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dogshed
Joined: 28 Apr 2006
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 Posted: Tue Jul 10, 2007 3:18 am Post subject: Keeping your money in a Chinese bank. |
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With all the hassle with Korean banks maybe I should put
my money in a Chinese bank.
When I visit China can I open a bank account there?
How safe is a Chinese bank? |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Tue Jul 10, 2007 3:55 am Post subject: |
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| Go to HK keep it in HSBC |
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lowpo
Joined: 01 Mar 2007
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| Posted: Tue Jul 10, 2007 6:13 am Post subject: Re: Keeping your money in a Chinese bank. |
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| dogshed wrote: |
With all the hassle with Korean banks maybe I should put
my money in a Chinese bank.
When I visit China can I open a bank account there?
How safe is a Chinese bank? |
I agree with the last post that Hk would be a better place for your money. You can have someone that can speak English and you can transfer money from a HK bank.
Chinese banks, it is hard to find an English speaking person and you can not transfer moeny out of China through a bank.
http://www.hangseng.com/hsb/eng/home/hse.html |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Tue Jul 10, 2007 7:09 am Post subject: |
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| mrsquirrel wrote: |
| Go to HK keep it in HSBC |
Yes, the HSBC online savings account seems to be a good bet as long as the global economy keeps humming along with no major financial crisis. They don't charge for incoming international remittance either. You don't have to travel to HK to get an account, it's online where you can set it up and manage your money. Of course, you still have to bank in Korea to get paid and to Xfer money out of Korea unless you get paid in cash and use something like Western Union. |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Tue Jul 10, 2007 9:18 am Post subject: |
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Interesting about using a HK bank.
Although.. doesn't Hong Kong use the Hong Kong Dollar rather than the Chinese Yuan?
The Yuan will continue to become stronger.. but my bet is the HK$ won't.
China seems hell-bent to make Shanghai the financial capital of China.. slowly siphening it away from Hong Kong. |
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gmat
Joined: 29 Jan 2003
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| Posted: Tue Jul 10, 2007 11:36 am Post subject: |
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Good lord, why would you want to take money from one over-regulated financial system (Korea) to another (China)? Take the advice above, keep it in a Hong Kong bank. You can even get a RMB account with HSBC in Hong Kong http://www.hsbc.com.hk/1/2/hk/banking/rmb
Tiger - one of the things I learned living in China is that it is best not to see China as a monolithic power. The cities and provinces compete fiercely with each other and they have enormous local power. Thus it is Shanghai competing with HK and both will remain important centers of finance for the forseeable future.
Last edited by gmat on Tue Jul 10, 2007 11:43 am; edited 1 time in total |
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waltjocketty
Joined: 09 Oct 2006
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| Posted: Tue Jul 10, 2007 11:40 am Post subject: |
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| Tiger Beer wrote: |
Interesting about using a HK bank.
Although.. doesn't Hong Kong use the Hong Kong Dollar rather than the Chinese Yuan?
The Yuan will continue to become stronger.. but my bet is the HK$ won't.
China seems hell-bent to make Shanghai the financial capital of China.. slowly siphening it away from Hong Kong. |
The Yuan and the Hong Kong Dollar fluctuate with one another. Buying one is the same as buying the other. The markets are different, though. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Tue Jul 10, 2007 1:29 pm Post subject: |
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| HSBC, Royal Bank of Scotland, Lloyds TSB all have good offshore banking facilities based in Jersey. |
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ChinaBoy
Joined: 17 Feb 2007
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| Posted: Tue Jul 10, 2007 4:29 pm Post subject: |
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I usually find large minimum balances or monthly fees that go with that kind of stuff, so I stay away from it
if I'm wrong, maybe somebody could correct me, though, I would be interested |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Tue Jul 10, 2007 4:52 pm Post subject: |
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The banks I mentioned will let you open a dollar account with only 5000 dollars as the opening balance.
For sterling and Euros it's 5000 as well which is a bit more of a hit. The interest on the dollar accounts are generally better as well. However you would be keeping your money in a currency which is going into free fall.
If you are worried about stability in China/HK the other option is Singapore I'm not sure of the rules there.
If you really want to do something with your money and make it grow investing in mutual funds is a good way. There are a couple of good ones which are based on the Korean markets and they have done very well so far this year - 23% increase or more. Things can always go wrong but for the time being the won is strengthening and looks to do so for the foreseeable future.
http://www.morningstar.com/ or www.fidelity.co.uk |
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