Deposits Current Deposit Check books are issued. A non-interest bearing account. Opening a current account is a necessity in Hong Kong where bills are usually paid by sending your checks through the mail or the money is automatically withdrawn from your account in the form of a direct debit. The account is denominated in HK$ only. Savings Deposit Deposit and withdrawal anytime with a passbook. Flexible interest rate Available currency - HK$ and US$ Time Deposit The standard interest rate, which floats in line with the prevailing market rate, is quoted on a daily basis. Your interest rate will be dependent on the deposit amount and period. The longer you place a deposit account with us, the higher the interest rate will be. The placement periods range from 1 week to 12 months. Deposit in HK$ or US$. Installment Deposit Only HK$ denominated installment deposits are available at flexible interest rates that vary according to the placement periods ranging from 12 months to 24 months. Withdrawal from your account prior to maturity will be subject to a savings deposit interest rate. Loans Our branch provides loans in US dollars and HK dollars as follows : Category Category Trade Financing (EXIM Financing) Overdraft Working Capital (Loan on Bills) Coverage L/C opening and import financing, documentary collection (D/A, D/P) and financing, and takeover of bills of lading under D/A, D/P Working capital fund Working capital and facility Maximum Loan Depends on type of transaction Depends on circumstances Depends on circumstances Term Within 1 year but renewable up to 5 years. Within 1 year but renewable up to 5 years. Up to 10 years Features Expertise in handling export-import transactions in a fast and accurate manner. - Issue checks - Only HK Dollars are available - Uniform installment repayments within the Loan term - The loan can be operated in the form of a revolving credit line. Collateral types Deposits, bank guarantees, real estate owned in Hong Kong and Korea can be pledged as collateral with the following coverage rates : Loan Coverage Collateral Types 100% - Foreign currency deposit with us - A bank guarantee 80% - Won denominated deposits with KEB in Korea 70% - Real estate owned in Hong Kong 50% - Real estate owned in Korea Note : To deposit or property owned in Korea, you are required to back this up with an approval certificate as stipulated in the Korean Foreign Exchange Control regulations. Lending Interest Rate For loan rates, we apply the KEB Prime Rate or LIBOR plus a spread of flexible lending rates, which vary in accordance with your credit rating and collateral type. The KEB Prime Rate, which is determined flexibly at our discretion, reflects the prevailing market interest rate. Loan Inquiry Desk Our experienced loan officers will gladly answer your questions. Please call us on (852) 2527-1988, ext. 222 or 223. Remittance Inbound Remittance from Korea Remitted funds from Korea will be deposited to your account on the same day it is sent in either HK$ or US$. Money transfers to other banks in Hong Kong are completed within a day when it is processed in HK dollars. US dollar transfers to other banks in HK may take longer than 24 hours if the receiving bank is not one of the US$ clearing banks. Handling charge is HK$100 for inbound remittances. HK$150 is charged for HK dollar denominated money transfers to other banks in Hong Kong. HK$250 is charged for money transfers to other banks in Hong Kong in a currency other than HK dollars. Outbound Remittance to Korea No restrictions are imposed as Hong Kong doesn't enforce any kind of foreign exchange control regulations. Any transactions suspected of being involved in money laundering will be subject to the scrutiny of the relevant regulatory body. Remitted funds will be deposited to your account with KEB on the same day. The handling charge is HK$150 for money transfers to a KEB account in Korea. HK$200 for money transfers to other bank accounts in Korea. HK$250 for money transfers to other countries other than Korea.