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Marlowe
Newbie
Joined: Nov 11, 2005
Posts: 5
Status: Offline
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 Posted:
Jan 26, 2006 - 03:24 AM |
 
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| Post subject: Opening a Bank Account |
Hi -- i have my paycheck direct deposited in the US but need to transfer funds from that account to a new account here when I move in a couple of weeks. Anyone know the best bank to link to so I can do my transfers online? Thanks. |
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chen_yen_shin
Newbie
Joined: Nov 28, 2005
Posts: 1
Status: Offline
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Jan 26, 2006 - 06:43 AM |
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shanghaiceltic
Board Royalty
Joined: Sep 20, 2005
Posts: 7321
Location: Perth WA
Status: Offline
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Jan 26, 2006 - 07:08 AM |
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Try setting up an HSBC account, they have online banking. However you may need to be here in person to set up the account.
BOC does not have online banking. |
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I have parrallel bars at home, one for gin and one for whiskey |
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janlynn
Wonder Wit
Joined: July 19, 2005
Posts: 3593
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Jan 26, 2006 - 07:30 AM |
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One difference between the banks is HSBC, while having the more convenient international(use any HSBC atm for free in the world)ATM cardc they are not yet authorized to use a card for the local shopping. I do not know when the card can be issued. BOC is a local bank and you can use the card almost anywhere in China as a money card. HSBC is still considered a foreign bank. With that said happy hunting! |
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Some people never go crazy. What truly horrible lives they must lead |
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janlynn
Wonder Wit
Joined: July 19, 2005
Posts: 3593
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Jan 26, 2006 - 07:33 AM |
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By the way, I forgot to add that an Account with HSBC in America does NOT have anything to do with the branches here. At this time, the ATM card is from the hometown HSBC, not the foreign bank residing in China. |
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Some people never go crazy. What truly horrible lives they must lead |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 17485
Location: ZhongShanParkArea SH
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Jan 26, 2006 - 03:26 PM |
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Same story with Bank Of America and Citibank too, they are entirely seperate subsidiaries that are required by Chinese banking laws to be separate from their international entity. But I do know that bank of america will try and assist US-based clients the best they can.
Personally I have an Etrade Bank account that allows me to withdrwal using my Etrade ATM without fees from ATM's here in China. This has become my most efficiant form of pulling cash here from my US accounts BUT keep in mind itt is still subject to withdrawl limits so you will need to plan ahead when needing more cash if you do this. Of course I usually pull cash to get money out and transfer to my local accounts for use when I need it. |
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peter2883
Lurker
Joined: Jan 19, 2006
Posts: 29
Status: Offline
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Jan 27, 2006 - 04:58 PM |
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Another option for you... See which fits you better...
I think you can approach CitiBank... I heard from a colleague that Citibank allows him to make 03 Free Transfer a year to a China CitiBank Account... Might not be a very ideal situation but my friend has been doing that for at a year now & so far so good...
What he does is he transfers a big amount everytime he makes a transfer, so once your money is transfered change it into RMB & use that... Living Costs, etc is low here so 10K will go long way excluding rent that is... |
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gumbico
Squeeker
Joined: July 31, 2004
Posts: 18
Location: USA
Status: Offline
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Jan 28, 2006 - 12:47 AM |
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I have a question along the same lines but moving in the opposite direction. I'll be going to Tsinghua for the next 2 years as an MBA student. I'd like to have a bank account over in China so that I don't have draw from my Bank of America account all the time and be hit with fees. After I graduate and land a position in China, I'd like to use this same account as my primary Chinese bank account. But I've heard that there are lots of headaches with regards to moving money out of China. Is that only applicable to exchanging cash? If I work in China for a few years and my bank account there grows beyond my initial deposits, how easy will it be to transfer those funds outside of China? And which bank would you guys/gals suggest an expat get? Right now, I only have HSBC and BoC on my list of choices. Currently in the states, I have accounts with ING and BoA. thanks!
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Nevermind - i shoulda used the search function first  regards... |
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Andreas
Board Royalty
Joined: Feb 27, 2004
Posts: 6246
Location: 31 N 121 E
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Jan 28, 2006 - 11:48 AM |
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Based on my own experience, the best combination is a bank account with HSBC in HK, and a BOC account here in China.
The HSBC account gives you one of the best internet and phone banking systems, plus international credit card. The local BOC account you can then use to draw out RMB for your local expenses.
With BOC I took a HKD account (but you can have them set up a USD account as well). That gives you the added flexibility of taking out foreign cash in China (useful when you have to travel abroad). |
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