Opening A Chinese Yuan Bank Account?

[LaoPo]

In HK HSBC will only allow you to open an account if you have a valid working visa/HK ID/or letter fronm employer.Think money laundering etc that is rife.

Over in Guangzhou where they are more relaxed,you can walk into any Bank of China,ICBC,Agricultural Bank of China,Construction Bank,with a wad of rmb tell you you are working and the visa is 'in the works' and they will open one for you no problem,rmb and foreign account combined.

HSBC China based will also do the same but you must provide an address.

Shanghai is more strict about 'the rules' but worth giving it a go in Guangzhou. www.hsbc.com www.icbc.com.cn for more info.

That's new to me...

I would be most interested to learn from you if it's possible to open a 'stock/share' account, whether 'A' or 'B' share accounts in Shanghai or Shenzhen, once you have a RMB account...?

I don't think so though, apart from a 'B' share account, which is in US$'s (or HK$'s in Shenzhen)

LaoPo

[Momo8]

I've lived here for eight years most recently in HK.In Shanghai five years it was no problem if you had the right paperwork,meaning a work visa/letter of employment but now they have become stricter.Walk into any Guangzhou Bank of China and others I mentioned and you will have no problems if you say your employer needs an account to deposit your salary in,deposit a starting balance of at least 10 000 rmb with the dollar option.

The guy from HSBC opened one for me in Guangzhou Power Vantage that was last year.

Forget Shenzen too close to HK and what bank are you thinking of? Go online and check details but that's from my experience.Once you have the account you can open other accounts online and do internet banking when you register.

Edited October 30, 2007 by Momo8

[LaoPo]

I've lived here for eight years most recently in HK.In Shanghai five years it was no problem if you had the right paperwork,meaning a work visa/letter of employment but now they have become stricter.Walk into any Guangzhou Bank of China and others I mentioned and you will have no problems if you say your employer needs an account to deposit your salary in,deposit a starting balance of at least 10 000 rmb with the dollar option.

The guy from HSBC opened one for me in Guangzhou Power Vantage that was last year.

Forget Shenzen too close to HK and what bank are you thinking of? Go online and check details but that's from my experience.Once you have the account you can open other accounts online and do internet banking when you register.

Thanks for your explanation.

But I meant opening a stock/share trading account (with a foreign passport). I don't think you can open a 'A' share trading account -with the Shanghai stock market-. (Normal Internet banking yes.)

If I'm wrong I'm most interested to learn though !

LaoPo

[Momo8]

Not sure if I can post this link http://www.shanghaiexpat.com but will anyway.

A bank account is not that difficult to obtain but a stock/share account I'm not sure of.Check out that link and contact your designated bank.If you e-mail well my embassy http://www.shanghai.china.embassy.gov.au/shai/aboutus.html you can get a list of lawyers who can assist you in this but go to the bank first and that site I mentioned.PM me for anything further.

Edited October 30, 2007 by Momo8

[LaoPo]

Not sure if I can post this link http://www.shanghaiexpat.com but will anyway.

A bank account is not that difficult to obtain but a stock/share account I'm not sure of.Check out that link and contact your designated bank.If you e-mail well my embassy <a href="http://www.shanghai.china.embassy.gov.au/shai/aboutus.html" target="_blank">http://www.shanghai.china.embassy.gov.au/shai/aboutus.html</a> you can get a list of lawyers who can assist you in this but go to the bank first and that site I mentioned.PM me for anything further.

Thank you Momo8 ! I will dive deeper into it.

My wife is Chinese and has her own stock accounts but so far we failed in getting the proper answers as to if and how I can open a mainland stock account -in A shares- as well.

Most sources say: cannot...

Apart from that, depositing money into China is not so difficult; getting it out is a completely different (not impossible) case, second to the fact that eventual gains on the stock market are subject to taxes of up to 20% above a certain 'profit/year' basis. And, in my own country it's -income- tax free, but so are the losses

LaoPo