| Author |
Message |
currychook
Rocker
Joined: Dec 21, 2005
Posts: 601
Location: Hong Kou, Shanghai
Status: Offline
|
  Posted:
Nov 09, 2006 - 02:47 PM |
 
|
| Post subject: Online Banking with BOC? |
anybody used online banking with BOC? any good? what's the hassle factor for applying for one? The alternative is telephone banking- do they have this in English? I checked the website, got no info on online banking or how to apply, and the web page was so messy I gave up trying to read it.
I'm still relying on the bank book and queuing up to check my balance and payin/payout list. The machines are useless and usually one of them is always broke. I hate dealing with the tellers because they are slow and give crap service. Why can't they just outsource the service to India? they are faster, more polite and speak good English.
Help?? |
|
|
 
|
|
doctortos
Lurker
Joined: July 12, 2005
Posts: 20
Status: Offline
|
| Posted:
Nov 09, 2006 - 03:10 PM |
|
|
Easy once you have enrolled.
Go to your BOC branch with pass book / passport and tell them you want to access net banking.
No problems!
Then you can use the English BOC site ( Shanghai ) and see balance / transaction history. |
|
|
|
|
|
tijssie80
Veejay
Joined: Sep 04, 2006
Posts: 1812
Location: Shanghai, Honkou
Status: Offline
|
| Posted:
Nov 09, 2006 - 03:29 PM |
|
|
and to which extent can you transfer money? Can you do so to all Chinese banks or only BOC and are there extra costs involved? |
_________________
Great legs! ...what time do they open? |
|
 |
|
doctortos
Lurker
Joined: July 12, 2005
Posts: 20
Status: Offline
|
| Posted:
Nov 09, 2006 - 03:35 PM |
|
|
So far you can only access balance and history of deposit / withdrawal .
Obviously it is still very limited in scope but at least if you were expecting a deposit you can check on line.
Also take your ATM card when you request the access / password. |
|
|
|
|
|
ggh
PopStar
Joined: May 13, 2006
Posts: 1079
Location: Shanghai, Puxi
Status: Offline
|
| Posted:
Nov 09, 2006 - 03:36 PM |
|
|
Online banking is only good for checking your account balance.
No other transactions are allowed from the online banking system... lousy. |
_________________
Opinions are like Ass-Hole... Everybody has one |
|
|
|
|
tijssie80
Veejay
Joined: Sep 04, 2006
Posts: 1812
Location: Shanghai, Honkou
Status: Offline
|
| Posted:
Nov 09, 2006 - 03:37 PM |
|
|
Aiiii, so it is just a replacement for the good old bank statements that we receive in most Western Countries...? |
_________________
Great legs! ...what time do they open? |
|
|
|
|
fox007
Ranter
Joined: Apr 06, 2005
Posts: 596
Location: Minhang, Shanghai
Status: Offline
|
| Posted:
Nov 09, 2006 - 04:14 PM |
|
|
Does any body know if ICBC is offering online banking in English ? |
|
|
|
|
|
Michael
Moderator
Joined: Mar 22, 2002
Posts: 5269
Status: Offline
|
| Posted:
Nov 09, 2006 - 04:21 PM |
|
|
China Merchant Bank has a decent personal online service. It is only in Chinese though - but you can make payments. |
|
|
|
|
|
foreverinchina
PopStar
Joined: Nov 21, 2005
Posts: 1249
Location: 徐家汇
Status: Offline
|
| Posted:
Nov 09, 2006 - 04:44 PM |
|
|
| ggh wrote: |
Online banking is only good for checking your account balance.
No other transactions are allowed from the online banking system... lousy. |
Then why should i use that system instead of
https://online2.shfft.com/fftweb/welcome.jsp
Which allows me to
- check my balance on my account
- pay my bills for gas, elec, tel, etc
- charge my mobile phone
All in English
And it works for ALL Chinese banks |
_________________
To govern a big country is like cooking a small fish.
Stir as little as possible.
- Lao Zi, Daode Jing 256 BC |
|
|
|
|
foreverinchina
PopStar
Joined: Nov 21, 2005
Posts: 1249
Location: 徐家汇
Status: Offline
|
| Posted:
Nov 09, 2006 - 04:48 PM |
|
|
| fox007 wrote: |
| Does any body know if ICBC is offering online banking in English ? |
Sure they do. Like all other western banks in China.
But for corporate clients only. Like all other western banks in China.
Hopefully it all will change from next year on, when the western banks will be allowed to offer banking services to private people in China.
Maybe that will push the Chinese banks to offer full scale on-line banking systems in English. |
_________________
To govern a big country is like cooking a small fish.
Stir as little as possible.
- Lao Zi, Daode Jing 256 BC |
|
|
|
|
foreverinchina
PopStar
Joined: Nov 21, 2005
Posts: 1249
Location: 徐家汇
Status: Offline
|
| Posted:
Nov 09, 2006 - 04:50 PM |
|
|
| Michael wrote: |
| China Merchant Bank has a decent personal online service. It is only in Chinese though - but you can make payments. |
That's right, but their helpdesk is sh.. |
_________________
To govern a big country is like cooking a small fish.
Stir as little as possible.
- Lao Zi, Daode Jing 256 BC |
|
|
|
|
ooliver
Talker
Joined: May 11, 2006
Posts: 77
Status: Offline
|
| Posted:
Nov 09, 2006 - 05:07 PM |
|
|
I use Bank Of China online system to pay my bills, I believe there're other features like CDs and transferring money between BOC accounts. |
|
|
|
|
|
fox007
Ranter
Joined: Apr 06, 2005
Posts: 596
Location: Minhang, Shanghai
Status: Offline
|
| Posted:
Nov 09, 2006 - 05:10 PM |
|
|
Foreverinchina, I have seen that already but always wonder if that was "safe" because there is no much indication about who is behind it...
How does it work exactly ? how can they access your account balance ?
thks |
|
|
|
|
|
underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9615
Location: EOA Seminar
|
| Posted:
Nov 10, 2006 - 11:17 AM |
|
|
| fox007 wrote: |
| Does any body know if ICBC is offering online banking in English ? |
Yes, they do. And it's actually not bad. The only drawback is you must invest about 80 RMB in a USB key to do anything other than check balances. |
|
|
|
|
|
underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9615
Location: EOA Seminar
|
| Posted:
Nov 10, 2006 - 11:19 AM |
|
|
| foreverinchina wrote: |
| fox007 wrote: |
| Does any body know if ICBC is offering online banking in English ? |
Sure they do. Like all other western banks in China.
But for corporate clients only. Like all other western banks in China. |
Not actually. They have had personal online banking in English for the past 1/2 year or longer. |
|
|
|
|
|
pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
|
| Posted:
Nov 10, 2006 - 12:33 PM |
|
|
| foreverinchina wrote: |
| fox007 wrote: |
| Does any body know if ICBC is offering online banking in English ? |
Sure they do. Like all other western banks in China.
But for corporate clients only. Like all other western banks in China.
Hopefully it all will change from next year on, when the western banks will be allowed to offer banking services to private people in China.
Maybe that will push the Chinese banks to offer full scale on-line banking systems in English. |
Maybe u are confusing ICBC with another bank (HSBC)? Because if ICBC is a western bank in China, then all the banks in China are western banks.
I have used online banking in China for the last three years or so. I have account with several banks and China Merchant Bank comes far ahead. Bank of Communications is decent but the big four (ICBC/BOC/ABC/CCB) still need some work to do. I did not find the China Merchant Bank helpdesk so bad, maybe because I am fluent in chinese.
Sure one can complain of the lack of english service. But wait, the expat community is not their corporate focus, they have hundreds of millions of Chinese to serve, so why bother with a few tens or hundred thousands laowais?
The service will get better with time. With liberalization of the banking sector around the corner, I expect the foreign banks to be able to provide more adequate service to the foreign community in China. |
_________________
Sinoinvest.biz-Offshore Company Registration (BVI, HK etc.) & China Company Formation |
|
|
|
|
underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9615
Location: EOA Seminar
|
| Posted:
Nov 10, 2006 - 12:42 PM |
|
|
For those expats not fluent in Chinese, the China Merchant Bank's online banking is, in a word, useless. ICBC has a decent online banking service in English.
And if you are fluent in Chinese, then ICBC's online banking in Chinese is far superior to China Merchant Bank's. Far superior. |
_________________
بارك الله ، بارك الله |
|
|
|
|
pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
|
| Posted:
Nov 10, 2006 - 01:07 PM |
|
|
|
|
|
|
pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
|
| Posted:
Nov 10, 2006 - 01:20 PM |
|
|
| fox007 wrote: |
Foreverinchina, I have seen that already but always wonder if that was "safe" because there is no much indication about who is behind it...
How does it work exactly ? how can they access your account balance ?
thks |
I have had the same concern although I can't deny it is really convenient. I used it a couple of times but using an account I am sure doesn't have an important balance.
There is this new service from China Mobile I am using now, called 手机钱包 (shouji qianbao), which allows you to connect your mobile phone to a single bank account and pay all your bills (mobile phone, fixed line phone, electricity, water, gas) through that phone (SMS). All you need is to go to China Mobile or to the bank and set up the service and choose the password. Unfortunately I haven't found any english advertisement on this yet. |
_________________
Sinoinvest.biz-Offshore Company Registration (BVI, HK etc.) & China Company Formation |
|
|
|
|
msittig
Rocker
Joined: Oct 06, 2004
Posts: 733
Location: Zhangjiang High-Tech Park
Status: Offline
|
| Posted:
Nov 10, 2006 - 02:02 PM |
|
|
Hey, that's pretty cool. I had the same concerns as the other posters in this thread, so I did a little online investigation. It turns out that it's a service provided by the Shanghai city government "for the convenience of the people". They hooked up a bunch of banks and utility companies to pull this off. Originally, the plan called for ATM-like booths to be set up around the city for people without computers to use the same service, but according to a report that came out today, the booths aren't being maintained very well so they mostly break down and people can't use them. Still, I think the online thing is pretty nifty and I'll start using it tonight.
Here are some links (in Chinese):
* Baidu-cache page off the city government website explaining the Fufeitong program
* Report on the sorry state of the Fufeitong kiosks |
_________________
Hi Charlotte! |
|
|
|
|
underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9615
Location: EOA Seminar
|
| Posted:
Nov 10, 2006 - 02:44 PM |
|
|
| pat_togo wrote: |
| Pls enlighten me on this. Just tell me how the ICBC online banking is superior to CMB because I did not realize it. |
Because it does everything that CMB's online banking serice does plus it allows you to buy or sell foreign currency, trade on the Shanghai (obviously a poor idea) stock exchange and the HKSE. I can also make overseas remittances.
Tell me what you can do on CMB's system that can't be done on ICBC's? |
|
|
|
|
|
pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
|
| Posted:
Nov 10, 2006 - 03:54 PM |
|
|
-Buying and selling foreign currencies: as well as all other banks this feature IS available from CMB online banking system. You can convert freely (with the costs of course) from or to any major international currency. The only thing missing is the online conversion to and from RMB, which is not available from any of the local banks in China, including ICBC, because the regulations do not allow it.
-Trading on the shanghai (and shenzhen) stock exchange: also available from CMB online system
-HKSE: well that would be interesting indeed but you will have to give me a proof of that option, as nationals in China are not yet allowed to trade in foreign stock markets directly from their accounts here. I would be extremely surprised if you can trade at the hong kong stock exchanges directly from your ICBC account or any other chinese bank for that matter.
-overseas remittances: well for that one I can tell you it is just impossible neither ICBC nor other local bank in China can offer that yet. I even wonder if owners of accounts at foreign banks in China can do that. Remittances through online banking system is limited to mainland China.
As for the advantages of CMB:
-Security: ICBC has come up recently with a USB key security device but you need to research the motives behind that move. Hundreds of clients have lost tens of thousands due to fraudulent use of online banking by cyber criminals, and this was because of serious loopholes in their system. And so far ICBC has refused to indemnify the victims. There are ongoing lawsuits in that respect.
-Convenience: even if you have several accounts (including in different cities) you can access to all of them in a single online account, which can give you a better picture of your overall financial position.
-Online payment: the CMB 支付卡 is now a market leader in terms of online payments. the ICBC e通卡 has never really got off.
-Easy of use: transferring money is much easier using CMB than ICBC
-Financial tools: CMB online banking system has built-in financial tools that allows you to match your revenues and expenses over different periods. Not much time to give more details on that aspect.
Overall, most of the online banking systems offer almost the same systems. But in the actual use CMB in my point of view offer more features, is easier to use and seems more secure. Sure ICBC is the largest bank of China and none other bank comes even closer to its branch network, but it doesn't mean that they are they are the best bank. You can't afford having an account with one of the big four because whenever you go in China you will need them, but for a better value of your money I believe the mid-size shareholding banks are a better choice. |
_________________
Sinoinvest.biz-Offshore Company Registration (BVI, HK etc.) & China Company Formation |
|
|
|
|
underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9615
Location: EOA Seminar
|
| Posted:
Nov 10, 2006 - 04:43 PM |
|
|
| pat_togo wrote: |
| -Buying and selling foreign currencies: as well as all other banks this feature IS available from CMB online banking system. You can convert freely (with the costs of course) from or to any major international currency. The only thing missing is the online conversion to and from RMB, which is not available from any of the local banks in China, including ICBC, because the regulations do not allow it. |
I use RMB to buy US$ and HK$ all the time with ICBC and it most certainly is allowed by the PBC. I use RMB to pay my US$ mortgage and I also use RMB to pay my foreign currency credit cards with ICBC -- all online and all done in real time.
With CMB you must first deposit the RMB into the RMB portion of your dual currency credit card and then at some distant point in the future CMB's credit card department will exchange it for you. It is not done in real time and, as a result, you may lose on a favorable exchange rate. Also, to take advantage of this service you must a) call the CMB credit card department to inform them and b) make sure you have no RMB denominated debt on your credit card.
| pat_togo wrote: |
| -HKSE: well that would be interesting indeed but you will have to give me a proof of that option, as nationals in China are not yet allowed to trade in foreign stock markets directly from their accounts here. I would be extremely surprised if you can trade at the hong kong stock exchanges directly from your ICBC account or any other chinese bank for that matter. |
You are mistaken. Chinese nationals have been able to trade directly on the HKSE for the past two years -- or longer. You can call PBC yourself to confirm: 010-66194114
| pat_togo wrote: |
| -overseas remittances: well for that one I can tell you it is just impossible neither ICBC nor other local bank in China can offer that yet. I even wonder if owners of accounts at foreign banks in China can do that. Remittances through online banking system is limited to mainland China. |
You are, again, mistaken. You know very little about the Chinese banking system.
| pat_togo wrote: |
| -Security: ICBC has come up recently with a USB key security device but you need to research the motives behind that move. Hundreds of clients have lost tens of thousands due to fraudulent use of online banking by cyber criminals, and this was because of serious loopholes in their system. And so far ICBC has refused to indemnify the victims. There are ongoing lawsuits in that respect. |
ICBC has had the USB for at least three years. The cases you mention are from people who stupidly fell victim to an e-mail phishing attack and gave their passwords and usernames to third parties. A fool and their money are soon parted rings true.
| pat_togo wrote: |
| --Convenience: even if you have several accounts (including in different cities) you can access to all of them in a single online account, which can give you a better picture of your overall financial position. |
Identical to ICBC
| pat_togo wrote: |
| --Online payment: the CMB 支付卡 is now a market leader in terms of online payments. the ICBC e通卡 has never really got off. |
Easy claim to make, but alas untrue.
| pat_togo wrote: |
| --Easy of use: transferring money is much easier using CMB than ICBC |
Again untrue.
| pat_togo wrote: |
| -Financial tools: CMB online banking system has built-in financial tools that allows you to match your revenues and expenses over different periods. Not much time to give more details on that aspect. |
This may be true, but who really cares? People use their online account to pay bills, transfer money and check balances. I needn't have the bank's software tell me how I spend my money.
| pat_togo wrote: |
| You can't afford having an account with one of the big four because whenever you go in China you will need them, but for a better value of your money I believe the mid-size shareholding banks are a better choice. |
Better value for your money? You are, of course, referring to the fact that CMB's banking fees are the highest in China whereas their infrastructure and customer service is amongst the worst, I suppose.
Oh, and wasn't it mentioned that their online banking system in English is totally non-existent? |
|
|
|
|
|
pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
|
| Posted:
Nov 10, 2006 - 05:31 PM |
|
|
Well, I don't know your sources but I respect your opinion. You can go ahead and continue tranfering money overseas using the ICBC online banking system. As for changing foreign currency to/from RMB we are talking here of online banking not the general system, of course if I go to a branch office I can get it done. But for most of your claims I will need to see them before I can believe. You find the ICBC service and infrastructure better? Great! But other people are free to have their own opinion and unless an independent study proves it it will still be an opinion.
Hola,
Pat |
_________________
Sinoinvest.biz-Offshore Company Registration (BVI, HK etc.) & China Company Formation |
|
|
|
|
underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9615
Location: EOA Seminar
|
| Posted:
Nov 10, 2006 - 07:16 PM |
|
|
| pat_togo wrote: |
| As for changing foreign currency to/from RMB we are talking here of online banking not the general system, of course if I go to a branch office I can get it done. |
If you re-read the posts, I think my use of the language makes it clear that I am talking about changing RMB into foreign currency (US$ and HK$) online. Why would I do it in a branch when I already do it online in real time? |
|
|
|
|
|
|
|
Forum FAQ
Search
Preferences
Watched Topics
Log in to check your private messages
Log in
