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Sign up with Google Sign up with FacebookQ: What is the legal amount one can have in a debit bank account?
I have been saving money in a chinese bank account which I do not plan to touch until many years! This money comes legally of course, from personal payments I've had here in China, cash withdrawals I have made from ATMs from my bank account in my country, extra money I get the chance to save, etc. All the money I have the chance to save gets in that bank account and with the intention of never touching it. My question here is wheather there is a limit of amount of money one can have as a foreigner being in China with a business visa renewed every 6 months or there is risk that that maybe one day in a long time I'M want to take out the money and an issue/trouble/problem or something will presents.
Thank you in advance for your time answering my question!
11 years 1 week ago in Visa & Legalities - China
A bank that has a restriction on how much money you give them?????????Are you kidding?
Personally, I feel more comfortable with my money in an account from my home country but I still use a Chinese bank account too.
An advice that was given by a guy from our insurance company on how to save money in Chinese banks. Spread your money across several banks. The reason being, if/when a bank goes out of business you are left with nothing.
You should look into how to get better interest rates. E.g. if you deposit your money for 6 months, you will get X %, if you deposit it for 24 months you will get X +0.5 %
There are better ways of making the money accumulate. You have to remember that if your saving is just sitting in the account, it actually gets less value due to inflation.
If you have more money than you think you will ever need in China, you could also move them to Hong Kong or your home country. Remember if you one day whishes to leave China, you cannot transfer more than USD 50000 out per year.
:
Hong kong is a good idea, Singapore I hear is a greater idea, Chile (South American country) looks to be one of the best places so far. You need to carefully pay attention to the small letters.
Scandinavian:
I am not sure Singapore allows bank accounts for non-residents, it's a strictly regulated market there. I looked into it some years ago, but was hunting for an account with an international credit card, which was not possible without some kind of residence permit, despite the fact that I was employed by a Singaporean company but did not stay there.
All the Bank of China are safe, They are not private, they are owned by the state, as a Chinese citizen, I never worry about my money in the bank's security
We never worry about bank failures or how, my deposit has been on for 10 years, I can always take out
crimochina:
you don't understand what happens when the economy goes belly up. the question you should be asking is "is the money insured by the govt"
If you put money in the big 5, then no problem at all.
you can keep an unlimited amount of your money in my bank account.