| Author |
Message |
woaishanghai07
Seeker
Joined: Dec 26, 2007
Posts: 50
Status: Offline
|
 Posted:
May 03, 2008 - 04:42 AM |
 
|
| Post subject: HSBC Bank Account |
I'm due to be arriving in Shanghai next week to start an English Teaching job. The company are going to open up an account for me with a local Chinese bank, I'm unsure which bank it'll be but I'm pretty sure it won't be HSBC.
I already have an HSBC account here in the UK and have been told that if I transfer money between HSBC accounts in different countries then there is a fixed fee which seems pretty low, no matter how much money you are transferring.
So naturally I want to open an HSBC account when I get to Shanghai, so my question is, is it possible to do this if I already have another account with a Chinese bank? Am I only limited to 1 bank account as a foreigner?
Also, when I go to open an HSBC account in China, what sort of things do I need to bring with me (e.g. Passport, proof of address etc)?
Thanks! |
|
|
|
|
underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9900
Location: EOA Seminar
|
| Posted:
May 03, 2008 - 07:07 AM |
|
|
You can open accounts in as many Chinese banks as you'd like. Just bring yourself, your money and your passport to each one.
HSBC has a minimum balance requirement here since they are positioning themself as a wealth management banker at least initially. That minimum balance may be waived if you are also a "premier" customer at another HSBC property. |
_________________
بارك الله ، بارك الله |
|
|
|
|
dr3x320
Rocker
Joined: Nov 21, 2006
Posts: 638
Location: Boston + Pudong
Status: Offline
|
| Posted:
May 03, 2008 - 07:32 AM |
|
|
For Apartment utilities, ICBC (Industrial / Commercial Bank of China)is usually used, Bank of Shanghai can also take care of this.
BOC = Bank of China - common/typical / ? minimum
CMB = China Merchant Bank = mortgages/ ? minimum
CCB = China Construction Bank = ties with Bank of America (USA) free atm withdrawals/wire fees waived (afaik) / 1rmb minimum to open
HSBC = I don't know, but they got a wacky logo. / ? minimum
Theres other banks, but the most common w/ branches around SH are the above. Note certain branches can and will be packed during most days, I find rainy days are less crowded, also after 4pm, its usually quiet, the busiest is in the morning when pple are squatting, smoking a ciggie, and cutting in line before the banks open, hello Bank of China.
You can also have multiple accounts in your name at the same bank, ie, Bank of China, John Doe has 5 accounts from the same bank.
Most applications are in Chinese, get a friend to help if you can't read, the assistants who help with questions and forms usually won't help you to fill them out. |
_________________
Boston ™ Shanghai ™ Goteborg ™ |
|
|
|
|
hautumncloud
LoopKicker
Joined: Nov 04, 2006
Posts: 912
|
| Posted:
May 04, 2008 - 10:01 PM |
|
| Post subject: Re: HSBC Bank Account |
| woaishanghai07 wrote: |
I'm due to be arriving in Shanghai next week to start an English Teaching job. The company are going to open up an account for me with a local Chinese bank, I'm unsure which bank it'll be but I'm pretty sure it won't be HSBC.
I already have an HSBC account here in the UK and have been told that if I transfer money between HSBC accounts in different countries then there is a fixed fee which seems pretty low, no matter how much money you are transferring.
So naturally I want to open an HSBC account when I get to Shanghai, so my question is, is it possible to do this if I already have another account with a Chinese bank? Am I only limited to 1 bank account as a foreigner?
Also, when I go to open an HSBC account in China, what sort of things do I need to bring with me (e.g. Passport, proof of address etc)?
Thanks! |
Looks like you are getting paid in RMB, into a local Chinese bank account?
Unless your company can do a direct deposit into your China HSBC, you have to go to one of the HSBC branch to deposit the money over the counter.
From experince, having a HSBC account in China is no different than having a local Chinese bank account because the China HSBC account here DOES NOT link up to your HSBC account anywhere else in the world. You may want to recheck the transfering of funds between the China HSBC account and your UK HSBC account. Transfering money out of China regardless which bank your money is at, require more documentations than just a passport.
The ONLY connection with having a foreign HSBC bank a/c is that I am able to use my foreign issued HSBC ATM card here in China to withdraw funds from my Canadian HSBC a/c. Due to the package I have, I don't pay any extra ATM fees. If I use the same ATM card in other banks' ATM, then I do get charged extra. |
|
|
|
|
|
underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9900
Location: EOA Seminar
|
| Posted:
May 05, 2008 - 07:38 AM |
|
| Post subject: Re: HSBC Bank Account |
| hautumncloud wrote: |
Looks like you are getting paid in RMB, into a local Chinese bank account?
Unless your company can do a direct deposit into your China HSBC, you have to go to one of the HSBC branch to deposit the money over the counter. |
This is the same no matter which bank you use.
And before your company can do a direct deposit into HSBC China, you need an account -- a Premier account with minimum balance requirements.
| hautumncloud wrote: |
| From experince, having a HSBC account in China is no different than having a local Chinese bank account because the China HSBC account here DOES NOT link up to your HSBC account anywhere else in the world. You may want to recheck the transfering of funds between the China HSBC account and your UK HSBC account. Transfering money out of China regardless which bank your money is at, require more documentations than just a passport. |
As long as you already have the foreign currency, you only need your passport to wire money outside of China via a teller. If you use their online banking, you need to show, obviously, nothing.
Although HSBC China accounts are not directly linked to other HSBC accounts outside of China, there is a certain amount of connection. You can transfer with reduced or even no fees between HSBC accounts in China and the US or Hong Kong. If you have a Premier account outside of China (HSBC or US) you can get direct access via your funds through a T+0 overdraft. |
_________________
بارك الله ، بارك الله |
|
|
|
|
cantcheckemailnopw
LoopKicker
Joined: Dec 27, 2006
Posts: 830
|
| Posted:
May 05, 2008 - 11:05 AM |
|
|
Do they check for residence permit or visa status when opening an account? What if you are staying in a serviced apartment or hotel? A colleague mentioned I should bring by mobile phone bill. |
|
|
|
|
|
underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9900
Location: EOA Seminar
|
| Posted:
May 05, 2008 - 01:28 PM |
|
|
| cantcheckemailnopw wrote: |
| Do they check for residence permit or visa status when opening an account? What if you are staying in a serviced apartment or hotel? A colleague mentioned I should bring by mobile phone bill. |
They don't care what type of visa you have.
No need to bring proof of where you live. |
_________________
بارك الله ، بارك الله |
|
|
|
|
cantcheckemailnopw
LoopKicker
Joined: Dec 27, 2006
Posts: 830
|
| Posted:
May 05, 2008 - 05:43 PM |
|
|
"BOC = Bank of China - common/typical / ? minimum"
minimum = RMB 20 , 15 for bank card & 5 in account
only needed passport, about 10 signatures, & entered pin # 6 times |
|
|
|
|
|
|
|
| |
|
|
Forum FAQ
Search
Preferences
Watched Topics
Log in to check your private messages
Log in
