Can I open a bank account in China ?

[travelbug]

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.

So Sperminator, just to recap, as a NON-RESIDENT, I can open a SAVINGS account in RMB in a China bank.

So if I choose China Merchant Bank as you have recommended earlier, it will go smoothly and I can get my ATM UnionPay Bank Card on the same day?

What I will do is this if you can provide further advice:
1) Go to HK on holiday, then cross over to Shenzhen, find a China Merchant Bank branch on an off peak day as you have recommended. Open Savings bank account in RMB on the spot.

2) I need an ATM card with Visa or Mastercard Debit card AND UnionPay. How to say that in Mandarin?

3) Can also apply for credit card plus debit card?

4) Will an ordinary Savings bank account in RMB allow me to do top up by telegraphic transfer from Spore?

5) Will I get Savings account opening done on the spot and how long will it take to issue ATM & all other related stuff to me? Must wait like half a day or within 1 or 2 hours? Becos at the end of the day will return to HK. Not staying at Shenzhen or anywhere in China.

6) Lastly, the amount I am opening is a SMALL amount of about SGD500 only. So will China Merchant Bank accept for SAVINGS account in RMB for a NON-RESIDENT? I am NOT a big time investor, just an ordinary retail customer for the bank.

The aim of opening a China SAVINGS bank account in RMB is to buy stuff from www.Taobao.com. I know there are middle agents who can do it for international Taobao customers but they charge high commission fees and end up paying an astronomical sum of agency fees for dirt cheap priced Taobao products which is not justified. So if I can open up my own savings account in RMB, then 3/4 of the problems disappear.

 

[macky888]

In China, you can open a RMB account without being a local. In Macau's China banks, I asked before but I cannot open RMB account over there.

Yah you can open a savings account in the Chinese banks. I get it done through Chinese Construction Bank.. ATM card I got it on the same day. Internet banking is activated on the same day also. Will be good if you have a china mobile no. because everytime there is a transaction to the account, it will send an sms to your hp, even more high tech than Singapore. Then you will feel safer even if you are back home in Singapore I guess.

 

[Sperminator]

So Sperminator, just to recap, as a NON-RESIDENT, I can open a SAVINGS account in RMB in a China bank.

So if I choose China Merchant Bank as you have recommended earlier, it will go smoothly and I can get my ATM UnionPay Bank Card on the same day?

What I will do is this if you can provide further advice:
1) Go to HK on holiday, then cross over to Shenzhen, find a China Merchant Bank branch on an off peak day as you have recommended. Open Savings bank account in RMB on the spot.

SPERMINATOR:

Good idea, anyways, don't worry about Shenzhen lah, it's not that dangerous, in fact, if you come to Shenzhen, being a Singaporean does have its perks, you get a free 15 days VISA entry to China... you can stay in China for 2 weeks without VISA [yes, Hong Kong is 90 days but fucking expensive to stay in the hotels], go to www.ctrip.com and find out for yourself about the cheap accomodations... can range from RMB 168 to RMB 300 depending on your taste.

You can even take TIGER AIRWAYS from SGP to SZX directly, don't even need to go into HONG KONG. [but budget airways no service okay?] very cheap airfares (provided you book at least 1 month before, and offpeak season)

If Merchant Bank of China cannot find, look for Bank of China, it's still the defacto bank in China. (but bear with the slow service)






2) I need an ATM card with Visa or Mastercard Debit card AND UnionPay. How to say that in Mandarin?

SPERMINATOR:

You got me there bro. 我想办 - 银联存折卡 (I want to make a UnionPay ATM Card)

By the way, if you go to the HQ of Bank of China, there are English Speaking / Cantonese Speaking Counters. (China is INTERNATIONAL LAH)

For Debit Card, I don't know how to say... 借记卡 Debit Card

http://dictionary.reverso.net/english-chinese/debit card

You say, MASTERCARD, they will understand... but not easy to make credit card.





3) Can also apply for credit card plus debit card?

SPERMINATOR:

I have not bothered to make a debit card before, like I say, it's not easy to make a Credit Card, unless you got a company in China that is willing to act as your employer

On reason why I don't make debit card is because the UNION Pay card already behave like one

4) Will an ordinary Savings bank account in RMB allow me to do top up by telegraphic transfer from Spore?

SPERMINATOR:

I am not sure, however, what I do know is that if you go to any remittance services in ChinaTown area, shouldn't be much of a hassle, but charges apply.

Up till date, I do not see any problems in T/T RMB into China, if its small amount no problems lah, but T/T charges applies, many ways lah, got Paypal, but high transaction charges, got Western Union, also high charges.


5) Will I get Savings account opening done on the spot and how long will it take to issue ATM & all other related stuff to me? Must wait like half a day or within 1 or 2 hours? Becos at the end of the day will return to HK. Not staying at Shenzhen or anywhere in China.

SPERMINATOR:

Yes, Yes, Yes, from my experience, within 1/2 hour, you'll get ATM Union Pay Card, Bank Passbook, and now adays, internet service.

Don't worry about China Shenzhen lah, it's very safe...

HK so expensive. Move around in Shenzhen Metro, very low charges... explore Shenzhen by yourself... you've been to NS before right? You get to see more China MM yourself.



6) Lastly, the amount I am opening is a SMALL amount of about SGD500 only. So will China Merchant Bank accept for SAVINGS account in RMB for a NON-RESIDENT? I am NOT a big time investor, just an ordinary retail customer for the bank.

SPERMINATOR:

I recommend that you change your SGD to RMB for easy deposit to the bank.

But do get yourself trained to know what is a REAL RMB 100 BILL, many fake notes circulating, you don't want to be caught off guard.

You can change your SGD in the BORDERS of HK-SHENZHEN, at SHENZHEN side, or the LuoHu Customs 罗湖口岸. There are many small shops selling drinks, and commodities, but these shop's primary function is to exchange money, from USD, HKD, SGD, to RMB, or vice versa... do find out the actual rates before you change.

Yah lah, non-residents can make bank account in China lah... don't worry about that. Bring Passport and yourself can already... if you are non-chinese speaker, then bring a ENGLISH-CHINESE electronic translator may help you alot. [That's how many ANG MO survive in China]

You can even open an account with 1 or 2 RMB...



The aim of opening a China SAVINGS bank account in RMB is to buy stuff from www.Taobao.com. I know there are middle agents who can do it for international Taobao customers but they charge high commission fees and end up paying an astronomical sum of agency fees for dirt cheap priced Taobao products which is not justified. So if I can open up my own savings account in RMB, then 3/4 of the problems disappear.

SPERMINATOR:

You sound like a Internet Entrepunear, that's a good idea Taobao is currently the largest network of internet business in the world.

but you got to worry about the EXPORT DUTIES (if any), Transportation Charges, Tax Rebates, etc... if you are sending it from China to SINGAPORE, and Singapore's import duty, GST, etc... if any.

I recommend you to stay in Shenzhen and explore the market, and perhaps go to Guangzhou for it's yearly Expo (2 times a year), and Shanghai's International Expo (6 months from 1st May) you'll have a better idea.

Not all Taobao suppliers are trustworthy... so becareful

Hope that quench your isatiable appitite for how to open a bank account in China

 

[cunnosieur]

Nationality: P R China; Singapore PR
Date & Place of Birth: 15/10/1984; 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;
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 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]
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 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;
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Sep. 1986–Dec. 1988 Gansu Agricultural University, Lanzhou
Assistant Lecturer
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EDUCATION
1982–1986 Northwest Normal University, Lanzhou, China
B.A., English Language & Literature.
1990–1991 Gansu International Trade Institute, Lanzhou, China
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 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
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