Renminbi Account Services

To you

  • No initial deposit required
  • No minimum balance to maintain
  • Ability to get more China-related business when trade settlements are made in RMB
  • Manage your RMB foreign exchange (FX) risk in a single account

Click here for rates

To your trade partner

  • Reduces the ancillary cost of FX conversion and related hedging instrument
  • Provides a natural hedge for both imports and exports settled in RMB

 

Services

RMB Current Account Opening

  • To facilitate trade transactions between you and the eligible trade partner

RMB denominated trade transactions

  • Issue Letter of Credit (Settlement will only be carried out after receipt of compliant documents)
  • Advise Letter of Credit
  • Negotiate Letters of Credit
  • Transferable Letters of Credit
  • Export Documentary Collections
  • Import Documentary Collections
  • Banker's Guarantee
  • FX rates for settlement of trade transactions

Trade Related Payments

  • Send and receive trade related payments (MT103) in RMB
  • FX rates for settlement of trade transactions

FX Rates

  • Competitive buying and selling rates for RMB (value spot)
  • No forwards
 

Terms and Conditions Governing Renminbi Cross Border Trade Settlement and Account Service

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

For more information on the Deposit Insurance Scheme, please click here

Please refer to UOB/FEB Insured Deposit Register for a list of UOB accounts/ products that are covered under the Scheme.