Which bank do u recommend to open a bank account with these 2 key features? 1. Fast and smooth international wire transfer, 2. foreign currency conversion in mobile app
Kayleigh Lane: About 2nd, if you don’t have at list Chinese green card that’s totally impossible, and about 1st, open in any bank except BOC or ABC. I can’t say that banks here are friendly for international transfers, just in places what I mention they most probably will not transfer at all, but in other banks finally they will do it after a lot of headache. And don’t forget about limits: buy not more then 500$ per day (personally with passport in the bank), transfer not more then 10000$ per day (in case if you have that amount in your account = u was in bank 20 times before buying 500$ each time?) and not more then 50000$ per year. welcome to China
Margaret Soto: HSBC is pretty good tho, but im not sure about currency conversion in app……
Kayleigh Lane: I am sure that it’s impossible in every bank? cuz it’s against Chinese financial laws. By the way, I always use ICBC and it’s works too, but as I realized it’s really depends of branch and person who deal with you, in same bank, but in different locations they treat me totally different ways. For example, in downtown I can go every day to buy my 500$, but somewhere in jiading, when I went there second day in a raw they told me that I am coming so often, and they can’t sell for me more then 2 times per month???
Margaret Soto: in HSBC, i dont have any problem, as long as im doing “the transfer” on the internet 🙂
Margaret Soto: i do have an ICBC account, but thats for Taobao lol
Kayleigh Lane: probably cuz you are Taiwanese, not 100% foreigner for China. I mean about ppl who came from countries which are not considered as China by no one
Margaret Soto: i am a taiwanese now (got my ROC ID 3 yrs ago), and everything become easier (a lot easier), e.g. 5 years working visa for 100 rmb 😀
Kayleigh Lane: you see, u guys in much better situation ?. By the way also I heard that by alipay you also can transfer money abroad, but only to some of countries which are in their list. Unfortunately my distanation they wasn’t support, so I never try it personally. but this account must be registered with Chinese local id
Margaret Soto: er… im not sure about that, i registered my alipay with my us passport, but i will check on that later 🙂
Natalie Murphy: As long as you and your employer can show that you have paid the necessary taxes, what’s left can be wired out. It is just the initial paperwork required that you have to gather. In Taiwan, you can withdraw TWD from your RMB bank account through UnionPay, up to 20K TWD per day and total amount per year (maybe 100K RMB?). So, maybe a better bank is one where you get your salary and is easy to get to.
Kalani Greene: Bank of China
Mariana Jordan: Really? I have BOC account, I have euros transferred in, to exchange I have to go to branch and ask them to exchange to rmb then pay into my account ! I was told that’s the only way to do it !
Kalani Greene: In China for Chinese business….BOC has done well by me! International business you make it work!
Kayleigh Lane: once I was about to transfer some little money to my dad in BOC (really little ammount, under 500$) then they told me that first I need to bring them documents that he is really my dad, and also documents which will explain the reason, why I should transfer money to him. then I get mad, went to ICBC and send without any papers