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Opening Bank Account in China

  1. #11

    Join Date
    May 2009
    Posts
    5,308
    Quote Originally Posted by Paxbritannia
    So buy a China +86 SIM card and put down any random Chinese address?
    I thought they accepted foreign address but I could be wrong about that.
    Different banks different requirements. I suggest you check with ICBC and CMB. A China mobile number is essential. Will be good if somebody can borrow you address - but ask if HK address will work too. If so, use that. Good luck.
    ltcommander likes this.

  2. #12

    Join Date
    Jan 2018
    Location
    Central, Hong Kong
    Posts
    14
    Quote Originally Posted by axelai
    May i ask which part of China did you visit to open your account?
    Quote Originally Posted by Grolowen
    I opened mine in BoC three years ago. It was very easy, but with the last year strenghed regulations situation changed...
    It was in GZ

  3. #13

    Join Date
    Apr 2018
    Posts
    19

    BoC HK blows hard.
    For their mobile app, it is as if a child wrote it.
    Don't plan on doing anything financial without going to a bricks and mortar branch.
    When you hear of 'the China Century' always recall your Bank of China experience.
    If the paradigm of US tech incompetence is not being able to get your printer onto network, then Chinese tech hegemony will ensure that the internet become unusable.

    Paxbritannia likes this.

  4. #14

    Join Date
    Dec 2009
    Posts
    28

    Hi guys. I wanted to know if there was an update on this? Were you able to open an account? Is BoC still the recommended option despite the bad mobile app?


  5. #15

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    5,414

    I like the BOC mobile app...


  6. #16

    Join Date
    Sep 2006
    Posts
    27

    I just got this set up. HSBC account opened in Shenzhen, just needed a PRC mobile number. Registered address on my HSBC onshore account is my HK address. Have to go back this weekend to activate my pin.

    I just linked Alipay and wechat pay with no problems. Transferred 10 yuan from my onshore account to my RMB wallet in both Alipay and wechat pay was fine. Able to receive yuan red packets from my friends.

    So glad this is done now - such a pain travelling in China without being able to use wechat or Alipay.

    shri and LifeInHK like this.

  7. #17

    Join Date
    Dec 2009
    Posts
    28

    How do you transfer money into your China HSBC account? T/T HKD or RMB?


  8. #18

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    25,042

    @howill - I suspect the answer is Shenzhen, but just want to clarify if you were able to open the account from HK or did you have to travel to Shenzhen to open the account.

    Have a GeoExpat related problem - please create a support ticket.

  9. #19

    Join Date
    Sep 2006
    Posts
    27

    @shri - yes, I needed to go to shenzhen to open the bank account. Once you've filled in the paperwork, they will send the onshore HSBC ATM card to your Hong Kong address, and the PIN for the HSBC ATM card to the Shenzhen HSBC branch, so you then need to physically go back to Shenzhen to have your ATM card activated. I haven't activated my ATM card yet (because I haven't made the second trip up to get my PIN), but I asked the branch staff to give me my ATM card number (which is different to my HSBC CN account number). Using the ATM card number + my ID details + my registered PRC mobile number allowed me to link my wechat pay and alipay account even though I haven't activated my ATM card - I was able to make transfers from my onshore HSBC account to my wechat pay and alipay account.

    My understanding is that there are two onshore accounts that are open.

    1. the onshore account ending in xxx154 is an account that you can transfer in offshore RMB (so on my HSBC Global View page, I can transfer RMB from my HSBC HK account to my onshore xxx154 account).

    2. the onshore account ending in xxx150 is the account where you can transfer RMB to your wechat pay to alipay account (and this is the account that the ATM card is linked to I believe).

    The branch staff told me that I can't transfer between xxx154 to xxx150 online. I would need to be physically present at the branch to transfer RMB between these two accounts (this is the capital control restrictions). So the xx154 account is like an onshore-offshore RMB account, and the xx150 account is an onshore-onshore RMB account.

    So its a pain in the *ss, but what you would do is transfer RMB from HSBC HK to HSBC CN xx154 (which can be done online apparently - I haven't tried this since I already have onshore RMB), and then go to the Shenzhen branch to transfer RMB from HSBC CN xx154 to HSBC CN xx150. And then onwards to your Alipay or Wechat wallet, or withdraw physical cash via an ATM.

    I worked in Beijing for a while, and I have dormant HSBC accounts there which I haven't used in years - for some reason the staff said that I needed to open a separate Shenzhen bank account, they can't control the HSBC Beijing accounts which makes this more annoying because now I technically have 4 bank accounts:

    HSBC CN Shenzen
    xxx154 + xxx150

    HSBC CN Beijing
    xxx154 + xxx150

    Anyway, will try to get the BJ accounts closed for my sanity - at least wechat pay and alipay is done so looking forward to not looking stupid at the counter when they ask "Alipay?" and I give them a wad of RMB100 notes...

    shri and LifeInHK like this.

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