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Q: Which is the best bank for a foreigner?
Hello,
I wanted to know which bank is the best for a foreigner to open an account.
Thank you.
6 years 46 weeks ago in Money & Banking - China
China Merchant Bank's Gold account with Visa/Mc logo is my choice.
You need 1000 RMB as deposit, valid Residence permit and FEC (2 docs.) to open an account at CMB.
At least one Chinese English speaker at any CMB I was ---> many!
See thread 'laowai friendly bank' for more.
China Merchant Bank's Gold account with Visa/Mc logo is my choice.
You need 1000 RMB as deposit, valid Residence permit and FEC (2 docs.) to open an account at CMB.
At least one Chinese English speaker at any CMB I was ---> many!
See thread 'laowai friendly bank' for more.
I enquired at my local branch about this card and they said the minimum deposit is 50,000 RMB and you have to maintain a minimum balance of 10,000 RMB. Furthermore to use the payment facility by visa / mastercard for foreign currency transactions you have to open a separate USD account.
http://english.cmbchina.com/Personal/Allinonecard/DetailInfo.aspx?guid=1...
Opening accounts for foreigners is not as straightforward as it is used to be. You now need, passport, resident permit, copy of FEC and a stamped letter from your employer stating where you live and work.
Banks in China are much the same. It depends on where you live, where the nearest branch is situated and who your employer banks with. I have used ICBC, CCB and ABC. They all do the same thing.
Since moving provinces, I changed to China Construction Bank and have stayed with them ever since. These days I hardly ever use cash, just pay for most things on my phone with Alipay or use my unionpay card in the shop.
Hotwater:
I've got one of these CMB gold all in one cards. Opened the account in 2014.
Didnt have any minimum stipulation, didn't have to open separate USD account. When I use it outside China as a VISA card it charges back directly to my account in RMB.
ant888:
yes, probably because you opened it in 2014. we are now 2017 and a lot has changed. the only reason i went to this bank was because of the fact they offer a non unionpay card. having trawled across town to find the nearest CMB, they told me this and showed me their website in English inside the bank.
icnif77:
You misunderstood: you can open the Gold account at CMB with any amount of money. I had 1000 RMB first time and they never asked me for more money.
One of the 'bad' things at CMB Gold account is 'if the balance on the account fails below 50k RMB Bank will charge 50 RMB monthly fee'.
Such condition is usual at every Western bank except fee is much higher.
You can exchange RMB holdings on the account to any currency with 'spot rate, no fee' applied, i.e. the lowest daily exchange rate.
When you use ATM card abroad all purchases will be converted to RMB again with 'spot rate, no fee' applied before the deduction out of RMB holdings on the account.
I don't know any Western Bank with similar benes.
CCB asked me for 20 RMB fee to open an account in Fuk, Xinjiang. School wanted deposit salary payments to CCB and I didn't want to pay fee for that, so I made them deposit salary on CMB instead.
http://english.cmbchina.com/Personal/Allinonecard/DetailInfo.aspx?guid=1...
Dial them up and ask Qs about required balance on the account.
icnif77:
That's the same web link you posted above. I didn't realise ...
Tell me, where can you read ''minimum deposit to open an 'All-in-One/Gold' account is 50k RMB''?
It is a stupid limit, which banks who are looking for more customers won't impose.
Banks on Caymans or Guernsey have such limit because they don't want to deal with too many customers accounts, but only with accounts of loaded people ....
ant888:
icnif77:
I've never look for it. I just went through website and I didn't spot any changes since the last time I look at it.
Now this part you copied it might apply, but it doesn't mean you can't open Gold account with only few RMB.
Banker will ask you if your salary will be deposited to CMB and after your nod, they'll give you (new) Gold account and Visa/Mc ATM card.
I get new account and new ATM doesn't matter the balance on my account. I usually zero-it (withdraw all remaining balance out of ATM) before old account gets closed and deposit it back to the new account in the same CMB.
If you really heard 'you must deposit 50k RMB before we can open Gold account for you' just go to another branch and try again.
I almost get CMB CC in 2013 in Urumqi, Xinjiang CMB. I posted here at the time about that on some thread.
'ant888': you should study English more .... 
because you've never been to CMB bank, but you found CMB web link through Yahoo-gle. 
I am like you, too:
http://english.cmbchina.com/Corporate/Offshore/DetailInfo.aspx?guid=253e...
Guide on Offshore Account Opening and Desposit
Deposit Guideline
Currency: convertibles like USD, HKD, EUR, GBP and JPY Threshold:
• USD 50,000 or equivalent in convertible currencies for non-resident legal persons;
• USD 10,000 or equivalent in convertible currencies for non-resident individuals. 
'ant888' is a poser, la la la ....
ant888:
Actually I have been to the CMB bank branch head office in Xi'an at the beginning of March and they informed me this. I speak Chinese so I don't misunderstand things. Just to check it wasn't one of those cases where they are too lazy to deal with foreigners occasions, I asked my girlfriend to go in later and she was informed of exactly the same rule.
However, as you know things can be interpreted differently at different times and places in China. It is point of fact thought that it is getting more convoluted for foreigners to open bank accounts in China. You can't even have more than one card with the same bank now if you are Chinese, never mind a foreigner.
icnif77:
Look, tiger, I am some 3 hours bus ride out of the nearest CMB and current balance on the Gold account is around 2000 RMB.
I am checking the balance on the account weekly through other banks ATM and I am not charged 50 RMB monthly fee because balance is below 50k RMB.
I hold Gold account since 2012, I think, and they might waive 50 RMB fee because I am long term customer.
Always, when I move to a different Province old account is closed and new ATM card is issued.
Currently, I hold Henan's CMB and I am in Guizhou.
I landed in 2013 on Heathrow and their exchange for cash RMB was around 10% lower than CMB's exchange for purchases in UK Pounds.
HK's (Luohu) exchange rate for cash RMB is some 7% lower than CMB's (for purchases).
ant888:
Yes, I am sure what you are saying is true. I never disputed that. The point is, you opened an account previously. In the interim, the rules have undoubtedly changed. Perhaps if you tried to open a new account then you would meet the same conditions.
The original point of the thread was about opening new accounts, not maintaining existing ones.
icnif77:
Ohh, is that so?
So, what should old holders of Gold account do? Change their name and try if your new rules apply?
I post here so everybody else can get the same 'goods' I have.
I opened/hold the Gold account in Liaoning, Xinjiang, Zhejiang, Hebei, Fujian, Henan, and I've never been asked for 50k deposit as a condition to open the new account.
Head into CMB and not only scan CMB's website!
Anywhere you'll enter CMB there is Chinese English speaker in the Bank.
Only that fact is worth of money, IMO of course!
However, they aren't that good in English they'll go on and on about conditions to open the Gold account. They might demand that if you'll push with the Qs.
Every CMB is open to attract the customers not to sway them away!
Gold account laowai conditions are:
- passport with valid RP;
- 2nd document with photo;
FEC is excellent because it's in Chinese and proves you are making money in China.
- phone no.;
- some initial funds for deposit;
I've never been asked for 50k RMB. I just give them what I have on me.
You'll get free hong cha and cookies while sitting on a comfy sofa in the VIP Bank's area without too many people (2 or 3 the most!) in queue.
finding the best bank in China is the least of your worries if you don't even have a job.
you have not said what sector you intend to look for work in as this determines everything from salary to location to cost for accommodation.
Sometimes your employer will have a preferred bank. The China Construction Bank and the Bank of China offer all the tools a foreigner will need.
icnif77:
Let's compare your BOC with (my) CMB (Visa/Mc logo):
-completing the Contract and returning home:
you-'cash RMB in the pocket' ..... me-'CMB VISA ATM card in the pocket';
-arrival to your destination:
you-'get 'killed' on the exchange rate for cash RMB' ..... me-'7-10% better exchange rate at purchases and travel with some arrival country's currency pocket cash'.
-cash withdrawals abroad:
I usually ask my 'rich' relatives for cash advance and I give them CMB ATM to use it at their purchases. Then, I ask for more cash ... and they're keep using my CMB ATM =
'No fee & spot exchange rate' for my RMB cash out of the CMB Gold account!
if I go out of china,can I withdraw my usd in an account in CMB?because with other banks this is not possible
icnif77:
Yes, certainly you can cash out any holdings you carry on the Gold account.
Purchase (cash-out) of foreign currency is tricky:
'You must announce your foreign currency cash withdrawals and then come back to the Bank at pre-arranged time (few days later) for cash, especially if you are in the smaller city or your cash sum is larger'.
You can hold any foreign currency on the Gold account and you can make paper exchange (no cash) any time of your liking. Remember: 'spot-exchange-no-fee-rate'!
Just 'foreign-currency-cash-withdrawals' are by announcement only. The thing is CMBs in China aren't loaded with foreign currency cash on hand.
If you plan to exit China, my advice is just to take pocket-foreign-currency cash. At all purchases abroad where 'Visa/Mc' logo is honored your purchase abroad will be deducted from your RMB account's holdings by 'spot-no fee-exchange-rate' applied. You can carry home only CMB ATM card and then spend money in USA or wherever you go just by using CMB Visa ATM card.
If you're a U.S. citizen, I've found that CCB (China Construction Bank) has a sort of deal with Bank of America where you can withdraw cash from each other's ATM's with either card without tax.
icnif77:
Sort of deal? Either you are sure or you are not sure such deal exists and what are the benes!
Can I travel to USA with CCB ATM card and all savings on?, ..... and then I can't withdraw my funds in USA?
You can withdraw funds with CMB Visa/Mc ATM card anywhere in the world Visa/Mc is displayed.
'Spot-rate-no fee' RMB exchange!
Zethe:
Icnif
I like how you attempt to say "be sure of the benes"
When you yourself actually got it entirely wrong.
Perhaps you should research...outside of zerohedge...before posting and making yourself look like a colossal idiot.
You can, in fact, withdraw from the CCB card in America, as I withdrew $1,600 myself during my last trip using said CCB China card at a BoA ATM.
icnif77:
'See the mirror! ...'... and don't blame me!
Don't tell anybody about the fee you paid for your CCB withdrawal in USA! Go and see the mirror instead! Again!
So why didn't you write about that in your post? What does it mean 'sort of the deal'?
Where did I get it wrong? That c&p part of CMB's All-in-one/Gold Visa/Mc card might stands there forever, but it isn't demanded as condition for opening of Gold account!
See my first thread on CMB Visa/Mc card 'laowai friendly bank' (2012), which I opened the same afternoon I got first CMB Gold account and Visa ATM card in Dalian.
So, you are saying Bank of America honours 'UnionPay' logo? That's fine, but why would you bother if CMB gives you Visa/Mc ATM card without any deposit (50k RMB) requirement? You don't need to go to USA to use it. I use it in HK, Nepal, India, all around EU, UK. It works everywhere Visa logo is displayed. Now, CMB will use 'spot-exchange-rate' to convert your purchase abroad to RMB and deduct balance from RMB holdings on account. Try to do the same with cash RMB. It will cost you 5-10% to do the same with cash RMB.
Tell me one more bank in the world with similar EX rate!
I am not saying 50k RMB requirement doesn't stand at opening of new account. Last time I changed ATM card was in 2014 in Henan, so they might require that today! I am not going to check if I can open new account in different Province and ask banker: 'Should I deposit 50k RMB ...?'. Of course, banker will say: 'Yes, go ahead!'. That's why they opened the bank in the first place!
I enter the CMB and ask for new account. Then, I exit and withdraw all remaining balance out of CMB ATM ('cause no fee, he he) and return to the VIP area and deposit cash back to the new account. That's it!
Only thing close to '50k RMB requirement' is banker always asks 'will you receive salary deposits to the Gold account'?
After I confirm that, I get new account with balance always below 10k RMB.
I am so versed in that Q, I usually add: 'My Co. will deposit salary to my new account ...!' but it never does. I deposit cash RMB myself when I am close to CMB.
I bet, CMB won't turn anybody away if no 50k RMB cash on hand while try to open new account.
I am not paid by CMB to post this!
I have it (and I am so smart! he he), so why would I keep that as secret from other laowai in China?
I think it's good and here you have it!
You can't be jealous toward anon poster, can you?
Zethe:
The difference between you and I is I need only a few short sentences to tear apart your faulty logic and make a crystal clear point.
Meanwhile, you need walls of text full of logical fallacies to try to make a point.
Namely the strawman fallacy, misleading vividness, and red herring are your fallacies.
Maybe go find a hobby you're good at.
icnif77:
Please, don't go to CMB! It isn't good bank and their Gold deal isn't that good!
I have so many raingoats .... 'mee -mee -mee...' from me 'barn' ....
