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Q: Advantages of having an HSBC account?
For an American guy living and working in the mainland who already has a unionpay account, are there any advantages to opening an HSBC bank account? Is it easier to transfer money to my American account? Are the interest rates higher than the mainland banks? Can I get a credit card there? Has anyone here opened one? What's the process like?
9 years 7 weeks ago in Money & Banking - China
This is weblink to HSBC China website, however it doesn't look CC is in offer:
http://www.hsbc.com.cn/1/2/personal-banking/hsbcpremier
'CC for laowai' is possible at China Merchants Bank, buTT...I got denied last year, because 'my residence wasn't in Urumqi, but 40 km away'.
CMBank manager offered me CC, and after I submitted some 10 different docs. from my employer, I was denied. Manager knew, I don't reside in the same city as I applied. Will have another try for CMB CC in Henan, so I'll be able to make online purchases.
mike695ca:
Why dont you just set up your union pay card for online purchases??? Most major websites have set it up so that you can buy everything with just that. Ctrip lets you buy flights and book hotels, taobao can buy everything. Lots of examples. Dont get me wrong. A credit card is useful but if your only purpose is online purchases its not really needed anymore
icnif77:
I'll look into that! Thanks!
I stay away of Unionpay, because (as I know) you can only buy online on Chinese websites, and that websites are in Chinese, what I can't read.
I have CMB Visa ATM Card, with online purchase possibilities, but website is in Chinese. So, I usually stop in CMB branch, and ask them to do it for me.
In Urumqi CMB manager couldn't got plane tickets with my Visa card. She offered CC. After I got denied, she purchased tickets for me with her CC, and I gave her cash.
She knew, I had few Chinese ATMs with Union, but she said I can't purchase tickets on Flybe or Bravofly, UK websites.
mike695ca:
For flights you can use www.ctrip.com for domestic and www.elong.com for international. Both are in English and both you can use Union Pay.
For taobao stuff you can use www.expattaobao.com all in english and you can buy everything you need with union pay and you dont need to ask anyone for help.
Im guessing where you are/where there are very few foreigners, because if I asked someone at a bank to use their credit card for flights..... well i cant imagine the look on their face. much better to be as independant as possible.
icnif77:
She was very nice, 30-something girl. We even went out few times. I asked for help at the CMB at booking with my card. She tried, and then she gave up, and booked with her CC. I can use CMB Visa/Mc outside of China without any problems. Just can't do anything on the puter.
Foreigners? Yeah, US FT offered me booking, if I give him cash first. He would deposit it to his account, and then we would get together at puter for booking. I didn't like the idea, because he could just disappear with my cash, before making a booking. I was 'desparate&wise', because he really disappeared a month later.
Do I need to ask Bank for 'online settings' on the account, or I can use Union card without it?
mike695ca:
yes you need to set it up. Each bank is deifferent. Some will give you a security key, some wont. some will require you to download their program. It will be annoying at first, but once it is all set up its really valuable. and easy
YES！To have an HK bank account will help you have more convenience like free trade facilities and you can use your HK bank account to open ur HK company with convenient transportation ，which the banks are essential part for doing business in China with low registration fee .The flexible taxation policy not strictly controlled bank transfers.
Hotwater:
The OP is talking about a HSBC account in China. These have the same restrictions on international transfers as all Chinese banks.
China People's Bank and Foreign Currency Adminstration regulates the the foreigners need provide the PIT-Personal Income Tax certificate, labor contract and bank account information to banks if they need transfer income outside of China.So a HSBC bank account doesn't help you transfer money from China Unionpay.
