Opening a bank account

• How do I open a bank account in China?! Please help me, I will be going there soon to study for 5 months!

  14 Apr 2008, 06:30 Jay

Replies

• Qualified Clients
  Non-residents of the People' s Republic of China, i.e. individual and corporation (including Chinese-owned companies registered overseas, but excluding their overseas representative offices) of other countries and regions (including Hong Kong SAR, Macao SAR and Taiwan), government agencies and international organizations.
  
  Deposit instruction
  Currencies of Deposit: US Dollar ―HK Dollar ―Euro ―GB Pound ―Japanese Yen and other major convertible currencies
  
  Minimum deposit:
  ·Corporate client: USD50,000 or its equivalent in other convertible currencies
  ·Individual client: USD10,000 or its equivalent in other convertible currencies
  
  Account Nature：Free account opening，non-cash account， a combination of both saving and current accounts, easy access for payments, interest paid quarterly
  
  Type of accounts
  
  1、Savings account
  Interest calculated daily and paid quarterly according to prevailing deposit interest rate.
  
  2、Time deposit account
  We will issue to the depositor a named and non-negotiable time deposit certificate. Minimum deposit is USD50,000 or its equivalent in other convertible currencies. Principle and interest will be paid on maturity date.
  
  Term of time deposit can be one week, one month, three months, six months, one year or even longer. On maturity, principal plus interest will be rolled over automatically for the same term if no instruction to the contrary is received from you.
  
  Interest rates are to be determined according to the market, e.g. the London Inter-Bank Offered Rate (LIBOR) or Hong Kong Inter-Bank Offered Rate (HIBOR), etc.

  China Merchants Bakn 14 Apr 2008, 06:30 - Report

• Wow, where did you find this information?

  Jay 14 Apr 2008, 06:31 - Report

• Haha, I googled on part of the text and it got me here
  
  http://english.cmbchina.com/corporate+business/offshore/offshore.htm

  Eric 14 Apr 2008, 06:31 - Report

• Opening a bank account in China

  you bring your passport and get a china(chinese-speaking) friend if you don't speak the lingo, walk into any of the 20+ plus banks and just open the account and instantly get a UnionPay (ATM) card for between 35 to 15 CNY, which include your initial deposit !!...I've been in Guangdong for 3 yrs and I have more than 15+ accounts - some with 0 $$ and some with thousands...no problem thus far !

  Mr X 05 Sep 2008, 10:37 - Report

• opening a bank account

  i am a business man i want to open a saving account in china i want to know the formalities for the same

  nitin sarna 07 Sep 2008, 05:06 - Report

• Pros e contras

  Quero saber quais os aspectos positivos de abrir uma conta na china? Que acessos é que isso me abre e qual o retorno de algum investimento?

  Emanuel 09 Sep 2008, 10:53 - Report