Can I open a bank account in China ?

[Queen Seok Duk]

Can I open a bank account in China ? Do you need a resident VISA or meet other conditions before they allow you to open an account ?

 

[macky888]

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.

 

[Queen Seok Duk]

Thanks. So you didn't have any business or resident VISA ? You can open an account when you enter China as tourist ? CCB ? Which bank is that ?

 

[Sperminator]

Can I open a bank account in China ? Do you need a resident VISA or meet other conditions before they allow you to open an account ?

Dear Queen Seok Duk,

Great question.

In fact, to clarify, as long as you got money, you can open your bank account in any banks in China.

Merchant Bank of China is a good recommendation, great service.

Bank of China is government owned (although listed), but the service is very very slow...

China Construction Bank is good too.

Communications Bank of China is a good bank as well.

Ping An Bank is good too.

These above banks are the major banks, which you can commonly see in China.

There are a lot of other banks as well, but coverage is relatively smaller.

However 100% of the banks are using "NETS" like structure, which they call it UNION PAY.

UNION PAY coverage is catching up globally, and if you notice in most of the ATM machines in SINGAPORE, they do allow you to use UNION PAY ATM bank cards and you can withdraw SGD (with charges, Bank to Bank, Exchange Rate etc...)

You can find UNION PAY in EUROPE, NORTH AMERICA (USA), etc...

Meaning to say, when you are anywhere in China, you can withdraw RMB from your ATM card with UNION PAY sign, or YIN LIAN sign. (Charges for withdrawal is about RMB 2 per withdrawal, and checking of your account via ATM is about RMB 2 per check)

Just need to present your PASSPORT, then you can open an account, account value have NO LIMIT.

ATM withdrawal in China today maximum is RMB 20,000 per day.

Most ATM in China would only allow maximum RMB 3,000 per withdrawal, or some ATM machines only RMB 2,000, or RMB 2,500.

Most of the BANKS provide INTERNET BANKING SERVICE, currently in CHINESE, but I am sure in future, they will include ENGLISH versions.

Another important thing to take note is the following;

In CHINA, there is a regulation on OUTFLOW of RMB / USD.

If you have USD, and have transferred to a China Account, it's actually kept in a Overseas Current Account (this special account allow you to have a BETTER EXCHANGE RATE, which is closer to the daily exchange rate)

If you deposit your USD into the account directly, you can only use the Local Current Account exchange rate, which is usually lower than the one above.

You can only change USD 50,000 per year for personal consumption (everyone in China have such quota)

However, if your USD is used for properties investments, it's gladly welcomed, however, for foreigners, you can only buy 1 property (so make it a valuable one), but this rule can be ignored if you have a spouse that is a PRC, as PRC citizens can buy unlimited properties. // also this rule is ignored if you are using USD for setting up business, factories, R&D, etc...

Major currencies are accepted in CHINA : USD, EURO, CANADIAN Dollar, Aus Dollar, NZ Dollar, and yes, SGD.

Okay, now comes the catch, for deposit is easy, but if you would like to transfer your money abroad, for example, SINGAPORE, it's not so easy. Unless the money is located at the Overseas Current Account...

So, when you are setting up your bank account in CHINA, be prepared to have difficulties in taking your money out, unless you don't mind withdrawing money in Singapore through the UNION PAY enabled ATM, which you keep on paying transaction charges (service, exchange, misc...)

or through PAYPAL with transaction charges of at least 2.73% of the amount.

 

[Queen Seok Duk]

Thank you for the detailed breakdown, Sperminator.

Does Overseas Current A/C pay interest ?

Does China charge withholding when money (whichever currency) is transferred out of the country ?

 

[Sperminator]

Thank you for the detailed breakdown, Sperminator.

Does Overseas Current A/C pay interest ?

Does China charge withholding when money (whichever currency) is transferred out of the country ?

Dear Queen,

Thanks for your questions.

Because I have not kept my money in the Overseas Current A/C that long, I am not sure... it's worth calling to Bank of China hot line to find out. Skype, VOIP discount, these useful VOIP calls are quite low cost.

And for the second question, I am not sure as well...

What I do know is that it's not so easy to transfer RMB out of the country, likewise, it'll not be so easy for you to convert the RMB into USD before you send out as well... however, there is always a way...

I have a recommendation, perhaps to set up a Bank Account in Hong Kong may be a easier option for you.

But for HK account, there is a minimum amount of money to be deposited, and also you need proof of residential address (within 3 months of Postage addressee to account holder, i.e. CPF statements, phone statements, government statements, etc...), passport.

Another way is to open up company accounts, however, it cost around RMB 4,000 to set up a HK business entity...

Because, for HK, it's like SGP, you can transfer your dough anywhere you deem fit.

 

[macky888]

hmm... i opened the account in dec 2009 and till date, I had yet to see any interests being credited into my account. There is a charge of 3RMB every month deducted from my account, which I think is the maintenence fees or sort. I hold the acc with China Construction Bank, they are everywhere.

But anyways I opened the account in anticipation of future RMB appreciation.... to make withdrawal of funds easier when i am in China, and maybe to support my china girlfren next time? ;p

 

[Queen Seok Duk]

HK is definitely not an option for me, if it requires proof of residency and minimum sum etc.

I need a RMB account that I can manage over the Internet.

 

[macky888]

HK is definitely not an option for me, if it requires proof of residency and minimum sum etc.

I need a RMB account that I can manage over the Internet.

yeah you can log in from internet to manage it. so far i only go in once a while to see the money inside haha

 

[cunnosieur]

Quote:
Originally Posted by Fun Guy

PRC Bank Exec

--------------------------------------------------------------------------
Happen to be at waterloo street doing some bank transaction yesterday lunch time, was told by the counter staff to wait for 15min to half an hour. Went out for a quick puff and saw this gal leaning on my car talking on her phone. The moment she lift up her head, I was WOW..... Not bad leh. She smile back and say sorrie, I told her to carry on leaning in a joking way. We chatted awhile and got to know that she just arrived 3 weeks ago working at the Bank which I just went. So I try to date her out for a drink and she say OK (My Lucky Day).

Pick her up after her work at 5.30pm and we went downtown for dinner. I was trying my best to test water (NO LUCK). We headed to Boat Quay for a drink after dinner and I told myself this time DIE DIE also must ask. All of a sudden, she burst into tear (ALCOHOL EFFECT), saying she misses her parent. I try to console her and told her not to think so much. Time passes and we are now more open up, I pop up the question to her:

Me: Why dun you try to earn more money while you are in SG?
She: How to?
Me: Do part time lor.
She: What is part time?
Me: Must I go into detail, then you can understand.
(Slient for a while) and (Burst into laughter)
She: How much am I worth in your eye.
Me: Hard to say, depends on how good are you.
She: How much do you want to give me, if I say OK to you.
Me: 150 lor (Man Ego).
She: If I am good to you, you give me more is it?
Me: Let see how good are you.
Me: How???
She: Can try. Is it now?
Me: Now lor. If not when?
She: Where?
Me: I bring you there.

10.45pm we check into a hotel at chinatown and the rest is story.....

Name: Txxx Xxxx
Age: 25
Look: 7.5 (Young office exec look)
Stats: 34B / 24 / 34 (I think so)
BBBJ: Yes for me
FJ: 9 (good moaning)
Painting: Yes for me
CIM: No
AR: No
AJ: No
Attitude: Very anticipating
Damage: 150 / 1shot
Overall: Good
RTF: Yes for sure (Bonking a Pretty Bank Exec)

 

[cunnosieur]

Fun Guy
Samster Join Date: Aug 2008
Location: Singapore Ltd.
Posts: 107
My Reputation:Points: 77 / Power: 1

Re: PRC Bank Exec

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Hi to all Bros

Bro JJjumper
Bro, I have not mentioned which bank she work in and from what I know not all banks in Spore (Local and Foreign) required english speaking staff.

Local bank do required english speaking staff but that does not mean all are able to. For example (Pantry lady, Cleaner and etc....)

Foreign bank do required english speaking staff at the frontline but how about those at the backend. Those junior staff or lower ranking at the backend may not need to.

No offence to you bro....

Bro DL2UHI
Bro, what you have stated in your post is very true and well said. I can speak, sing and even scold in chinese or dialect but when I come to reading or writing, I am a total BLUR king.

Bro kefuso
Bro, I guess you may have misheard or there are some miscommunication between you and her. She has never told anyone that she is working in a factory. What she has told me is she is rushing some work at her colleague house and need to be handed over the next day. She say she is still very new working there and that why she need to go over to her colleague house to finish her work.

Bro there are many levels in the bank and she maybe a small little fly over there. She may not understand what you have know. There are many frontline staff at our local bank and when ask some question, they always tell us to wait and will ask their senior to talk to us.

I hope I am right bro. No offence to you............

Bro Cunnosieur
Bro, what you have posted up is a profile of a manager and a senior officer position. I have only stated that she work in the bank as a exec.
An exec. could mean = admin, clerk, trainee staff or some backend staff.

No offence to you bro........

http://www.sammyboyforum.com/welcome...k-exec-15.html

 

[cunnosieur]

''There's been a succession of major cases due to weaknesses in risk management and internal controls, and this had led to major capital losses from banks,'' a commission official told Xinhua, the official news agency, in a statement that appeared in the Chinese press Monday. Xinhua did not identify the official.

The rules appear to be an effort to bolster confidence in China's government-owned banks after a string of scandals tarnished plans to issue stock.

Late last year, the Bank of China disclosed that employees in one branch in Beijing alone had stolen 30 million yuan ($3.6 million); in February, the China Construction Bank revealed that employees in northeastern China had embezzled 33 million yuan; and a few days ago, the Agricultural Bank of China said that 43 employees in Baotou, in northern China, were under investigation after the disappearance of 115 million yuan.

On Sunday, the Bank of China announced that an employee in the northeastern city of Dalian had been arrested after embezzling 50 million yuan to gamble on soccer matches. Last week, it was disclosed that Zhang Enzhao, who resigned this month as president of the China Construction Bank, was being sued in a United States court over allegations that he took bribes from an American contractor.

http://query.nytimes.com/gst/fullpag...50C0A9639C8B63

 

[cunnosieur]

Singapore is turning into one breast-obsessed nation

"I thought this year's Miss Singapore Universe (Carol Cheong) won because of her boobs," says Joxxx-Uxxx Leoxx, a banker from BOC in his 30s who admits that he is a "boob man" and is drawn to a woman's breasts ahead of her other physical attributes.
And "Yes, yes, yes - size does matter", he adds.

"Boobs are the reason men wake up in the morning and the source of comfort as they lie in bed with their ladies at night," says the BOC banker. "The ideal breast size should be big enough for you to notice, but not of the size that you end up talking to them instead."
http://singsupplies.com/showthread.php?t=536&highlight=bank+china&page=5

 

[cunnosieur]

HR: Your husband is a DEPUTY MANAGER in BOC...HUSBAND AND WIFE working in the same bank...you know immediate relatives are not allowed to work in the same bank? It is a bad practice and can cause HR biaseness in promoting 'own people' first....

THB: Erh...Last time hor...We work, then 'par tall' then married loh...

HR: I understand that your CONDO was reposessed by UOB...is that true?

to be continued...

REPLY FROM PAPHIPHOP65:

U make her sound that her English is SO GOOD!

She come to my HR dept and I was appalled that she only has O levels! Yet she can be promoted to be a SENIOR MANAGER IN BOC (KPB). Her promotion was due to her husband TXX XXXX XXXX and on RELATIONSHIP and OLD BIRD SYSTEM in BOC, not meritocracy. He is also rumoured to be damm good in ballscarrying and always curry favour from the Chinese management.

I interviewed her for just 5 mins and asked her to leave. I was shocked when she showed that her pay to be $7000 a month which is grossly overpaid for a O level SENIOR MANAGER IN BOC. Her skills are not relevant and her knowledge of banking and finance is ZERO, and don’t even have any IBF Certificates.

The impression that she gave to me is one of dishonest look and a very sly person, slight hunched back and snake eye look.

 

[cunnosieur]

Nationality: P R China; Singapore PR
Date & Place of Birth: 15/10/1974; Lanzhou, China
Gender Female

EXPERIENCE
Jan. 2002 – Dec. 2005 Bank of China, Singapore Branch
Account Relationship Manager – Corporate Banking Department
 Liaise with arrangers on syndication loans deals;
 Information gathering, assessing and analysing of macro economy, industry, multinational corporates etc.
 Prepare and present of credit proposals;
 Prepare annual review reports for existing portfolios;
 Draft various reports to Head Office;
 Draft, edit and finalise credit manual of the department in Chinese (over 120 pages)
 Translate credit manual of the department into English.

Sep. 1998 - Dec. 2001 The Kwangtung Provincial Bank
Singapore Branch
(KPB merged with Bank of China since
1 Jan.2002)
Senior Officer – China Business Department
 to build and expand customer base;
 to minimise problem loan facilities, increased interest income by 30% within year of 1999;
 to go on business trips whenever necessary;

BLK 50x, #11-15x, CHOA CHU KANG STREET, SINGAPORE 680503
PHONE 676x 2664 (R), x81 5596; e-mail: [email protected]
2
 handling perplexing projects which involved in legal procedures;
 to draft reports to Head Office;
 to communicate well with senior managers and junior staffs.
May 1994- Jul 1998 Robert W H Wang & Woo/Raymond Tan & Co
China Project Supervisor cum Administrator
 to oversee the legal procedures related to China Property Projects and to provide useful and helpful information to the customers;
 to translante documents whenever necessary;
 to manage 5 supporting staffs;
 implemented on-the-job training for new staff.

Jan 1989–1992 Gansu Arts & Crafts Import & Export Corp. Lanzhou
International Trade Representative
 Attending international trading fair, travelling overseas and within territary of China to negoticate with clients and suppliers on sales and purchse terms;
 Expanded business to Hong Kong, Japan, Taiwan, European and Middle East market;
 Worked closely with suppliers to ensure the prompt shipment.

Sep. 1986–Dec. 1988 Gansu Agricultural University, Lanzhou
Assistant Lecturer
 Conducted essential English courses to 1-2nd year students and students from ethnic areas;
 Conducted training courses to secondary school teachers from rural areass.

EDUCATION
1982–1986 Northwest Normal University, Lanzhou, China
B.A., English Language & Literature.
1990–1991 Gansu International Trade Institute, Lanzhou, China
3
 attended training courses on International Trade, International Finance and Commercial Law, etc.
 awarded the Certificate of Merit for the Post of International Trade Representative
2001 ACCA
Attended initial stage courses of ACCA such as Financial Informaiton for Mangement and Preparing Financial Statement, etc.

INTERESTS
Reading, photography, dancing

 

[Sperminator]

Nationality: P R China; Singapore PR
Date & Place of Birth: 15/10/1974; Lanzhou, China
Gender Female

.....

So, cunnosieur, what is your point in the above posts about BOC?

 

[besotted]

Excuse the juvenile idiot

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

 

[moolightaffairs]

hey guys! if i got 1million sgd in cash. can i open a saving ac with BOC in sinkapoor and withdraw it in branches of BOC in China?

 

[Sperminator]

hey guys! if i got 1million sgd in cash. can i open a saving ac with BOC in sinkapoor and withdraw it in branches of BOC in China?

I've asked BOC Singapore before.

They told me that the Bank Account is for SGD currency.

For withdrawal, I've did an experiment before. NOT ALL ATM allow you to withdraw your money in BOC, China.

So, for those banks which I've confirmed are the following;

1. Bank of China, can be found in all Metro Stations in China, most easily accessed ATMS

2. Communications Bank of China, can be found quite relatively accessible.

I am not sure about the other banks, because the above 2 banks are good enough.

However, service charges, exchange rate charges, misc charges apply.

But if you really got SGD 1 Million, I highly recommend you to SPECULATE in the HDB flats, and rent it out, because if you cross reference the other threads, the FT population is forecast to go higher than 2 Million.

In the last 2 years, prices have shoot up 40% in capital gains! With 1 Million SGD, you can probably get 2 5 ROOM FLAT apartments, and rent it out SGD 2,000 each minimum, perhaps SGD 3000 max with good decor and furnitures.

Making your earnings to be SGD 4 K to 6 K per month.

With that kind of money, you could easily finance your business operations with a peace of mind.

 

[moolightaffairs]

I've asked BOC Singapore before.

They told me that the Bank Account is for SGD currency.

For withdrawal, I've did an experiment before. NOT ALL ATM allow you to withdraw your money in BOC, China.

So, for those banks which I've confirmed are the following;

1. Bank of China, can be found in all Metro Stations in China, most easily accessed ATMS

2. Communications Bank of China, can be found quite relatively accessible.

I am not sure about the other banks, because the above 2 banks are good enough.

However, service charges, exchange rate charges, misc charges apply.

But if you really got SGD 1 Million, I highly recommend you to SPECULATE in the HDB flats, and rent it out, because if you cross reference the other threads, the FT population is forecast to go higher than 2 Million.

In the last 2 years, prices have shoot up 40% in capital gains! With 1 Million SGD, you can probably get 2 5 ROOM FLAT apartments, and rent it out SGD 2,000 each minimum, perhaps SGD 3000 max with good decor and furnitures.

Making your earnings to be SGD 4 K to 6 K per month.

With that kind of money, you could easily finance your business operations with a peace of mind.

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.