Can I open a bank account in China ?

[Sperminator]

wow! thanks for your speedy reply. i mean if i dont want to keep my 1 million sgd here and want it to be permanently in China. technically can i do that? likewise citibank for US.

Dear moolightaffairs...

I have a big shock when I receive this question.

When you have that kind of money, EVERYWHERE in the world would roll out the carpet for you to PUT the money INTO their country.

However, to put money into CHINA permanently (the word is permanently), you have to be at peace with yourself that the money would be difficult to be transferred out of the country...

China bank accounts do accept foreign currencies, SGD is one of them, and they do give interest, but I am not sure about the interest rates, you have to check with the Bank Officers.

Certainly, you'll be awarded a VIP client status, as the minimum amount is only RMB 200,000 deposit to be a VIP in Bank of China (meaning to say you will have priority service, no need to queue. )

For safety reason, it's better that you create the BANK account in China personally.

And then do a T/T from SINGAPORE to your designated account.

besides, when you have SGD 1 Million, going to China is spare change...

If I have a million SGD right now, I'll really go into property investments, and wait for capital gains in SGP! While earning interest through rental income!

 

[kingrant]

Spot on bro. Tall tale he was spinning.

Excuse the juvenile idiot

His attempts to chat up a PRC babe were rejected so he is taking it out on the Net here

 

[Soul_Reaper]

Banking accounts in China are complicated. :(

Just sharing my experiences....... when I bought an apartment in Dongguan, they let me open a bank acount to transfer money to pay the developers. But I am only allowed to remit SGD or US dollars into this account and they will convert the money to RMB. Once I was in Guangdong and had excess RMB which I attempted to put into this account..... they wanted me to convert it to USD before accepting it and then re-convert to RMB..... I told them to fly kite. (btw I am also not allowed to use this account for other banking purposes).


I had another bank account with the CCB which I opened in Guilin city, Guangxi province. I was informed this is a local account. I was given an atm card and bankbook and for a few months I had no problems with my banking transactions. One day I had to travel to Guangdong and that was when I discovered that this CCB account can only be used inside Guangxi province. I had wrongly assumed that local meant the whole of China. :(

 

[Sperminator]

Banking accounts in China are complicated. :(

Just sharing my experiences....... when I bought an apartment in Dongguan, they let me open a bank acount to transfer money to pay the developers. But I am only allowed to remit SGD or US dollars into this account and they will convert the money to RMB. Once I was in Guangdong and had excess RMB which I attempted to put into this account..... they wanted me to convert it to USD before accepting it and then re-convert to RMB..... I told them to fly kite. (btw I am also not allowed to use this account for other banking purposes).


I had another bank account with the CCB which I opened in Guilin city, Guangxi province. I was informed this is a local account. I was given an atm card and bankbook and for a few months I had no problems with my banking transactions. One day I had to travel to Guangdong and that was when I discovered that this CCB account can only be used inside Guangxi province. I had wrongly assumed that local meant the whole of China. :(

Make sure that your ATM card have UNION PAY or YIN LIAN LOGO.

This will help you access your "local" account even if you are in Xin Jiang, Urumqi or HeiLongJiang, Harbin...

I've personally used my ATM card Bank of China, with UNION PAY Logo, and withdraw the money with ease... if got problem to withdraw in the location, you CAN go to the BANK COUNTER and withdraw your money.

And yes, if you are buying properties, If I am not wrong, Foreigners are only allowed 1 unit of Property in China, to prevent massive speculation, which already is happening in China by the locals... speculating blocks of apartments is so common in China.

So, to curb that problem, marry a local PRC trustworthy woman, and put all your properties under her name

Another thing is that in order for you to have no problems keeping foreign currencies in your bank account, DO REQUEST for a MULTIPLE CURRENCY BANK ACCOUNT.

The default multiple currency is RMB, HKD, USD... so, for other currency, you just have to seek advise from the BANK COUNTER people... but I have to forewarn you that the BANK COUNTER STAFFS take centuries to complete one transaction.... so go to the BANK MANAGER directly, and tell her/him that you want to deposit more than RMB 200,000 equivalent value, and they will roll out the red carpet for you, and you can do your transactions with the BANK MANAGER directly, without QUEUING!!!

But of course, go at OFF PEAK PERIODS like TUESDAYS TO THURSDAYS, morning 9am to 10am, and 3pm to 4pm.

 

[macky888]

My CCB atm card has got union pay... haven't try withdrawing funds from other provinces yet hope it works

To transfer RMB into the account, I guess u can just go to the remittances shops in Pearl Centre.. I guess there's where you can find the most competitive exchange rates as well! :p

 

[moolightaffairs]

Dear moolightaffairs...

I have a big shock when I receive this question.

When you have that kind of money, EVERYWHERE in the world would roll out the carpet for you to PUT the money INTO their country.

However, to put money into CHINA permanently (the word is permanently), you have to be at peace with yourself that the money would be difficult to be transferred out of the country...

China bank accounts do accept foreign currencies, SGD is one of them, and they do give interest, but I am not sure about the interest rates, you have to check with the Bank Officers.

Certainly, you'll be awarded a VIP client status, as the minimum amount is only RMB 200,000 deposit to be a VIP in Bank of China (meaning to say you will have priority service, no need to queue. )

For safety reason, it's better that you create the BANK account in China personally.

And then do a T/T from SINGAPORE to your designated account.

besides, when you have SGD 1 Million, going to China is spare change...

If I have a million SGD right now, I'll really go into property investments, and wait for capital gains in SGP! While earning interest through rental income!

thanks bro for your very in depth explanation. i understand MAS will have issue when you TT such big amount out of local ac to a foreign ac. correct?

 

[Sperminator]

thanks bro for your very in depth explanation. i understand MAS will have issue when you TT such big amount out of local ac to a foreign ac. correct?

I don't think there is such issues bro moolightaffairs.

If this is the case, then how come the government investment agencies could lose billions?

Even money of billions could be transferred out by the government for business purposes.

So, as long as your dough is legit, then you got nothing to worry, however... if it isn't... perhaps you could work out something in SGP latest Casino.

And by the way, SGD 1 Million is no big deal.

 

[jw5]

Banking accounts in China are complicated. :(

Just sharing my experiences....... when I bought an apartment in Dongguan, they let me open a bank acount to transfer money to pay the developers. But I am only allowed to remit SGD or US dollars into this account and they will convert the money to RMB. Once I was in Guangdong and had excess RMB which I attempted to put into this account..... they wanted me to convert it to USD before accepting it and then re-convert to RMB..... I told them to fly kite. (btw I am also not allowed to use this account for other banking purposes).


I had another bank account with the CCB which I opened in Guilin city, Guangxi province. I was informed this is a local account. I was given an atm card and bankbook and for a few months I had no problems with my banking transactions. One day I had to travel to Guangdong and that was when I discovered that this CCB account can only be used inside Guangxi province. I had wrongly assumed that local meant the whole of China. :(

I understand that you can only purchase a property in China if you co own with a prc national or have an employment pass in China.
Is this the case and if so, which is it for you?
Did you buy directly from the developer or through an agent?

 

[Queen Seok Duk]

i understand that you can only purchase a property in china if you co own with a prc national or have an employment pass in china.
Is this the case and if so, which is it for you?
Did you buy directly from the developer or through an agent?

中華人民共和國政府只需要你做書面上的宣言，宣誓你歡迎中國外勞到新加坡購買hdb組屋，並視他們為同胞，你即可購買中國房屋。

 

[jw5]

中華人民共和國政府只需要你做書面上的宣言，宣誓你歡迎中國外勞到新加坡購買hdb組屋，並視他們為同胞，你即可購買中國房屋。

I respectfully decline.

 

[moolightaffairs]

I don't think there is such issues bro moolightaffairs.

If this is the case, then how come the government investment agencies could lose billions?

Even money of billions could be transferred out by the government for business purposes.

So, as long as your dough is legit, then you got nothing to worry, however... if it isn't... perhaps you could work out something in SGP latest Casino.

And by the way, SGD 1 Million is no big deal.

thank you bro. i think this very much solve my doubt.

 

[Sperminator]

thank you bro. i think this very much solve my doubt.

You're welcome Happy to be of service.

 

[Soul_Reaper]

I understand that you can only purchase a property in China if you co own with a prc national or have an employment pass in China.
Is this the case and if so, which is it for you?
Did you buy directly from the developer or through an agent?

I used to have a small business there.
Was introduced to the developer by a business associate.

 

[travelbug]

nope you dun need any special documents. U need to produce your passport as usual. You can probably only choose between an account with passbook or an account with internet banking, at least that is the case with CCB, which I opened mine with.

Macky888, you sure you got your facts right? Cos I am also interested in opening a bank account in China WITHOUT being a resident there. The thread starter asked whether NON-RESIDENTS can open bank account on China soil.

I checked up HSBC China website and realized that it is NOT possible to do so UNLESS you are holding a HKID or Macau ID.

Here is the link:http://www.hsbc.com.cn/1/2/misc/faqs/accounts

Also, if you are interested in doing business in China as a NON-RESIDENT, you are again NOT permitted to do so. Here is the link for corporate customers:
http://www.hsbc.com.cn/1/2/misc/faqs/cmbaccounts

So can you or someone else provide more evidence that a NON-RESIDENT can open up saving accounts in China? Links needed.

 

[cunnosieur]

Liu Jinbao (born 1952) was a former CEO of Bank of China (Hong Kong) Limited and vice Chairman of Bank of China, and Chairman of the Hong Kong Associate of Banks. Liu was sentenced to death on corruption charges on August 12, 2005.

When President Hu Jintao and Premier Wen Jiabao revealed the Zhou Zhengyi case before the 17th National Congress, it came as a huge blow to Jiang Zemin and his gang. This case is closely tied to those of Liu Jinbao and Wang Weigong (once the secretary of China's former State Council Vice Premier, Huang Ju) in that each case involves bribery and the misappropriation of astronomical amounts of public money. Jiang Mianheng was found to be involved in all three cases. As for the Shanghai Zhao-Gu case exposed recently involving up to 1,200 billion yuan (US$160.6 billion), with the assistance of fellow cohort, Wu Zhiming, Jiang Mianheng was thought to be responsible for manipulating the deal from behind the scenes.

 

[cunnosieur]

http://www.businessweek.com/magazine/content/02_05/b3768065.htm

Regulators in China, Hong Kong and the U.S. are painfully aware that scandal is rattling Bank of China, one of the mainland's four biggest banks. One case goes right to the top. Former Chief Executive Officer Wang Xuebing is now detained for alleged misconduct in the matter of a $23 million loan. The fraud, which involves the bank's New York office, has just forced the bank to pay Chinese and U.S. authorities a $20 million fine.

 

[Sperminator]

Macky888, you sure you got your facts right? Cos I am also interested in opening a bank account in China WITHOUT being a resident there. The thread starter asked whether NON-RESIDENTS can open bank account on China soil.

I checked up HSBC China website and realized that it is NOT possible to do so UNLESS you are holding a HKID or Macau ID.

......

Macky888 got his facts right.

No need to be resident lah, just produce passport, deposit a small sum, and you can open a bank account, they even give you ATM card on the same day, and you decide your PIN there and then. (Together with the Bank Passbook)

HSBC is very strict, it depends on WHERE you put your money. [If you put in HONG KONG HSBC, very very strict, need proof of address, this and that...]

For HSBC China, i'm not sure, haven't tried yet.

There is even a DBS in China. So, if seriously in doubt of China Banks, you can simply go into SINGAPORE's DBS, and deposit your money in RMB... or SGD... [Not too many DBS Banking networks though]

Anyways, don't take my word for it, just do it on the field, and see it for yourself.

 

[Soul_Reaper]

Macky888, you sure you got your facts right? Cos I am also interested in opening a bank account in China WITHOUT being a resident there. The thread starter asked whether NON-RESIDENTS can open bank account on China soil.

I checked up HSBC China website and realized that it is NOT possible to do so UNLESS you are holding a HKID or Macau ID.

Here is the link:http://www.hsbc.com.cn/1/2/misc/faqs/accounts

Also, if you are interested in doing business in China as a NON-RESIDENT, you are again NOT permitted to do so. Here is the link for corporate customers:
http://www.hsbc.com.cn/1/2/misc/faqs/cmbaccounts

So can you or someone else provide more evidence that a NON-RESIDENT can open up saving accounts in China? Links needed.

Non-residents CAN open banking accounts in China. Although most bank guidelines states it cannot be done...... it is only a guideline and the rules are not cast in stone. Often a meeting with the bank manager would resolve the matter easily. The Chinese banks like CCB, ICB and BoC are more flexible and accomodating to foreigners.

I was extremely disappointed that I was turned away when I approached DBS, OCBC, UOB, HSBC & Citigroup for a banking account in China. But I had no problems at all opening accounts with CCB & ICB after explaining why I needed an account to their bank manager.

 

[Sperminator]

....

I was extremely disappointed that I was turned away when I approached DBS, OCBC, UOB, HSBC & Citigroup for a banking account in China. But I had no problems at all opening accounts with CCB & ICB after explaining why I needed an account to their bank manager.

Now I am extremely surprised that DBS, OCBC, UOB turn you away?

On what grounds do they turn you away? Even if you flash stash of RMBs with you? or Stacks of USD?

I've got to find out this.

You are right about the point that, in China, bank managers are very accomodating to foreigners.

Please tell us more.

 

[DASHUANGXI]

you want i can apply for you, but you need a China international to be a joint partner, i do not mind