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.

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.

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.

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’.

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.

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:
deleting the following definitions:

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

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

Related Information

PDS Files