Where to Open a Chinese Bank Account

[gawguy]

Okay...Let's try this approach.

 

I want to own Chinese yuan. Where should I go to open a bank account? I pass through Taipei on my way to LOS, or I can easily route through Hong Kong?

 

I want to open up a bank account so I can do wire transfers from the USA, just as I do to my Bangkok bank account.

 

Is this difficult to do? Easy? I would not have a local address, unless I made one up. I'd just be passing through to do business?

 

 

[YimSiam]

They say the mainland officials cross into HK with whole suitcases full of yuan, maybe they'd be happy to sell some off to you at a discount? I'm sure they could advise some good places to keep the money secure, as well...

 

I hope I'm not hijacking here, but I have a related question. A friend of mine who's in international finance recently advised me to elect to receive my salary in HK dollars (I work in HK, and have a choice of currencies) and keep the dollars in HK money markets. I've forgotten the logic to this plan - why would I want to do this?

 

Also, where can Gawguy open accounts for his yuan plan?

 

cheers,

 

YimSiam

[chuckwoww]

Can't you do everything with an HSBC account?

 

http://www.commercial.hsbc.com.hk/1/2/commercial/accounts

[cavanami]

I would suggest Hong Kong.

 

The Honkies have been doing international business and less chance that the Chinese gov will step in to screw with things.

[khun_khon_neua]

In my limited experience, you have to be there in person to open a bank account in either mainland China or HK. For China, you need a visa (obviously, since every foreigner in China has a visa) For HK you need a residence card or someone with one to vouch for you.