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AndySH
Newbie
Joined: Dec 27, 2007
Posts: 5
Status: Offline
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 Posted:
Feb 09, 2008 - 11:39 AM |
 
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| Post subject: Banking / Stock market |
Hi everyone
Can anyone recommend a reliable bank in Shanghai? What I need is:
-USD account
-RMB account
-Internet banking which allows international transfers online
Also, I would like to be able to trade on the Chinese stock market. Does anyone know if there are restrictions for foreigners trading there (I have a Shanghai residence- and working permit)? And through which banks I can get access to that?
Thanks,
Andy |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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| Posted:
Feb 09, 2008 - 11:43 AM |
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ICBC is probably the only bank which can offer online banking in English and offers international transfers online.
No bank can offer brokerage accounts and thus none have that ability in their online banking. Even if they did, though, expats are not able to trade A shares unless you have permanent residency, which you don't. |
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بارك الله ، بارك الله |
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AndySH
Newbie
Joined: Dec 27, 2007
Posts: 5
Status: Offline
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Feb 09, 2008 - 11:57 AM |
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Thanks underh20. What about international banks that have branches here, such as Citibank or HSBC? They don't offer this service? Or are they restricted to B2B only? |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Feb 09, 2008 - 12:00 PM |
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No bank can offer brokerage services. They must form a separate legal entity to do so and require a local partner.
This is because of past problems when banks could offer brokerage services and there were irregularities. |
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بارك الله ، بارك الله |
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AndySH
Newbie
Joined: Dec 27, 2007
Posts: 5
Status: Offline
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| Posted:
Feb 09, 2008 - 12:52 PM |
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Sorry, maybe my question wasn't clear. Forget about the stocks. What I meant was, do the international banks not offer savings or checking accounts and internet banking for individuals? |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Feb 09, 2008 - 01:03 PM |
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^ Yes.
Although checking accounts in China are practically useless, you can open one.
HSBC & Citibank offer online banking in English, but it is not as robust as that offered by ICBC.
One major disadvantage is that Citibank branches are few and far between and you must keep an average daily balance of approximately $11k. The same is true for HSBC. |
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بارك الله ، بارك الله |
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