Guide on Chinabank Foreign Currency Savings Account Features & Application Requirements
CHINABANK FOREIGN CURRENCY SAVINGS ACCOUNT – Here are the features of this savings account offer of China Bank and the requirements.
Are you looking for a bank where you can apply for a savings account for foreign currencies? One of the entities that you may turn to is Chinabank. It is open for United States Dollar (USD), Euro Dollar, Chinese Yuan, and Japanese Yen.
Chinabank Foreign Currency Savings Account
- Initial Deposit Required by the Bank –
- US Dollar – 500 USD
- Euro Dollar – 1,000 EUR
- Chinese Yuan – 2,500 CNY
- Japanese Yen – 50,000 JPY
- Minimum Monthly Average Daily Balance Requirement –
- US Dollar – 500 USD
- Euro Dollar – 1,000 EUR
- Chinese Yuan – 2,500 CNY
- Japanese Yen – 50,000 JPY
- Interest Rate – depends on the prevailing interest rate of the bank
- Withholding Tax – 15%
Requirements for Application
If you are applying as an individual:
- duly-accomplished and signed Chinabank Foreign Currency Savings Account
- two (2) 1×1 ID photos
- original and clear copy of at least one (1) valid IDs. You can choose from the following:
- Postal ID
- Passport
- Barangay Certification
- National Bureau of Investigation (NBI) Clearance
- Driver’s License
- Professional Regulations Commission (PRC) ID
- Police Clearance
- Government Service and Insurance System (GSIS) e-Card
- Voter’s ID
- Senior Citizen Card
- Barangay Certification
- Social Security System (SSS) Card
- Seaman’s Book
- Integrated Bar of the Philippines ID
- Overseas Filipino Worker (OFW) ID
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- School ID
- Department of Social Welfare and Development (DSWD) Certification
If you are applying for a Business / Sole Proprietorship:
- duly-accomplished and signed Chinabank Foreign Currency Savings Account
- Application for Registration with DTI
- Certificate of Tax Exemption / Preferential Tax Treatment
- Certificate of Registration of Business Name with DTI
- Special Power of Authority (SPA) if the signatory is other than the owner of the business
If you are applying for Partnership Accounts:
- duly-accomplished and signed Chinabank Foreign Currency Savings Account
- Articles of Co-Partnership
- Certificate of Registration by the Securities Exchange Commission (SEC)
- Partnership Resolution or Agreement duly notarized, designating the following:
- China Bank as its depository bank
- Authorized signatories
- Certificate of Tax Exemption / Preferential Tax Treatment
To apply for the remittance account, go to a Chinabank branch and submit the aforementioned documents needed based on your application type. All applications for a savings account is subject to the approval of the bank.
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