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R_bounous
Barker
Joined: Oct 16, 2004
Posts: 125
Status: Offline
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  Posted:
Nov 22, 2007 - 04:15 PM |
 
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| Post subject: Switching to a foreign bank in Shanghai |
Hi there
I wish to switch my current US dollar and Euro account from the industrial bank of China to one of the foreign banks now operating in Shanghai. I have a few thousand saved denominated entirely in both dollar and Euro and wonder if anyone has any recommendations? The money sits idle and as such I will be looking for a high yield account or some possible derivative product. Any suggestuions would be most welcome.
Much obliged
R |
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Michael
Moderator
Joined: Mar 22, 2002
Posts: 5292
Status: Offline
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Nov 22, 2007 - 05:16 PM |
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It really depends on what your expectation is. Liquidity? Investment? There are some threads about it. Depending on the amount you have, it may make sense to use an HK bank like HSBC (we tried both Citi and HSBC, and HSBC was lesser of two evils ). Keep the local bank for local banking pocket change. If you want investment options, it may depend on your passport in terms of what you are allowed to invest in. It will also depend on how much risk you can feel comfortable with.
The first things I would do in your position is trade your dollars for something else. In the present environment, you could loose quite a bit very quickly. But i am not a finance pro.. you should get recommendations from people who study the markets. |
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me_myself_&_i
Reacher
Joined: Oct 15, 2007
Posts: 244
Status: Offline
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Nov 22, 2007 - 05:50 PM |
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i was just listening to french tv and they said that more and more people for business do not want to be paid in us$ anymore because the$ is going down and still will for a while they preffer other currencies |
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R_bounous
Barker
Joined: Oct 16, 2004
Posts: 125
Status: Offline
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Nov 22, 2007 - 06:23 PM |
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cheers guys thanks for the info, I changed most of my earnings into Euros last month thankfully;) |
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loowk
Talker
Joined: Sep 14, 2006
Posts: 95
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Nov 23, 2007 - 01:59 PM |
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For investment options, try banks in HK (NOT HK bank, as in HSBC Shanghai or Citibank Shanghai...)
From the internet banking (am using HSBC Hong Kong), you can do buy/sell transactions such as shares, trusts, bonds, foreign currencies, gold exchange, etc. No contact with bank people in all these dealings. All via the internet banking... |
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ydnacj
Squeeker
Joined: Sep 07, 2007
Posts: 16
Status: Offline
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Nov 24, 2007 - 12:49 PM |
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i guess you could try ABN AMRO for investment banking stuff...and also depend how much you intend to do those derivative products...my hubby is working there..so if you interested to get some information on it...i could give you the contact number....cheers |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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| Posted:
Nov 24, 2007 - 07:32 PM |
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| Post subject: Re: Switching to a foreign bank in Shanghai |
| R_bounous wrote: |
Hi there
I wish to switch my current US dollar and Euro account from the industrial bank of China to one of the foreign banks now operating in Shanghai. I have a few thousand saved denominated entirely in both dollar and Euro and wonder if anyone has any recommendations? The money sits idle and as such I will be looking for a high yield account or some possible derivative product. Any suggestuions would be most welcome.
Much obliged
R |
Most of the foreign banks on the Mainland have hefty fees unless youi maintain a sizeable daily average balance.
Other than that, in terms of account yields and derivative products, there is no difference between a local and a foreign bank on the Maniland. |
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بارك الله ، بارك الله |
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