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Notice of Change to Corporate Banking Schedule of Fees and Charges(Effective from 1 March 2021)

2021-02-01

Dear Customers,

Please be advised that effective from 1 March 2021, the Bank of China Limited, Sydney Branch's Corporate Banking Schedule of Fees and Charges dated 1 March 2020 will be updated.

This notice relates to Bank of China Limited, Sydney Branch (the Bank)'s Corporate Banking Schedule of Fees and Charges dated 1 March 2020 (Schedule of Fees and Charges) which is applicable to the following accounts and services provided by the Bank and that are governed by the Bank's Corporate Banking Savings, Investment, and Term Deposit Accounts Terms and Conditions and Corporate Banking Account Access Methods Conditions of Use:

  • Savings and Investment Accounts;
  • Term Deposit Accounts;
  • Inward and Outward Remittances
  • Business Internet Banking
  • Bank Cheques
  • Account Statements and Bank Vouchers
  • Direct Debit and Credit Services
  • Funds Transfer via RTGS
  • Foreign Exchange Transactions
  • Cash Handling Transactions

The Changes are as follows:

1. For Demand Deposit Accounts:

Clause reference Clause is amended by:
sub-paragraph 1.1 “Demand Deposit Accounts” of paragraph ‘1 Savings and Investment Accounts, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • adding a ‘Monthly account keeping fee’ of Chinese Yuan (CNY)30.00 if the account is denominated in CNY; and
  • abolishing the fee for ‘Account closure within 6 months from the account opening date’.

2. For Cheque Accounts:

Clause reference Clause is amended by:
sub-paragraph 1.2 “Cheque Accounts” of paragraph ‘1 Savings and Investment Accounts, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • abolishing the fee for ‘Account closure within 6 months from the account opening date’; and
  • abolishing the withdrawal fee for any withdrawal over the Withdrawal Limit (which is defined as not more than 40 withdrawals per quarter).

3. For Cash Management Call Accounts:

Clause reference Clause is amended by:
sub-paragraph 1.3 “Cash Management Accounts” of paragraph ‘1 Savings and Investment Accounts, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • abolishing the fee for ‘Account closure within 6 months from the account opening date’.

4. For Inward Remittances:

Clause reference Clause is amended by:
‘Paragraph 3 Inward Remittances Savings, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • abolishing the fee for “The amount received via *TT to be forwarded to a Non-customer by issuing a bank cheque’;
  • abolishing the fee for ‘The amount received via *TT is to be transferred to a Non-customer who holds an account with another domestic bank or overseas bank’;
  • abolishing the fee for ‘A *DD payment for a Non-customer over the counter’; and
  • moving to this paragraph the description of the fee ‘RTGS (inward) fee’ for an inward amount received via Real Time Gross Settlement (RTGS) to be credited to an account held with the Bank, to this paragraph (currently no fee is charged).
*TT means Telegraphic Transfer, DD means Demand Draft.

5. For Outward Remittances:

Clause reference Clause is amended by:
sub-paragraph 4.1 of ‘Paragraph 4 Outward Remittances Savings, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • abolishing the remittance fee for transaction made from a customer’s account with the Bank and with currency conversion from AUD to other currencies or from USD or HKD to AUD;
  • moving to this sub-paragraph the description of the fee ‘RTGS (outward) fee’ for an outward remittance of funds via Real Time Gross Settlement (RTGS) from a customer’s account (currently no fee is charged); and
  • moving to this sub-paragraph the fees for Funds Transfers made via the Bank’s Business Internet Banking service and the fee for international Fund Transfers made via Business Internet Banking is amended as follows.

Funds Transfer International via Business Internet Banking
from AUD Account
AUD24.00 Payable when you transfer funds internationally from your Account
from USD Account USD20.00
from HKD Account HKD144.00

6. For Business Internet Banking:

Clause reference Clause is amended by:
sub-paragraph 4.2 “Business Internet Banking” of ‘Paragraph 4 Outward Remittances Savings, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • deleting the whole sub-paragraph 4.2; and
  • moving to sub-paragraph 4.1 of ‘Paragraph 4 Outward Remittances Savings, Section 2 Fees and Charges’ of the Schedule of Fees and Charges, the fees for Funds Transfers made via the Bank’s Business Internet Banking service; and
  • moving the “Amendment/Cancellation Fee for international funds transfers via our counter services at our Retail Branches to the re-numbered sub-paragraph 4.2  “Others” of ‘Paragraph 4 Outward Remittances Savings, Section 2 Fees and Charges’ of the Schedule of Fees and Charges.

7. For other remittance services fees:

Clause reference Clause is amended by:
sub-paragraph 4.3  “Others” of ‘Paragraph 4 Outward Remittances Savings, Section 2 Fees and Charges’ of the Schedule of Fees and Charge
  • renumbering it to sub-paragraph 4.2 “Others” of ‘Paragraph 4 Outward Remittances Savings, Section 2 Fees and Charges’ of the Schedule of Fees and Charge; and
  • increase the fee amount for Replacement of DD from AUD38.00 to AUD50.00; and
  • moving the “Amendment/Cancellation Fee for international funds transfers via our counter services at our Retail Branches to this sub-paragraph from  sub-paragraph 4.2 “Business Internet Banking” of ‘Paragraph 4 Outward Remittances Savings, Section 2 Fees and Charges’.

8. For Bank Cheques:

Clause reference Clause is amended by:
‘Paragraph 5 Bank Cheques, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • abolishing the cash handling fee associated with the Insurance fee per bank cheque.

9. For Account Overdrawn:

Clause reference Clause is amended by:
‘Paragraph 6 Account Overdrawn, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • deleting the whole clause and all overdrawn fees are abolished.

10. For Account Statements:

Clause reference Clause is amended by:
‘Paragraph 7 Account Statements, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • renumbering the clause as Paragraph 6.

11. For Bank Vouchers:

Clause reference Clause is amended by:
‘Paragraph 8 Bank Vouchers, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • renumbering the clause as Paragraph 7.

12. For Direct Debit & Credit Services:

Clause reference Clause is amended by:
‘Paragraph 9 Direct Debit & Credit Services, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • renumbered the clause as Paragraph 8; and
  • the ‘Dishonor fee (e.g. insufficient funds)’ for Direct Debit is abolished.

13. For Funds Transfer via RTGS:

Clause reference Clause is amended by:
‘Paragraph 10 Funds Transfer via RTGS, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • deleting the whole Paragraph 10; and
  • moving the RTGS (inward) fee to ‘Paragraph 3 Inward Remittances Savings, Section 2 Fees and Charges’; and
  • moving the RTGS (outward) fee to sub-paragraph 4.1 of ‘Paragraph 4 Outward Remittances Savings, Section 2 Fees and Charges’.

14. For Foreign Exchange Transactions:

Clause reference Clause is amended by:
‘Paragraph 11 Foreign Exchange Transactions, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • renumbering the clause as Paragraph 9

15. For Cash Handling Transactions:

Clause reference Clause is amended by:
‘Paragraph 12 Cash Handling Transactions, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • renumbering the clause as Paragraph 10.

16. For Other Charges:

Clause reference Clause is amended by:
‘Paragraph 13 Other Charges, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • renumbering the clause as Paragraph 11; and
  • By adding the Annual Fee for Business Internet Banking as follows:
    Annual Fee for Business Internet Banking Nil        N/A
  • By adding a new Audit Confirmation fee as follows:
    Audit Confirmation request from customer’s auditor AUD 80.00        Per legal entity covered by the request Email or courier
  • By increasing the amount of the fee for Email or facsimile instructions to operate an account as follows:
    Email or facsimile instructions to operate an account AUD20.00 (increased from AUD5.00)
    USD20.00 (increased from USD5.00)
    HKD120.00 (increased from HKD30.00)
    CNY100.00 (increased from CNY30.00)
    (depending on the currency of the account)
    Per instruction Available only for those accounts which may be operated by email or facsimile instructions.  (Other charges may apply).

17. For Definitions:

Clause reference Clause is amended by:
Paragraph 14 Definitions, Section 2 Fees and Charges’ of the Schedule of Fees and Charges
  • renumbering the clause as Paragraph 12; and
  • adding the following new definitions:
      • DD means Demand Draft.
      • RTGS means Real Time Gross Settlement which is a fund transfer of AUD to or from another local bank account.
      • TT means Telegraphic Transfer.
  • deleting the following definitions:
      • All Customers include Existing Customers and Non-customers.
      • Non-customer means a customer who does not hold an account with the Bank.                       

The other amendments in the Schedule of Fees and Charges are immaterial in nature and are made in order to make certain information clearer.

Please refer to the current version of the Schedule of Fees and Charges, which is available on our website or from our retail branches in Australia for further details.

Please contact us on 1800 095 566 (if calling within Australia) or +61 2 8871 5888 (if calling from overseas), if you have any queries regarding this notice.

Bank of China Limited, Sydney Branch
ABN 29 002 979 955 AFSL No. 230547
1 February 2021