Foreign Exchange Dealings for Account of Individuals refers to the firm foreign exchange dealings conducted by the individuals through the service personnel behind the counter or through other electronic banking service methods within the time for dealings set by the Bank.
Characteristics
Long service time for dealings: Business hours of each branch vary with different conditions. The longest dealing lasts 18 hours each day, covering business hours of the main international financial markets.
Frequent fluctuations of exchange rates:
The banks make offers according to the quotations of the international foreign exchange market and in line with international practices. Affected by various kinds of political and economic factors in the world and by contingencies, the exchange rates often show radical fluctuations. As a result, risks and opportunities co-exist in foreign exchange dealings for account of individuals.
Varied methods for dealings:
Dealings can be carried out through the service personnel behind the counter, telephone and self-service devices, etc. The aforesaid three methods have each their advantages:
? In dealings at the counter good services offered can be felt in a human atmosphere. It is particularly suitable for the investors who have just begun to be involved in the foreign exchange dealings for account of individuals.
? Dealings by telephone can make prompt conclusions and can be operated in a strange land. It is particularly suitable for the white-collar investors who are occupied with their work.
? Self-service dealings can provide substantial information and can provide various charts for technical analysis. It is particularly suitable for the investors who are experienced in foreign exchange dealings.
Flexible methods for dealings:
Dealings can both be made according to market prices and on agent basis. A dealing made as per the market price is otherwise called real-time dealing, which is concluded as per the current prices offered by the Bank. A dealing made on agent basis is otherwise called a dealing as per offered prices, which means an investor can leave the order for a dealing to the Bank first, and when the Bank offers reach the level expected by the investor the computer system of the bank will conclude the business immediately according to the order of the investor. A dealing made through telephone is an operating method that saves both time and energy to the fullest extent.
Short time for fund settlement:
Counter-offers can be conducted many times within the same day, providing more opportunities for investment.
? Service Scope
Residents or individuals within the territory who, with full capacity for civil conduct, bear valid identification certificates can conduct firm foreign exchange dealings.
? Procedures for handling the dealings
The customer must have certain amount of foreign currency deposits and he should go to the designated branch of the Bank of China to fill in the relevant forms and documents and then give them to the clerks across the counter.
? Get a once-and-for-all current passbook and a Great Wall credit card of the Bank of China and deposit certain amount of foreign currencies.
? Make an application at any of the networks of the Bank of China with the valid identification card, fill out the relevant application form and sign an agreement and then give them to the clerks across the counter together with the once-and-for-all demand passbook and the Great Wall credit card.
? Insert the password for six digits for the account and then the account for dealings by telephone opens.
? Using the system of dealings by telephone, the customer can use an audio-frequency phone. He can conduct the business by dialing the number for dealings and inserting the correct account number and password.
? Get a once-and-for-all demand passbook and a Great Wall credit card and deposit certain amount of foreign currencies.
? Make an application at any of the networks of the Bank of China with the valid identification card, fill out the relevant application form and sign an agreement and then give them to the clerks across the counter together with the once-and-for-all demand passbook and the Great Wall credit card.
? Insert the password for six digits for the account and then the account for self-service dealings opens.
? The dealings can be conducted by using the devices for self-service dealings and inserting the correct password.
