time for all application channels |
Types | QDII – Mutual Fund (Bank owned) |
Items | Foreign exchange rate for redemption funds |
Citi China |
Provided by the onshore custodian bank The real time exchange rate determined at any time between 09:00 and 12:00 Beijing time on the first FX trade day after the foreign currency fund redemption amount is confirmed to have arrived in the overseas custodian bank |
HSBC China |
Provided by the Bank The exchange rate determined by the Bank at any time between 15:00 and 16:15 Beijing time on the date when the foreign currency fund redemption amount is confirmed to have arrived in the overseas custodian bank |
Types | QDII – Mutual Fund (Bank owned) |
Items | Number of Investment Plan Units |
Citi China |
The offshore fund management company and the Bank might make reasonable adjustment of its decimal part, in other words, to round the number to two, three or four decimal places according to its standard rules |
HSBC China |
The offshore fund management company and the Bank might make reasonable adjustment of its decimal part, in other words, to round the number to two or three decimal places according to its standard rules |
Types | Local Unit Trust/MRF-Mutual Recognised HK Funds (Distributed by the Bank) |
Items | Application Channel for Redemption/Switching |
Citi China | In Branch/Phone booking/Mobile Banking |
HSBC China | Branch/Remote Live Sign, Branch/Remote Shopping Cart, Personal Internet Banking/Mobile Banking |
Types | QDII – Bond (Bank owned) |
Items | Foreign exchange rate for redemption/coupon/maturity applicable for CNY as investment currency |
Citi China |
Provided by onshore custodian bank The real time exchange rate determined at any time between 09:00 and 12:00 Beijing time on the first FX trade day after the foreign currency fund redemption/coupon/maturity amount is confirmed to have arrived in the overseas custodian bank |
HSBC China |
Provided by the Bank The exchange rate determined by the Bank at any time between 16:00 and 17:00 Beijing time on the date when the foreign currency fund redemption amount is confirmed to have arrived in the overseas custodian bank |
Types | QDII – Bond (Bank owned) |
Items | Early redemption fee rate applicable for CNY as investment currency |
Citi China |
Early redemption fee rate is calculated on the basis of Investment Amount. (Investment Amount = Notional Amount × Redemption Price) |
HSBC China |
Early redemption fee rate is calculated on the basis of Notional Amount. |
Types | QDII – Bond (Bank owned) |
Items | Service fee rate (per annum) applicable for CNY as investment currency |
Citi China | Service fee (per annum) is calculated on the basis of Notional Amount, and the fee rate is 1.4% per annum |
HSBC China |
Service fee (per annum) is calculated on the basis of Notional Amount, and the fee rate is 0.2% per annum × Foreign exchange rate for redemption/coupon/maturity (The definition of Foreign exchange rate for redemption/coupon/maturity refers above) |
Types | QDII – Bond (Bank owned) |
Items | Subscription/Redemption Price |
Citi China | It is provided by Oversea Trading Counterparty according to market condition |
HSBC China |
It is provided by Oversea Trading Counterparty according to market condition, and it includes subscription fee/redemption fee (The Oversea Trading Counterparty of Citi China and HSBC China is different) |
Types | QDII – Structured Note (Bank owned) |
Items | Investment Early Redemption Application Cutoff Date/Time |
Citi China | 12:00 a.m. Beijing time of every 23rd of each month after Structured Note Issue Date |
HSBC China | 16:00 p.m. Beijing time of every last China mainland working day of each month after Structured Note Issue Date |
Types | QDII – Structured Note (Bank owned) |
Items | Investment Early Redemption Date/Time |
Citi China | Every 25th of each month after Structured Note Issue Date, if such day is not a scheduled trading day, the next succeeding day that is a scheduled trading day |
HSBC China | Every first of each month after Structured Note Issue Date, if such day is not a scheduled trading day, the next succeeding day that is a scheduled trading day |
* The actual service channel for redemption of QDII Bond and QDII Structured Note shall be determined when actual transaction occurs and may be different from Citi China's current channel.
* New subscription and switching application should be subject to the on-sale product list of HSBC China.
* Given the different system handling of decimal part of QDII Investment Plan Unit between Citi China and HSBC China, the QDII Investment Plan Unit transferred to HSBC China will be made adjustment of rounding numbers. The transferred Unit will be subject to the display in HSBC China's system.
29. I am currently overseas, how can I inquire about and trade investment products after the Transfer?
After the Transfer, you may check your holdings of the transferred investment products from Citi China, or redeem your investment holdings within the redemption time on HSBC China's Mobile APP (with a few possible exceptions to be elaborated in later communication letters to be sent by HSBC China). Other transaction types on HSBC China's Mobile APP including subscription and switching are subject to the availability of specific products on the mobile banking channel at HSBC China. Please also note that HSBC China's Mobile APP does not process redemption, subscription or switching of investment by joint accounts.
30. I have noticed that there will be some differences in HSBC China's and Citi China's operation of the same or similar deposit products, please elaborate a bit more on the changes.
We have summarized below by product types the potential changes to your deposit products. For the avoidance of doubts, these changes will not take effect until the relevant products have been taken over by HSBC China. Details are listed below.
(1) Demand Deposit: Your demand deposit will be entitled to the corresponding HSBC China personal demand deposit interest rate once transferred to HSBC China.
(2) Time Deposit: For any of your time deposit with a standing automatic renewal instruction, except for the scenarios mentioned below, from the renewal execution date, it will be entitled to HSBC China personal time deposit board rate for the corresponding terms. For time deposits in certain currencies (Swiss Francs or New Zealand Dollar) and/or certain terms (2 weeks or 2 months), the automatic renewal instruction, if any, will expire immediately upon the transfer of such products to HSBC China, and the principal and interest at maturity will be transferred to the corresponding current account. If the maturity date or renewal execution date of your time deposits is a national holiday or weekend, the maturity date or renewal execution date of such products will be the next working day.
(3) Large-Denomination Certificate of Deposit: If the maturity date of your large-denomination certificates of deposit is a national holiday or weekend, the maturity date of such products will be the next working day.
(4) Foreign Currency Notes: The foreign currency deposit(s) held in your Citi China foreign currency notes account, including Pound, Canadian dollar, Australian dollar, Singapore dollar, New Zealand dollar and Swiss Franc, will be transferred to your foreign currency exchange account of the same currency at HSBC China in full since the date of transfer to HSBC China. If you need any services involving foreign currency notes, you may contact the relevant local branch of HSBC China in advance to inquire about the available foreign currencies.
Types | Items | Citi China | HSBC China |
---|---|---|---|
Calculation of annual interest rate | Number of days for calculation of annual interest rate | Time deposits: 365 days for British pounds, Hong Kong dollars, and Singapore dollars 360 days for other currencies (including RMB, Swiss Franc) Demand deposits: 365 days for British Pounds, Hong Kong dollars, and Singapore dollars in non-leap years, 366 days for leap years 360 days for other currencies (including Swiss Franc). |
The annual interest rate calculation days vary depending on the currency. 365 days for British Pound, Hong Kong Dollar, and Singapore Dollar, and 360 days for RMB and other foreign currencies |
Demand deposits | Interest rate | Citi China individual demand deposit interest rate | HSBC China personal demand deposit board rate |
Demand deposits | Interest settlement for foreign currency demand deposit | Interest after deducting tax is settled annually. December 21 of each year is the interest settlement date | Interest after deducting tax is settled every half year, on June 28 and December 28, respectively, or the immediately following working day of the Bank if any of the aforementioned dates falls on a public holiday or a weekend |
Demand deposits | Currencies | Includes RMB, Swiss Franc and other 9 foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, and Singapore dollar) | Exclude Swiss Franc, but include RMB and other 9 foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, and Singapore dollar) |
Time deposits | Interest rate | Citi China individual time deposit interest rate | HSBC China personal time deposit board rate |
Time deposits | Deposit terms | RMB time deposit terms include: 3 months, 6 months, 1 year, 2 years, 3 years Foreign currency time deposit terms include: in addition to 1 month, 2 months, 3 months, 4 months, 5 months, 6 months, and 1 year, certain currencies (Australian dollar, Canadian dollar, Euro, British pound, New Zealand dollar) support 2-week term. |
The terms of RMB deposits includes the terms of 3 months, 6 months, 1 year, 2 years and 3 years, and additionally 5 years The term of foreign currency deposit does not include 2 weeks or 2 months, but only support 1 month, 3 months, 6 months, 1 year, and 2 year term |
Time deposits | Currencies | Include Swiss Franc, RMB, and 9 other foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, and Singapore dollar) | Exclude Swiss Franc and New Zealand dollar, but include RMB, and 8 other foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, and Singapore dollar) |
Foreign currency notes account and exchange account | Currencies | Foreign currency exchange account and foreign currency notes account support Swiss Franc and 9 other foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, and Singapore dollar) | Foreign currency exchange account supports 9 foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, and Singapore dollar) Foreign currency notes account supports US dollar, Hong Kong dollar, Japanese yen and Euro |
Large-denomination certificates of deposit | Minimum Incremental Amount | CNY 10,000 | CNY 0.01 |
Large-denomination certificates of deposit | Subscription date, interest payment date and maturity date | If the subscription date, interest payment date or maturity date falls on a public holiday or weekend, such date will automatically be postponed to the next working day | Interest shall accrue as of the date of subscription and to the day prior to maturity of the deposit. Subscription application submitted on a public holiday or weekend will be processed on the first working day immediately after the end of such holiday or weekend If the maturity date falls on a public holiday or a weekend, such large certificate of deposits shall become payable on the first working day immediately after the end of the holiday or weekend |
Types | Calculation of annual interest rate |
---|---|
Items | Number of days for calculation of annual interest rate |
Citi China |
Time deposits: 365 days for British pounds, Hong Kong dollars, and Singapore dollars 360 days for other currencies (including RMB, Swiss Franc) Demand deposits: 365 days for British Pounds, Hong Kong dollars, and Singapore dollars in non-leap years, 366 days for leap years 360 days for other currencies (including Swiss Franc). |
HSBC China | The annual interest rate calculation days vary depending on the currency. 365 days for British Pound, Hong Kong Dollar, and Singapore Dollar, and 360 days for RMB and other foreign currencies |
Types | Demand deposits |
Items | Interest rate |
Citi China | Citi China individual demand deposit interest rate |
HSBC China | HSBC China personal demand deposit board rate |
Types | Demand deposits |
Items | Interest settlement for foreign currency demand deposit |
Citi China | Interest after deducting tax is settled annually. December 21 of each year is the interest settlement date |
HSBC China | Interest after deducting tax is settled every half year, on June 28 and December 28, respectively, or the immediately following working day of the Bank if any of the aforementioned dates falls on a public holiday or a weekend |
Types | Demand deposits |
Items | Currencies |
Citi China | Includes RMB, Swiss Franc and other 9 foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, and Singapore dollar) |
HSBC China | Exclude Swiss Franc, but include RMB and other 9 foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, and Singapore dollar) |
Types | Time deposits |
Items | Interest rate |
Citi China | Citi China individual time deposit interest rate |
HSBC China | HSBC China personal time deposit board rate |
Types | Time deposits |
Items | Deposit terms |
Citi China |
RMB time deposit terms include: 3 months, 6 months, 1 year, 2 years, 3 years Foreign currency time deposit terms include: in addition to 1 month, 2 months, 3 months, 4 months, 5 months, 6 months, and 1 year, certain currencies (Australian dollar, Canadian dollar, Euro, British pound, New Zealand dollar) support 2-week term. |
HSBC China |
The terms of RMB deposits includes the terms of 3 months, 6 months, 1 year, 2 years and 3 years, and additionally 5 years The term of foreign currency deposit does not include 2 weeks or 2 months, but only support 1 month, 3 months, 6 months, 1 year, and 2 year term |
Types | Time deposits |
Items | Currencies |
Citi China | Include Swiss Franc, RMB, and 9 other foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, and Singapore dollar) |
HSBC China | Exclude Swiss Franc and New Zealand dollar, but include RMB, and 8 other foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, and Singapore dollar) |
Types | Foreign currency notes account and exchange account |
Items | Currencies |
Citi China | Foreign currency exchange account and foreign currency notes account support Swiss Franc and 9 other foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, and Singapore dollar) |
HSBC China |
Foreign currency exchange account supports 9 foreign currencies (US dollar, Australian dollar, Canadian dollar, Euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, and Singapore dollar) Foreign currency notes account supports US dollar, Hong Kong dollar, Japanese yen and Euro |
Types | Large-denomination certificates of deposit |
Items | Minimum Incremental Amount |
Citi China | CNY 10,000 |
HSBC China | CNY 0.01 |
Types | Large-denomination certificates of deposit |
Items | Subscription date, interest payment date and maturity date |
Citi China | If the subscription date, interest payment date or maturity date falls on a public holiday or weekend, such date will automatically be postponed to the next working day |
HSBC China |
Interest shall accrue as of the date of subscription and to the day prior to maturity of the deposit. Subscription application submitted on a public holiday or weekend will be processed on the first working day immediately after the end of such holiday or weekend If the maturity date falls on a public holiday or a weekend, such large certificate of deposits shall become payable on the first working day immediately after the end of the holiday or weekend |
31. I hold a joint account at Citi China, will HSBC China take over my Citi China products in the joint account?
If any of your Citi China products are held through a joint account at Citi China and you do not hold a joint account under the same names at HSBC China, we will open a joint account for you to take over such products and execute your instructions based on the signing rules (either/both to sign) you set up at Citi China. You can use this joint account after all account holders have completed identity verification.
If you already hold a same-name joint account at HSBC China, the relevant Citi China products will be transferred to your existing HSBC China joint account and the signing rules you set up for such HSBC China joint account will remain unchanged.