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UK_Bloke
Reacher
Joined: Feb 20, 2006
Posts: 246
Location: England
Status: Offline
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 Posted:
Jan 25, 2007 - 07:40 PM |
 
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| Post subject: Opening bank account |
Hi
What are the rules for opening an account in china for a foreigner who is not resident in china ie does not have business or work in china?
I come to china about 2-3 times a year on a business trip. What we generally do is order products from a supplier and then T/T monies to their account.
The problem with this is that all suppliers only take payment in USD and the exchange rate can vary at lot. Our base currency is GBP and at the moment is very strong almost 2 USD to 1GBP.
What this means is that if we have account in china we can transfer monies when the rate is good ie hedging. This would give us stability against rate fluctuation and hence maximize our purchasing power
Any help would be most welcome
cheers, M |
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make love not war, no 1 is stranger to me, no 1 is my enemy bcoz i have befriended the whole world |
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JD
Ranter
Joined: May 14, 2003
Posts: 559
Status: Offline
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Jan 25, 2007 - 09:07 PM |
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Remember that there are loads of regulations for money transfers and exchange (for example 10000 usd/month exchange limit). If you are seriously in the business, I would optimize your receivables through other means.
When it comes to your original question, how to open a bank account, I remember seeing several threats around here. |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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Jan 25, 2007 - 10:05 PM |
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For opening the account you can do it the next time you come, you will just need your passport, no need to be a resident. Bank of China would be the best in your case.
But bear in mind that there are limitations on how much money can be withdrawn on a personal account each day, and even for that you will have to give a one day notice to the branch you wish to make the withdrawal at.
And JD is right for hedging there should be other less troublesome ways to get the best of the exchange rate. |
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Sinoinvest.biz-Offshore Company Registration (BVI, HK etc.) & China Company Formation |
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UK_Bloke
Reacher
Joined: Feb 20, 2006
Posts: 246
Location: England
Status: Offline
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Jan 25, 2007 - 10:12 PM |
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thanks for the info guys, however I want to open a business account not a personal one. Would that be just as easy as opening a personal account?
M |
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make love not war, no 1 is stranger to me, no 1 is my enemy bcoz i have befriended the whole world |
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Mon_Mon
Rocker
Joined: Oct 07, 2005
Posts: 662
Status: Offline
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Jan 25, 2007 - 10:32 PM |
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I doubt it because it need all sorts of company registration documents to open a business bank account and to operate it so if your company is not a company register here (persumably) then I don't think you may open a business bank account here. |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9641
Location: EOA Seminar
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Jan 25, 2007 - 10:37 PM |
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To open a company account you'd have to be registered locally as a business and that can be complex. As an individual, just show up at any bank branch and present your passport. It's really that simple.
Actually, there is no limit on how much you can withdraw from your account on any given day. You might run into the situation where the bank branch hasn't sufficient cash on hand -- especially in dealing with foreign currency -- but that can be overcome.
JD is right about currency exchange limits, but if I understand correctly you are just usng the account to transfer in GBP and converting them to US$ when the rates are to your advantage. Can't you do that back in the UK and wire US$ directly?
In any event, your best bet would be HSBC in Hong Kong. You can easily wire any amount of money you want into your account, convert those funds instantly and on demand into whatever currency you want and then wire those funds anywhere in the world you'd like -- all from your computer. |
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UK_Bloke
Reacher
Joined: Feb 20, 2006
Posts: 246
Location: England
Status: Offline
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Jan 25, 2007 - 10:38 PM |
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Mon_Mon - Thats what I thought would be the case!, anyway I m in Shanghai in May and I will checkout with the banks what the requirement are
M |
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make love not war, no 1 is stranger to me, no 1 is my enemy bcoz i have befriended the whole world |
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UK_Bloke
Reacher
Joined: Feb 20, 2006
Posts: 246
Location: England
Status: Offline
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Jan 25, 2007 - 10:50 PM |
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underh20
Sorry just to clarify, we transfer monies in USD from the UK with the conversion done in the UK.
As for the HSBC account, do u mean opening account in HK? Would that have to be done in HK? I will be going to HK as well when I am in Shanghai in which case I can open the account in HK
many thanks,
M |
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make love not war, no 1 is stranger to me, no 1 is my enemy bcoz i have befriended the whole world |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9641
Location: EOA Seminar
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Jan 25, 2007 - 11:00 PM |
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To open an account in HCBC Hong Kong just go to any branch with your passport. Tell them you want to use their free Online @ HSBC service and get your free personal random password generator. Online @ HSBC is really the next best thing to sliced bread and the fees are really low..
If you need money sent to the Mainland suppliers, you log on to Online @ HSBC and have the money wired to your supplier. Ditto if you want to convert your whatever currency to whatever other currency. If you need spending cash, use your HSBC account card and get cash at almost any ATM on the Mainland. If, however, you withdraw cash from a Mainland HSBC ATM, their is virtually no daily ATM withdrawl cap. You really would have to be crazy to use any other bank. |
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UK_Bloke
Reacher
Joined: Feb 20, 2006
Posts: 246
Location: England
Status: Offline
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Jan 25, 2007 - 11:09 PM |
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To open an account in HCBC Hong Kong just go to any branch with your passport.
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Do you mean any branch in HK or in china or anywhere in the world? Sorry for being ignorant  |
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make love not war, no 1 is stranger to me, no 1 is my enemy bcoz i have befriended the whole world |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9641
Location: EOA Seminar
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Jan 25, 2007 - 11:15 PM |
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Any branch in HK. Although the name is the same, HSBC on the Mainland is a completely different animal than HSBC in Hong Kong.
Actually, if you are a customer of HSBC in the UK, they can assist you in opening up an account in HSBC Hong Kong. Or you can even use HSBC Offshore, but HSBC Hong Kong is a bit better and the fees lower. |
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UK_Bloke
Reacher
Joined: Feb 20, 2006
Posts: 246
Location: England
Status: Offline
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Jan 25, 2007 - 11:26 PM |
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got it, underh20  . I shall certain get it opened when I go to HK in May. Thanks for your help |
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make love not war, no 1 is stranger to me, no 1 is my enemy bcoz i have befriended the whole world |
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guel27
Board Royalty
Joined: Oct 10, 2005
Posts: 7462
Location: iwahig
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Jan 26, 2007 - 07:31 PM |
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¥ 1 maintaining balance. |
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umamin ka na kasi, halata naman e |
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