Advice on opening a Chinese bank account?

[Paul Todd]

Thanks guy's! some good tips here!

[Neil]

Hmm, here's something I was wondering, maybe Willy can help with this.  If you open an account in a Chinese bank, do they offer web banking at all?  

I've been reading a bit about immigration, saw a section on Assessment of conjugal relationships, specifically "Interdependent – physically, emotionally, financially, socially" - they mention having joint bank accounts or loans  or joint ownership.  Might be an idea to open a joint account.

[Ed W]

My input:  We setup a remittence account at Bank of China, and the account is setup in US dollars and all deposits from the US wlll remain in US dollars until she choses to exchange it.

[Willy The Londoner]

I was told a the Bank of China that you cannot open up joint accounts!  If anyone has further info on this it will bewelcome.

I will make enquiries next time I am at the bank but I have not found any Chinese Bank to offer internet banking as yet.  

I was told that I cannot deposit  money in my Zhuhai account whilst in Zhongshan?  I can use my Zhuhai cards to withdraw money from Zongshan but as David said I do not have cards that can be used outside of the province so cannot use if I travel further hence my UK debit cards.

I opened another account in Zhongshan yesterday and will have to take a 20rmb bus ride back to Zhuhai if I want to close the two accounts I have there.

Think the joint bank account for immigrations could well be one in your own country.  I know they like you to have them in
in the UK when she goes for Citizenship.

Willy

[David E]

I was told a the Bank of China that you cannot open up joint accounts!  If anyone has further info on this it will bewelcome.

Willy

Willy

Any information you can glean about joint accounts would be most welcome. Aus Immigration is very, very big on proving that you have joint accounts in her Country and that you can show proof that you have made "regular" deposits in such an account.

I have tried to get this info. from HSBC locally but they are dragging their feet on any further advice.

My plan would be to open such an account (if possible) and to make a routine transfer every month by direct debit from my Aus account...thus satisfying the Immig. Dept.

Thanks

David

[Cam]

First post here, I arrived in Shanghai a week ago and got around to actually opening an account yesterday at the Bank Of China.....Piss easy, all you need is a passport and your hotel room card as proof of address, costs 20rmb to set up a deposit account and you get your card instantly along with a passbook and a little computerised keyring number thing that changes numbers every minute, somehow it's connected to the bank because when you want to do internet banking you put your 6 figure code that you decide and whatever number that is showing on the little keyring type thing at the time, I used my card today to extend my hotel booking (138rmb per day and not too bad) so it works fine.
They explained that if I used Australian cash as a deposit I could only use that money in Shanghai but if I put RMB into the account I could use it anywhere so I converted a small amount of cash $350 and deposited that in RMB so if and when I leave here I have access to my money, now I'll wait for the rate to get a bit better, change a few grand into RMB & my money should be a lot safer than sitting in my suitcase lol.

[Willy The Londoner]

Has anyone explored the possibilities of opening a joint Bank of China Account in their own country.   I know there is one in the UK. They are not treated as a branch op the main bank in China but rather as seperate banks.  But it may be as close as you can get.  

They still make the usual overseas charges if you transfer money from them to a bank in China.

Would this satisfy the indiviual immigration dept of various countries?  They could see from statements that money was taken from this account in China if the lady had a card.

I will try to check out as many banks as I can get to in my part of China and ask the question to each about joint accounts.

Willy

[Willy The Londoner]

Went to Bank of China today but found no English speakers there.    Used my Besta translator, and ascertained that they do not do Joint Accounts.  I asked about online banking and they do apparently have an online system.  No one could explain it to me in English but gave me application form for opening a personal account which shows  a box for online banking and another for phone-banking so it looks like they have some sort of online system.

I have been a bit disappointed in banks here. I had imagined there were lines of people working with Abacus but it is all  boringly compterised!!!!

Willy

[brett]

Chinese banks amazed me. There seemed about 5,000 bank branches in Yichang, but none of them wanted to change sterling into RMB, especially on a weekend.

After nearly an hour of form filling and queuing they didn't accept one of my £20 notes because somebody had once poked some small holes in it, probably with a stapler :icon_cheesygrin:. In revenge Miss Wu wouldn't allow me to accept one of their 10RMB notes because it was practically torn in half :fi_lone_ranger:.

[RobertBfrom aust]

Brett , as you found out a lot of banks would never have see a sterling note , outside of the larger cities and branches , probably thought it was play money , ha ha , they prefer us$ then they can loan it back to the U.S.A. with good interest .
I have a separate linked Aussie cheque and debit card account which my boss { Ying} can access via a permanent arrangement with a plastic card , via the atm at her local bank as I am only transferring money online between accounts she could make a withdrawal within minutes if it was required , when I go to China apart from a few hundred RMB , I always withdraw with my cards from atm,s enough for 48 hours , that way I have never had a problem and even for business do not need to open a local account , regards Ying and Robert .

[Irishman]

Robert , do you mean that tyou set us up in Australia as a dual account and then gave the "boss" her card when you went over there last time?

I was thinking of doing something similar. Irish immigration are very big on joint stuff and a joint account would be very useful I think for many reasons.

[RobertBfrom aust]

Irish , it's not really even a joint account , just applied at my Bank for a plastic debit  card  for my cheque account when this and the pin number arrived , I just sent the card over via a little box of  T shirts for her son and gave her the pin via Yahoo once it had arrived , told bank that all card withdrawals on this account would be from China , all done well prior to my last visit , so now if something is needed I just swap from my savings account and bingo next day she has the money , and just gets from the atm .

[David E]

Irish , it's not really even a joint account , just applied at my Bank for a plastic debit  card  for my cheque account when this and the pin number arrived , I just sent the card over via a little box of  T shirts for her son and gave her the pin via Yahoo once it had arrived , told bank that all card withdrawals on this account would be from China ,

Robert

Have you had any comment that the way you are helping your Lady with funds in this way is acceptable by Aus Immig. as proof that you are assisting her financially ??

Your method is very easy to set up and I assume that any transactions she does in China show on your Statement as proof that she has open access to your financial assistance ?

DavidE

[RobertBfrom aust]

David , yes all withdrawals are recorded for posterity , Ying is socking most of the money away for driving license , she is also taking English lessons , and the other day I asked her to buy herself some winter clothes , so she did but only after much talk about me ? spending money on her ha ha .
 Yes it was dead simple to set up and no hassles and by logging in I automatically can see the account balance , regards Ying and Robert .

[David E]

David , yes all withdrawals are recorded for posterity , Ying is socking most of the money away for driving license , she is also taking English lessons , and the other day I asked her to buy herself some winter clothes , so she did but only after much talk about me ? spending money on her ha ha .
 Yes it was dead simple to set up and no hassles and by logging in I automatically can see the account balance , regards Ying and Robert .

One last detail Robert....You only sent a Debit Card to Ying, I presume, not a Credit Card.

Checking with my Bank, they advised that they would be reluctant to issue a second Credit Card on my account for use by a Third party in China, but they are happy to issue a Debit Card that can only access cleared funds ?

Again, I presume that Ying withdraws whatever cash you and her decide using her Debit Card and then either uses cash for what she needs to buy and/or puts cash into her local account?

Thanks in advance :icon_biggrin::icon_biggrin:

David