Deposits Under the local law, foreign banks in China aren't allowed to offer banking services to Chinese individuals, or corporations and foreign banks should get permission to handle local currency (RMB) from the local government. Our Shanghai branch deals with only US-dollar-based services for foreigners and foreign-invested enterprises. Rates for Small Balances in Foreign Currency A/C Category Rates (%, annual) Savings Deposits 0.5 Time Deposits 1-month 1.25 3-months 1.75 6-months 1.87 1-Year 2.0 Documents required to open an account Personal Fill out an application form to open an account (Bank form) and sign it or put your stamp on it. (passport or certificate of residency needed) Minimum Amt.: None Corporations : * The application form to open an account for corporations is similar to the form used for opening personal accounts. Documents for opening a capital A/C and a settlement A/C Account-Opening Permission issued by the State Administration for Foreign Exchange Certificate of Approval from your Business A copy of your Business Registration Number Certificate of Foreign Exchange Registration for Foreign Direct Investment (FDI) Certificate of Approval for FDI Certificate of Corporate Seal Corporate Registry Certificate of Business Registration Documents for opening an foreign currency account for redemption of the principal & interest Account-Opening Permission issued by the State Administration of Foreign Exchange (SAFE) Foreign Currency A/C Ratification issued by SAFE Notification of Principal Redemption / Interest Payment Certificate of Foreign Currency Debt Registration Business Registration Number Certificate of Foreign Currency Registration Corporate Registry Certificate of Business Registration Remittance Method of Remittance Money can be directly transferred from a KEB account in Korea to a KEB account in China. If either the remitter or remittee does not have an account with KEB, then money can be remitted using the remittee's passport number and name. Korea(abroad) -> China Category Time required Through KEB 1 day Through other banks 2~3 days China -> Korea(abroad) Category Details Personal Resident in China Documents needed : Passport, proof of tax payments on personal income, employment contract, permission from a Chinese Official Condition : Money may not be remitted beyond the remitter¡¯s income Re-sending remittances from abroad Personal Documents needed : Passport Condition Within the initial amount of remittance(need proof of initial amount such as amount of deposit to A/C) Corp Documents needed Passport, tax report on amount of money used in China Condition Within initial amount of remittance & amount on tax report Corporate Through other banks Can remit within amount allowed by the State Administration of Foreign Exchange. Should you wish to remit more than the permitted amount, you will need to obtain permission from the State Administration of Foreign Exchange. Loans Type Type Purpose Working capital loans Operating funds Facility loans Import of raw materials and equipment, factory construction Trade financing Household loans Household expenses Types of collateral Stand-by L/C Deposits in China or Korea(USD/KRW¡Ì¨Ï Real estate in China or Korea Guarantee provided by parent company Interest rates Basic rates (Libor, KEB Prime Rate, Interest Rate of Collateral Deposits ) + Spread determined by your credit rating and banking transaction history with us