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Comprehensive CNY Business Service


 

As the professional bank doing CNY business in Thailand, Bank of China (Thai) Public Company Limited satisfies the customers' demand for CNY business. For any question, please consult us via calls or e-mails at any time. Because the CNY business policy is changing quickly, so customers are recommended to go to Bank of China (Thai) Public Company Limited for consultation before handling the transaction of CNY business.

I. Bank of China's CNY Business Types in Thailand and the Application Requirements

1. CNY deposit: Bank of China (Thai) Public Company Limited provides the current and time CNY deposit.The terms for time deposit: one month, three months, six months, 12 months and 24 months.

Corporate current deposit account     Corporate time deposit account

2. CNY exchange: free exchange between CNY and other currencies.

3. CNY outward remittance: when making remittance to China via Bank of China (Thai) Public Company Limited, corporate customers shall make sure that the payee has the right to receive the cross-border CNY remittance, that is, the payee must be in the pilot business regions and included in the enterprise list released by the People's Bank of China, or be approved by the People's Bank of China.Otherwise, the CNY remittance can not be credited into the payee's account and will be returned to Bank of China (Thai) Public Company Limited. In such a case, the corporate customer shall bear the handling fees for remittance, refund and exchange loss if the remitted CNY is exchanged from other currencies.

4. Inward CNY remittance: for inward CNY remittance, Bank of China (Thai) Public Company Limited can credit it into the payee's account as it has be checked by Bank of China.

5. CNY loan: Bank of China (Thai) Public Company Limited can issue loans to the enterprises in need of CNY for their operation. Enterprises meeting the credit extension requirements of Bank of China (Thai) Public Company Limited can contact the Corporate Department of the Branch if they are in need of CNY loans.

6. CNY International Settlement

1) Import L/C: Bank of China (Thai) Public Company Limited can issue CNY L/C to the applicants meeting the credit extension requirements or making full margin. To issue the L/C, Bank of China (Thai) Public Company Limited requires such documents as the bill of loading, air way bill and other transport documents.

Issuing of L/C

2) Inward collection: including document against payment (D/P) and document against acceptance (D/A), and the inward collection documents shall consist of bill of lading, air way bill and other transport documents.

Inward Collection

3) Advising of L/C: if the L/C is reimbursed at Bank of China (Thai) Public Company Limited, the bill of lading, air way bill and other transport documents shall be contained in the required documents under L/C.

Advising of L/C

4) Confirmation of L/C: after confirming that the terms of L/C and the credit standing of the issuing bank meeting the requirement of Bank of China (Thai) Public Company Limited, the Branch can make confirmation on CNY L/C.

Confirmation of L/C

5) Examination/negotiation of documents: Bank of China (Thai) Public Company Limited shall pre-review the documents under CNY L/C delivered to it.Customers can fax or email the documents to the Branch in advance. After reviewing, Bank of China (Thai) Public Company Limited will notify the customers of the results via fax or email.Then the customers can mail the original documents to the Branch which will send them to the issuing bank for reimbursement after reviewing them.

Examination of Documents under L/C

6) Export bill collection: bill of lading, air way bill and other transport documents shall be included in documents under export bill collection.

Documentary Collection

7) Issuing CNY L/G or CNY L/G under Counter L/G: Bank of China (Thai) Public Company Limited issues CNY letter of guarantees to the applicants meeting the credit extension requirements of the Branch or paying the full margin. It also issues CNY letter of guarantees under domestic letter of guarantees issued by foreign banks or under the overseas guarantees issued by Chinese banks.

Performance Guarantee    Tender Guarantee/Bid Bond

Advance Payment Guarantee    Financing Guarantee

Payment Guarantee    Quality/Maintenance Guarantee

Issuing of L/G Under Counter L/G

7. CNY International Settlement

1) Import bill advance: Bank of China (Thai) Public Company Limited makes advance payment on behalf of the importers with valid commercial bills if they meet the credit extension requirements of the Branch.

2) Export bill purchase: Bank of China (Thai) Public Company Limited provides financing support for the reputable issuing banks with delivered documents after confirming that the documents under CNY L/C meet the requirements for L/C. 

3) Packing loan: According to the reputation of the issuing bank, Bank of China (Thai) Public Company Limited issues special loans for goods purchase, production and shipment under the L/C to the beneficiary after confirming that the beneficiary meets the credit extension requirements of the Branch.

II. Required Documents for CNY Account Opening

1. Application forms for opening corporate account (provided by Bank of China (Thai) Public Company Limited)

2. Resolution of Board of Directors (provided by Bank of China (Thai) Public Company Limited)

3. Photocopy of incorporation registration certificate issued by the Commerce Registry of Commerce Ministry.

4. Original and photocopy of the certificate of guarantee issued by the Commerce Registry of Commerce Ministry within one month.

5. Report approved by the Board of Directors with its guarantee and signed by the authorized signatories (account opening application).

6. Photocopies of identity documents of the authorized signatories of the corporate account.For Thai nationals, photocopy of ID card sand household registrations are required; for foreigners, photocopy of passports and work permits are required.

7. Photocopy of articles of association (in Thai and English).

8. Photocopy of the commercial registration and the VAT registration certificate issued by the Taxation Bureau.

9. Photocopy of the tax card.

10. Identity documents of the shareholders who hold over 20% shares of the company.For Thai citizens, the photocopy of ID card and residence registration shall be submitted; for foreigners, the photocopy of passport and work permit shall be submitted.

III. How to Conduct CNY business at Bank of China

Customers can handle all kinds of CNY business over counters of Bank of China (Thai) Public Company Limited.If customers have signed the fax agreement with the Branch, they can handle the CNY business transactions by fax. For issuing of L/C, letter of guarantee, export bill purchase, packing loan and other services relating to credit extension, customers shall file an prior application to the Branch which will process the above mentioned transactions (excluding issuing of L/C against full margin and issuing of letter of guarantee ) after confirming the credit extension.

Tips

1. Before processing the following CNY business, Bank of China (Thai) Public Company Limited will check whether the company conducting such transactions (hereinafter referred to as the "Trading Company") is in the pilot regions and included in the list of pilot enterprises released by the People's Bank of China.

1) Outward CNY Remittance

2) CNY International Settlement

3) CNY Trade Finance

If the Trading Company is not in the pilot enterprises list, it shall apply to the People's Bank of China for being approved in the list.

2. For the following CNY business, Bank of China (Thai) Public Company Limited does not need to check whether the Trading Company is in the list released by the People's Bank of China:

1) CNY Deposit

2) CNY Exchange

3) CNY Loan

IV. Interest Rate of CNY Business and Charges

For account fees, please refer to the charges for CNY business released by Bank of China (Thai) Public Company Limited.

For deposit interest rates, please refer to the CNY deposit interest rate table released by Bank of China (Thai) Public Company Limited.

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