I. Introduction to Forex Express Foreign Exchange Trading Service
1. What is the Forex Express foreign exchange trading service?
Forex Express is a foreign exchange trading service that enables you to freely change convertible foreign currency into another currency through China Merchants Bank. You can instruct CMB to process this type of transaction based on the exchange rates it has set in line with international market rates.
2. How can CMB’s Forex Express service benefit you?
Provides more channels for personal foreign exchange investments;
Yields returns from world financial market fluctuations;
-Yields returns from interest rate differences between currencies;
-Enables you to participate in the world market and keep pace with the global economy
3. Target Customers
Individual All-in one card or Wealth Management Account holders with foreign currency deposits in their CMB account.
4. Currencies for Trading
The currencies available for trading at China Merchants Bank are:
Code 21 Hong Kong dollar (HKD)
Code 29 Australian dollar (AUD)
Code 32 United States dollar (USD)
Code 35 Euro (EUR)
Code 39 Canadian dollar (CAD)
Code 43 Great British pound (GBP)
Code 65 Japanese yen (JPY)
Code 69 Singapore dollar (SGD)
Code 87 Swiss Franc (CHF)
5. Exchange Rates for Trading
CMB’s Forex Express trading service offers 36 exchange rates for trading covering 8 benchmark rates and 28 cross rates. All rates are set in base currency units of 1 except for JPY/HKD, which is set in a base currency unit of 100.
6. Minimum Trading Value
CMB’s Forex Express trading service requires a minimum equivalent trading value of USD100 (subject to changes in local CMB branches).
7. Trading Prices
CMB publishes its quotations based on the real-time fluctuations in the international market.
CMB offers five levels of rates for each currency pair: basic rate, favorable rate, large-amount rate, VIP rate, and supreme rate. Please consult your local CMB branch for the effective daily rates. All rates are for spot transactions of either foreign exchange remittance or banknotes.
8. Trading Hours
The trading hours of CMB's Forex Express trading service are from Monday 8:00am to Saturday 5:00 am (Beijing Time). These hours are subject to change in local CMB branches.
CMB offers six types of orders: market order, limit order, stop loss order, “one cancels the other” order, “If done” order or “If then” order, and cancellation order.
10. How to Make Orders
China Merchants Bank provides six ways of making orders: Internet banking, self-service banking terminals, palm banking, mobile banking (for limit orders only), and over the counter (for market orders and limit orders only).
11. How to Apply
Bring your original ID and All-in one card or Wealth Management Account details to any counter in a CMB branch, and fill in the Application Form of China Merchants Bank Personal Foreign Exchange and the China Merchants Bank Personal Foreign Exchange Trading Agreement. The forex trading function becomes effective after approval by the bank.
All-in one card holders can apply on the Personal Internet Banking Professional Edition.
Wealth Management Account holders can apply on the Wealth Management Account Professional Edition.
II. Services Features
Various transaction methods: Internet banking, self-service banking terminals, phone banking, mobile banking or over the counter
Various types of order: market orders, limit orders, stop loss orders, “one cancels the other” orders, “if done” orders, and “if then” orders
Unlimited trading hours: 24/7
Favorable prices: Enjoy favorable prices when trading large amounts.
Long order term: Orders can be valid for up to 5 days (temporary function for clients holding Wealth Management Accounts only)
III. Personalized Services
To ensure that all orders are valid, the system will notify you if you have entered an incorrect exchange rate and will not process the order.
The system will notify you if the exchange rate differs greatly from the market rate (excluding “if done” or “if then” orders).
To conveniently arrange an order by phone, you can type in “*” and “#” to buy a currency using the entire balance of your special trading account.
IV. Forex Express Foreign Exchange Trading Rules
Article 1 China Merchants Bank Forex Express Trading service is a service that enables CMB customers to make foreign exchange orders through phone banking, self-service banking terminals, Internet banking, and counters at CMB branches. CMB sets exchange rates based on international market rates. Spot transactions are closed through clients' accounts.
Article 2 China Merchants Bank publishes rates based on international market rates. Due to political, economic and other influential factors, exchange rates continually fluctuate. Customers must be fully aware of the risks involved in exchanging foreign currencies, and be prepared to bear any losses.
Article 3 Personal foreign exchange deposits can occur in two forms: foreign exchange remittance and foreign banknotes. Foreign banknotes can be traded at the price of a foreign exchange remittance, but should be administered as deposits in foreign banknotes.
Article 4 Password: A correctly entered transaction password is required for all foreign exchange transactions. You can change your password changed using your bank card PIN. Customers are responsible for all losses that result from disclosing their transaction password.
Article 5 The currencies available for trading at China Merchants Bank are the United States dollar (USD), Hong Kong dollar (HKD), Euro (EUR), Japanese yen (JPY), Great British pound (GBP), Swiss Franc (CHF), Canadian dollar (CAD), Singapore dollar (SGD) and Australian dollar (AUD).
Article 6 The minimum trading value of an order using the China Merchants Bank personal foreign exchange trading service is the equivalent of USD 100. Local branches may change this amount.
Article 7 The trading hours of the China Merchants Bank personal foreign exchange trading service are Monday 8:00 am to Saturday 5:00 am (Beijing Time).
Article 8 Order Validity. In CMB’s previous trading system, transaction orders that were not accepted by 8:00 am the next morning or by 5:00 am on Saturday were automatically cancelled. The new trading system of China Merchants Bank keeps successful orders valid for 24 hours; an order is automatically cancelled if have not been accepted within 24 hours. When trading through a Wealth Management Account, orders remain valid for up to 5 days.
A one-day valid order becomes valid once it has been successfully made, and then expires at the same time the next day. A two-day valid order expires at the same time the day after the next day, and so on.
Orders are cancelled automatically when they are in the validity period if CMB’s trading system is shut down, for example, during a public holiday; however, this is subject to local branch policy.
Article 9 China Merchants Bank provides six ways of making orders: Internet banking, self-service banking terminals, palm banking, mobile banking (for limited orders only), and over the counter (for market orders and limited orders only).
Article 10 All rates are for spot transactions of foreign exchange remittance: 36 exchange rates are offered for trading including 8 benchmark rates and 28 cross rates. All rates are set in base currency units of 1 except for JPY/HKD, which is set in a base currency unit of 100.
Article 11 China Merchants Bank offers favorable rates for large transactions. For details, please consult your local CMB branch.
Article 12 Due to constant fluctuations in the international market, CMB reserves the right to suspend part or the entire currency price listing and suspend trading in the event of abnormal exchange rate fluctuations.
Article 13 Orders. China Merchants Bank’s personal foreign exchange trading system offers six types of orders: market order, limit order, stop loss order, “one cancels the other” order, “If done” order or “If then” order, and cancellation order.
Article 14 The records in China Merchants Bank’s computer system concerning accepted orders, transaction times, currency pairs, exchange rates, and transaction amounts prevail.
Article 15 The China Merchants Bank’s personal foreign exchange trading service is not available on public holidays in China or on major holidays in international financial markets. China Merchants Bank reserves the right to suspend trading if an event such as a system failure occurs, and is not liable for any resulting losses.
Article 16 At present, China Merchants Bank only offers banknote service for a limited number of currencies such as USD and HKD. You can consult local CMB branches for further details. Customers who wish to withdraw other currencies must convert them into currencies that are available at China Merchants Bank.
Article 17 It is assumed that customers fully understand the above terms and enact them when trading foreign currencies. Customers are responsible for all losses due to incorrectly entering information or misunderstanding the terms herein.
Article 18 China Merchants Bank reserves the right of final interpretation of these terms. Any revisions or supplements to these terms take effect upon publication.
All the contents stated above are for your reference only. Please consult the local branch of China Merchants Bank for further information. China Merchants Bank reserves the ultimate right of interpretation for the contents in this page.