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Q: Working in China.. money sent to Hong Kong
Hello,
Is anyone working in China and having there money sent to an RMB account in Hong Kong? Many banks offer RMB services; such as citibank, HSBC, Bank of China (HK), CCB (HK) amoung otheres.
I have read that some people have there money sent to an RMB bank account in Hong Kong. With Hong Kongs "lose" regulations compared to China, everyone is allowed to send money wherever you want, even via internet.
9 years 51 weeks ago in Money & Banking - China
As far as I am aware (unless the laws have changed), non HK identity card holders cannot open RMB accounts in Hong Kong.
expatlife26:
I'm under the same impression, at least that's how it was when I opened my HSBC account.
I know someone who does that, it can work well but only under a specific set of circumstances.
You have to work for a company that has operations in HK, you can't just have a mainland employer transfer the money to HK for you. If you're working for an HK company you can get them to get you a HK ID then you can bank any currency you want.
Then you just get them to get you a business visa. My friend works for IBM and is basically a travelling consultant. Spends most of his time in the mainland...gets paid in HK and pays the much lower tax rate. It's a sweet deal he can live in pretty much any city with a decent airport.
You can theoretically get in trouble with the mainland tax authorities though if you spend too many days in the mainland you are expected to pay taxes here as well...but that's never happened.
but again you have to be working a company that 1. can pay you on the HK side 2. is big enough to get you business visa for the mainland with no hassle. and ideally will get you HK ID as well.
