Macao Branch Account


Macao Branch Account


Characteristics

Current Account serves to support the savings deposits of Individual, Company or Institutional Customers residing inside or outside Macao with the Macao Branch.

Minimum amount for account opening: EUR 5,000.00 (or equivalent in USD).

Currencies allowed: Euro (EUR), U.S. Dollars (USD), Patacas (MOP), Hong Kong Dollars (HKD), Canadian Dollars (CAD), Australian Dollars (AUD), Sterling Pounds (GBP), Swiss Francs (CHF), Japanese Yen (JPY). Or other currencies authorized by the Macao Branch.

Cost

Maintenance Fee

Free.

Authorized Overdraft Fee

Free.

Overdraft Facility

Conditions of Use: Through one or more overdraft withdrawal operations, with the means of payment made available by the Bank and/or by permanent or one-off transfer/payment order:

  • Nominal annual interest rate: 15.000% unless there is another rate negotiated with the Bank;
  • Calculation of interest: Interest shall be calculated daily on all the capital used and not repaid at any given time, based on a year of 360 days and a benchmark of the number of days of each month (current/360).  Interest shall be paid in arrears at the end of each month of the calendar year;
  • Repayment conditions: All and any value deposited or credited to the Account shall, as soon as it is available, be imputed and applied in the automatic repayment, total or partial, of the overdrawn amount, by the corresponding amount.  In all cases, the value of the overdraft will be made available on the first day of each month of the calendar year until the end of the same month of the calendar year.  The Holder(s) undertake to proceed with the full repayment of the overdrawn amount by the last day of each month of the calendar year.

The Bank may alter the remuneration owed to it through the rate of interest and/or commission and/or the applicable charges, which will be published in the Price List of the Bank and informed to the customers in advance within the period legally defined for this type of changes.

Excess in the Use of Credit Limits

When the intended transaction exceeds the authorized limit, the Bank may entirely refuse to carry out the order received.  Therefore, overrunning depends on the case-by-case decision of the Bank, with the exception of compulsory payment in the cases and under the conditions and limits allowed by law.  Should the Bank decide to accept the overdraft, the following conditions will be applied:

  • Nominal annual interest rate: overdraft interest rate + 7%;
  • Calculation of interest: Interest shall be calculated daily on all the capital used and not repaid at any given time, based on a year of 360 days and a benchmark of the number of days of each month (current/360).  Interest shall be paid in arrears at the end of each month of the calendar year;
  • Repayment conditions: All and any value deposited or credited to the Account shall, as soon as it is available, be imputed and applied in the automatic repayment, total or partial, of the overdrawn amount, by the corresponding amount.

The Bank may alter the remuneration owed to it through the rate of interest and/or commission and/or the applicable charges, which will be published in the Price List of the Bank and informed to the customers in advance within the period legally defined for this type of changes.