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Thread: Thinking of open a china bank account in shenzhen..

  1. #1
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    Default Thinking of open a china bank account in shenzhen..

    want to deposit some $$$ into there.

    anyone open bank account or have bank account there already?
    care to share your experience?
    I took the road less traveled by, and that has made all the difference.” - Robert Frost quotes (American poet, 1874-1963)

  2. #2
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    Quote Originally Posted by roly8
    want to deposit some $$$ into there.

    anyone open bank account or have bank account there already?
    care to share your experience?
    There is a limit of how much you could take out from China, would that impact your deposit to bank account in China?

    If you have a way, let me know.

  3. #3
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    Quote Originally Posted by 4wheels
    There is a limit of how much you could take out from China, would that impact your deposit to bank account in China?

    If you have a way, let me know.
    really?? i don't know this leh.

    me pretty newbie ..
    I took the road less traveled by, and that has made all the difference.” - Robert Frost quotes (American poet, 1874-1963)

  4. #4
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    how about fixed deposit in Bank of China here?

  5. #5
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    Quote Originally Posted by roly8
    want to deposit some $$$ into there.

    anyone open bank account or have bank account there already?
    care to share your experience?
    most china folks want to smuggle money out of china....esp those corrupted

    You want to reverse the trend and put in money inside China?

  6. #6
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    Having a china mistress is not a good idea. I am sure u can do better with the local stock.

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    there is no extradition treaty between china and singapore.

    that's why folks from indonesia and china invest in singapore.
    btw, the extradition treaty between indonesia/singapore has not been ratified by indonesia parliament.

    similarly if TS run to china with his ill gotten gains, singapore govt also cannot extradit him

    but i dont think anybody so far has help him with his problem?
    cannot open china bank account in singapore and then use their priviliege banking to help him open account in china?

  8. #8
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    repatriation is difficult out of china. normally underground method need to pay 5% comm. else you can carry out using suitcase. it is very troublesome to go there to open acct. i reckon you are thinking that RMB will appreciate in future so you wanna keep RMB there? wat is the quantum you tinking abt? you can explore BOC or HSBC in sgp.. i think ICBC also got. not sure. they can open RMB acct now. next best thing is go money change exchnage soem RMB and put at home. every day can see also.

    opening acct in china, unless you have biz there, really dun make much sense.

  9. #9
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    Quote Originally Posted by 4wheels
    There is a limit of how much you could take out from China, would that impact your deposit to bank account in China?

    If you have a way, let me know.
    no problem, use hawala system.
    if want to buy singapore dollar, pay rupiah to money changer in indonesia, and the broker will ask his contact in batam/singapore to deposit cash into account in singapore.

    many times better than bank rates.

  10. #10
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    Quote Originally Posted by Shanhz
    repatriation is difficult out of china. normally underground method need to pay 5% comm. else you can carry out using suitcase. it is very troublesome to go there to open acct. i reckon you are thinking that RMB will appreciate in future so you wanna keep RMB there? wat is the quantum you tinking abt? you can explore BOC or HSBC in sgp.. i think ICBC also got. not sure. they can open RMB acct now. next best thing is go money change exchnage soem RMB and put at home. every day can see also.

    opening acct in china, unless you have biz there, really dun make much sense.
    that is my objective..

    boc only give those kind of fixed deposit.. but doesn't look good to me..
    not sure about hsbc
    I took the road less traveled by, and that has made all the difference.” - Robert Frost quotes (American poet, 1874-1963)

  11. #11
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    It is really easy to open a bank account in China.

    3 month fixed-deposit, I think the interest is around 3%.

  12. #12
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    Quote Originally Posted by RCT
    It is really easy to open a bank account in China.

    3 month fixed-deposit, I think the interest is around 3%.
    at bank of china in singapore?
    I took the road less traveled by, and that has made all the difference.” - Robert Frost quotes (American poet, 1874-1963)

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    Quote Originally Posted by roly8
    at bank of china in singapore?
    No lah.. Just bring your passport to any bank in China can open an account already... but maybe you have to wait as SGD is weakening fast now... Last time I change is normally 5.1 to 5.25.. now less than 5 already if I am not wrong

  14. #14
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    Quote Originally Posted by RCT
    No lah.. Just bring your passport to any bank in China can open an account already... but maybe you have to wait as SGD is weakening fast now... Last time I change is normally 5.1 to 5.25.. now less than 5 already if I am not wrong

    yea...
    i notice that with our SGD too.

    I took the road less traveled by, and that has made all the difference.” - Robert Frost quotes (American poet, 1874-1963)

  15. #15
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    This is forex play. I suppose putting FD into Malaysia banks is much safer and the interest rate is also around 3%. If the forex swings against you, just go JB and spend the MYR instead of changing back to SGD.

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    Hahaha... I trust RMB more..

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    Well, there are indeed two types of Chinese money: one traded within China: CNY and another traded outside China: CNH.

    When you deposit in BOC or ICBC in Singapore, you are dealing with CNH.
    When you deposit in a bank in ShenZhen, or any city in China, you are dealing with CNY.

    These two are separated markets. Every year, an individual can only transfer accumulated USD 50K equivalent between CNH and CNY.

    Of course, you can use a bag to transfer beyond that amount - at the risk of getting your principles confiscated by the officials (of course, they really don't want to do that and will give enough hints to pay coffee fees.)

    Thanks,
    Richard

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    When you are dealing with HK or Singapore, the rules are similar.
    But when you start to deal with China, maybe the rules are similar to Indonesia rules: you cannot get answers from written documents, you get them from dinner tables.

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    Quote Originally Posted by richwang
    Well, there are indeed two types of Chinese money: one traded within China: CNY and another traded outside China: CNH.

    When you deposit in BOC or ICBC in Singapore, you are dealing with CNH.
    When you deposit in a bank in ShenZhen, or any city in China, you are dealing with CNY.

    These two are separated markets. Every year, an individual can only transfer accumulated USD 50K equivalent between CNH and CNY.

    Of course, you can use a bag to transfer beyond that amount - at the risk of getting your principles confiscated by the officials (of course, they really don't want to do that and will give enough hints to pay coffee fees.)

    Thanks,
    Richard
    Thanks alot, richard!

    I took the road less traveled by, and that has made all the difference.” - Robert Frost quotes (American poet, 1874-1963)

  20. #20
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    Quote Originally Posted by richwang
    When you are dealing with HK or Singapore, the rules are similar.
    But when you start to deal with China, maybe the rules are similar to Indonesia rules: you cannot get answers from written documents, you get them from dinner tables.
    Not so deep la... Just deposit some cash only.... Unless u r talking about millions

  21. #21
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    from the internet, i read that china's interest rate is 6% .. but that is for lending interest rate?
    then there is a deposit rate 3%..

    if i open a bank account in china(eg. shenzhen), how much interest will i get per year?
    care to enlighten me?
    I took the road less traveled by, and that has made all the difference.” - Robert Frost quotes (American poet, 1874-1963)

  22. #22
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    There is no good or bad location. There is only good or bad price.

  23. #23
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    thanks alot..
    I took the road less traveled by, and that has made all the difference.” - Robert Frost quotes (American poet, 1874-1963)

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