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dreamingofhk7
Joined: 23 Sep 2009
Posts: 9
Location: ny ny
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 Posted: Mon Oct 19, 2009 6:08 pm Post subject: bank accounts in China |
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Hi all,
I am relocating to Shen Zhen in December. Wanted to know about bank accounts. Can my HSBC account in the US work in China? or do i have to open another one? Would i be able to make payments to my US credit card from a China bank account? Thanks in advance. |
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ChinaLady
Joined: 20 Feb 2003
Posts: 171
Location: Guangzhou, Guangdong PRC
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| Posted: Wed Oct 21, 2009 3:11 am Post subject: Bank accounts |
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easy answer.
no and no.
HSBC here and where ever you are are the same but different.
I am in the process of leaving China for a long break.
been here 8 years.
wire money to your home bank is easy BUT very time consuming.
most banks (mine does) have bill-payers electronically
BUT
you do have to have money in the home account.
maintain the home account.
keep the credit cards. and use them every couple months.
keep the drivers license.
I opened a USD account and an RMB account with Bank of China when I arrived in 2002. added to both from time to time.
when I went to close the account, , the BOC refused to give me USD from the USD account. so, don't bother with a USD account.
find out who your employer banks with. most will do payroll automactially deposit. nice, usually works ok.
not as crazy as it sounds but will require patience.
good luck. |
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chinatwin88
Joined: 31 Aug 2009
Posts: 379
Location: Peking
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| Posted: Wed Oct 21, 2009 10:24 am Post subject: |
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| I also have a US dollar acct. and have no problem getting dollars but they do charge a small fee if you take out the dollars without converting. If you have a chinese s.o., then you can transfer the money to their acct and avoid the % payout for US dollars taken from a foreign acct. |
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The Ever-changing Cleric
Joined: 19 Feb 2009
Posts: 1523
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| Posted: Wed Oct 21, 2009 12:05 pm Post subject: Re: Bank accounts |
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| dreamingofhk7 wrote: |
| I am relocating to Shen Zhen in December. Wanted to know about bank accounts. Can my HSBC account in the US work in China? or do i have to open another one? Would i be able to make payments to my US credit card from a China bank account? |
have you asked your local branch back in the US if this is possible? even if it isnt, moving funds out of China is a pretty painless operation these days. you show up at a bank (good idea to take a chinese speaking friend), exchange the money into US $, take it to another window to wire it abroad, pay a small fee, and its done.
| ChinaLady wrote: |
| wire money to your home bank is easy BUT very time consuming. |
how much time does it need to take before its considered "time consuming?"
i wire money home at least a few times a year at a local bank of China branch. it's never taken more than 30 minutes from start to finish, that includes changing the RMB to USD and then wiring the money abroad. the money appears in my account back home in 2-3 days, sometimes faster, sometimes a bit slower, depends on timing. i find the service quite good. |
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waxwing
Joined: 29 Jun 2003
Posts: 719
Location: China
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| Posted: Wed Oct 21, 2009 12:55 pm Post subject: |
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Generally speaking, despite HSBC's claim to the "world's local bank", your account in another country will not be recognized in China at the branches here. And that's generally true of other worldwide/international banks.
To open an account at HSBC in China generally requires a minimum 50K USD, at least that's the last I heard. The HSBC "Premier" service is genuinely international, but I think it needs net asset value held at the bank to be in the six figure USD range.
If you are moving to Shenzhen you could seriously consider opening an account in Hong Kong, with HSBC. It has advantages and disadvantages and it depends what you really need.
Banking in HK with HSBC:
Adv: excellent customer service (speaking from personal experience I never had such good service, even in Luxembourg, a major banking centre, nor in England for sure!), English language internet banking, multiple currencies (USD, EUR, HKD, AUD etc. etc. but ironically not RMB for non-HK residents) which you can change any time on internet banking. One simple form to set up an account for international transfer, after that a click of a button to wire it.* Credit card available under conditions.
Disadv: In order to deposit money you have to cross the border (but of course there is no fee for that, apart from the metro fare...)
Banking in Shenzhen with a Chinese bank:
Adv: money directly deposited from your salary. Ease of access while in China for spending.
Disadv: very poor customer service (lines/queues are long, they want to help but very limited English spoken. Information given is not always accurate). Services offered to foreigners near zero. Internet banking is available but not in English (are there any exceptions to that?). Credit card almost impossible as a foreigner. International wire transfer a pain in the neck, many forms to be filled in EACH time you do it, tax receipts needed etc. (Note: some people, in some situations, can get round this by getting a Chinese friend to do it for them. Bottom line is that the Chinese banking system is arcane, bewildering and not customer-friendly).
The problem is that you want to know "if your account will work" but that question is ambiguous because it depends what you mean by "work". Your ATM cards may very well work, in particular if you have VISA, but it costs. I don't think there's any other service that you can just "transfer over".
Just a snapshot of my experience. Take it as you find it  |
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Hansen
Joined: 13 Oct 2008
Posts: 737
Location: central China
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| Posted: Fri Oct 23, 2009 10:17 am Post subject: |
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China Lady,
The refusal to give you $ from a $ account sounds like the work of a local incompetent rather than a Bank of China policy. If you make enough noise in a Bank of China, you may be able to attract a a manger who can actually help you.
Many of the ordinary staff, when confronted with an unusual situation, will simply stonewall or send you to the "main branch." Someone else in the same branch may know how to resolve the problem. The incompetent will most often not even try to find a solution.
Many PSB officers are the same way. Some of the higher ups are very helpful. The problem is that they are difficult to access.
I got some great help from a Bank of China manager in Dali, Yunnan. I had to make a lot of noise in order to get that help, but he solved a puzzling problem for me which numerous others had simply ignored.
I was lucky to find a person like that, one who understood something about customer service. |
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alter ego
Joined: 24 Mar 2009
Posts: 209
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| Posted: Sun Oct 25, 2009 1:14 am Post subject: |
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| waxwing wrote: |
| Disadv: In order to deposit money you have to cross the border (but of course there is no fee for that, apart from the metro fare...) |
Depends on which district or branch the OP works in or at, but don't forget about the "Hong Kong-Shenzhen Western Corridor carriageway, a 5.5-kilometer (or 3-mile), dual three-lane bridge connecting Hong Kong to the Chinese city of Shenzhen."
It's located in Nanshan just on the border to Shekou. This relatively new border crossing is getting busier by the month, and on a recent Saturday mid-morning day trip to Tuen Mun for shopping it took my wife and I about 45 minutes to get through customs.
Weekday trips have been much quicker, around 10-15 minutes to get through and out to the bus and taxi areas that take travelers to various HK destinations.
Hansen, here are my opinions about your reply. I'm not looking for a debate, just feel like sharing my reaction to this kind of advice.
| Quote: |
| The refusal to give you $ from a $ account sounds like the work of a local incompetent rather than a Bank of China policy. If you make enough noise in a Bank of China, you may be able to attract a a manger who can actually help you. |
You are a foreigner in China and to call a Chinese man or woman who works in a Chinese bank, someone you don't even know, an incompetent just because you don't speak their language (which is the reason they can't give you what you want) is silly.
Advising people here to make a lot of noise in China, which to me means being a loud, arrogant, VIP wannabe, is just silly. People can get things done here without getting loud and abusive and accusing hardworking people of being incompetents. If the language barrier makes it more difficult for you to get things done, it's not their fault!
| Quote: |
| Many of the ordinary staff, when confronted with an unusual situation, will simply stonewall or send you to the "main branch." Someone else in the same branch may know how to resolve the problem. The incompetent will most often not even try to find a solution. |
Again, calling Chinese bank employees incompetent because you don't speak their language is silly. Sure, it can be frustrating to deal with unusual situations, to arrange for certain services and to take care of our business here on a daily basis, but it's not about incompetence. That's just is a snap judgment you're making to justify your frustration. It's about YOU not being able to communicate your needs in Chinese.
| Quote: |
| Many PSB officers are the same way. Some of the higher ups are very helpful. The problem is that they are difficult to access. |
No comment.
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| I got some great help from a Bank of China manager in Dali, Yunnan. I had to make a lot of noise in order to get that help, but he solved a puzzling problem for me which numerous others had simply ignored. |
If you were a native speaker of Chinese you wouldn't have to make so much noise. You might have to take a number, sit in a chair or wait in a line, just like everyone else in the bank. If you spoke their language you'd eventually get to talk to that manager, who speaks YOUR language, and therefore he or she would be able to assist you in solving your puzzling problem. If you were being ignored it's not their fault. They're just underpaid employees of a Chinese bank trying to get through to their lunch break or the end of a long, exhausting day dealing with demanding customers like you.
| Quote: |
| I was lucky to find a person like that, one who understood something about customer service. |
Okay, maybe you were lucky. You were also loud and that's the real reason you got what you wanted. I wasn't there, so I don't know what you did. But based on my personal experience, what you did was justify your loud behavior by throwing a temper tantrum to get what you wanted. As in: "Look at me, I'm a loud lawoai and I demand customer satisfaction right now!"
Last, but not least, it's not about customer service. It's about YOU not speaking THEIR language. The Chinese people working in the banks of China are doing their jobs just fine.
My advice to the OP is to come to China with a kind, open, gentle, patient, and understanding heart, because what you give in your life as a foreigner here is usually what you receive.  |
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nobleignoramus
Joined: 17 Jul 2009
Posts: 208
Location: On the road
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| Posted: Sun Oct 25, 2009 1:59 am Post subject: |
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As far as I know (I have got one HSBC account outside of the Mainland, and my experiences as its owner are somewhat frustrating) your SHenzhen HSBC branch will not do any business with you unless you succeed (good luck!) in opening an account with them, depositing a minimum of 100'000, maybe even double that, yuan!
It seems to me HSBC only wants to recruit new creditcard holders and borrowers of money. |
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TexasHighway
Joined: 03 Dec 2005
Posts: 779
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| Posted: Sun Oct 25, 2009 2:43 am Post subject: |
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alter ego wrote:
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You are a foreigner in China and to call a Chinese man or woman who works in a Chinese bank, someone you don't even know, an incompetent just because you don't speak their language (which is the reason they can't give you what you want) is silly.
Advising people here to make a lot of noise in China, which to me means being a loud, arrogant, VIP wannabe, is just silly. People can get things done here without getting loud and abusive and accusing hardworking people of being incompetents. If the language barrier makes it more difficult for you to get things done, it's not their fault! |
You are exactly right. Before an FT makes a big scene, maybe he should put on his monkey suit because the Chinese love watching this street theater. I went to a McDonald's with a colleague once and he screamed at the cashier for messing up his order. This particular laowai has been in China for many years and can barely speak a word of Chinese but he had the nerve to call the 5 rmb an hour employee "stupid" and "incompetent" merely because her English is less than perfect. I know banking, in particular, can be a frustrating experience. My Bank of Shanghai branch inexplicably replaced their bilingual ATM with a machine that is only in Chinese! In spite of that inconvenience, I find the tellers working there to be courteous and helpful. If you really have a serious language problem, bring a Chinese friend with you. I can tell you that customer service has come a long way from when I first came to Shanghai 20 years ago. |
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norwalkesl
Joined: 22 Oct 2009
Posts: 366
Location: Ch-Ch-Ch-Ch-China
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| Posted: Sun Oct 25, 2009 3:15 am Post subject: |
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| alter ego wrote: |
| waxwing wrote: |
| Disadv: In order to deposit money you have to cross the border (but of course there is no fee for that, apart from the metro fare...) |
You are a foreigner in China and to call a Chinese man or woman who works in a Chinese bank, someone you don't even know, an incompetent just because you don't speak their language (which is the reason they can't give you what you want) is silly.
Advising people here to make a lot of noise in China, which to me means being a loud, arrogant, VIP wannabe, is just silly. People can get things done here without getting loud and abusive and accusing hardworking people of being incompetents. If the language barrier makes it more difficult for you to get things done, it's not their fault! |
Yet in the US, Chinese immigrants in Los angeles expect, and get, all kinds of forms translated into their language, and have banks that cater only to them, conducting business in Mandarin. Ever been to Hacienda Heights?
Once again this bizarre PC double standard that is so common in the forum, makes no sense at all.
-In US the language barrier is the fault of the local established culture. Immigrants are catered to and allowed to have businesses that actively discriminate against those outside their group.
-But back where said group hales from, immigrants/workers from the US must adapt to the local culture there, as well.
| Quote: |
| It's about YOU not speaking THEIR language. The Chinese people working in the banks of China are doing their jobs just fine. |
Fair enough. So why do we not expect the same of the Chinese in the US?
So Americans must adapt to the Chinese in both the US AND in China.
This makes no intellectual sense at all.
When do you think they will print government decrees in English in the PRC? Right. I thought so...
Last edited by norwalkesl on Sun Oct 25, 2009 3:19 am; edited 1 time in total |
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The Ever-changing Cleric
Joined: 19 Feb 2009
Posts: 1523
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| Posted: Sun Oct 25, 2009 3:16 am Post subject: |
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| a great post by alter ego. those FTs who act rudely, loud, obnoxious etc etc, are an embarrassment to all of us. |
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The Ever-changing Cleric
Joined: 19 Feb 2009
Posts: 1523
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| Posted: Sun Oct 25, 2009 3:21 am Post subject: |
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| norwalkesl wrote: |
| alter ego wrote: |
| waxwing wrote: |
| Disadv: In order to deposit money you have to cross the border (but of course there is no fee for that, apart from the metro fare...) |
You are a foreigner in China and to call a Chinese man or woman who works in a Chinese bank, someone you don't even know, an incompetent just because you don't speak their language (which is the reason they can't give you what you want) is silly.
Advising people here to make a lot of noise in China, which to me means being a loud, arrogant, VIP wannabe, is just silly. People can get things done here without getting loud and abusive and accusing hardworking people of being incompetents. If the language barrier makes it more difficult for you to get things done, it's not their fault! |
Yet in the US, Chinese immigrants in Los angeles expect, and get, all kinds of forms translated into their language, and have banks that cater only to them, conducting business in Mandarin. Ever been to Hacienda Heights?
Once again this bizarre PC double standard that is so common in the forum, makes no sense at all.
-In US the language barrier is the fault of the local established culture. Immigrants are catered to and allowed to have businesses that actively discriminate against those outside their group.
-But back where said group hales from, immigrants/workers from the US must adapt to the local culture there, as well.
So Americans must adapt to the Chinese in both the US AND in China.
This makes no intellectual sense at all.
When do you think they will print government decrees in English in the PRC? Right. I thought so... |
it may not make intellectual sense, but it's common sense when you consider the demographics of the US, Canada, UK (and any other country with large immigrant populations/minorities), and then compare them to the demographics here in China, where immigrants are almost non-existent and foreigners still only a tiny part of the population overall. |
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chinatwin88
Joined: 31 Aug 2009
Posts: 379
Location: Peking
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| Posted: Sun Oct 25, 2009 5:55 am Post subject: |
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Quote: Again, calling Chinese bank employees incompetent because you don't speak their language is silly.
I just read where police officers in a city in the US issued tickets for driving while not being able to speak English.
Quote: a great post by alter ego. those FTs who act rudely, loud, obnoxious etc etc, are an embarrassment to all of us.
Not to me, I really don't care (in fact I often find the discomfort caused entertaining)and suspect a lot of people really don't give 2 cents about what happens in the customer service line. For goal orientated folks, the end game is the most important and if satisfaction as a customer is the end game then any method of achieving it is a fair and impartial system of resolution.
Causing a scene will often get the lone English speaking person from behind the counter and on to the task of getting the customer quiet. Satisfaction is it's own reward for a bit ch-in out well done. |
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norwalkesl
Joined: 22 Oct 2009
Posts: 366
Location: Ch-Ch-Ch-Ch-China
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| Posted: Sun Oct 25, 2009 3:59 pm Post subject: |
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| The Ever-changing Cleric wrote: |
| it may not make intellectual sense, but it's common sense when you consider the demographics of the US, Canada, UK (and any other country with large immigrant populations/minorities), and then compare them to the demographics here in China, where immigrants are almost non-existent and foreigners still only a tiny part of the population overall. |
I strongly disagree. I lived in Mexico for most of this year. Mexico has millions of US and Canadian expats and immigrants. Whilst in personal conversation with friends, some spoke English, in all other interactions Spanish was spoken.
It was assumed that I spoke Spanish, and that I would speak Spanish.
Everywhere.
Not one instance of English in .gov publications or business, other than the odd usage of English in ad copy to be 'cool'.
I signed my rental greement in Spanish.
Conducted ALL business with landlord and clerks in Spanish.
Flirted with the ladies in Spanish.
Talked my way out of a ticket from la Policia in Spanish.
Filled in Immigration forms that were in Spanish.
I have friends that I speak only Spanish with for they know not one word of English.
So clearly in Mexico the burden of speaking the local language is upon me, with no apologies.
I am to assimilate, and it is up to me to learn it. The US was like this up to 1970 or so. Millions of immigrants moved to the US and learned English and assimilated.
This is how the attitude of a culture should be.
It is the current PC attitude of the US that is in error. |
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A'Moo
Joined: 21 Jan 2007
Posts: 1067
Location: a supermarket that sells cheese
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| Posted: Sun Oct 25, 2009 4:57 pm Post subject: |
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[quote="alter ego"]
| waxwing wrote: |
My advice to the OP is to come to China with a kind, open, gentle, patient, and understanding heart, because what you give in your life as a foreigner here is usually what you receive. |
Have to disagree. Been here 5 years, and I always flush  |
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