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Q: Bank of China in your home country?
Walking in Brisbane the other week and came across a branch of the Bank of China
a Canadian mate said there was a branch in Canada
just curious if any other countries had them ? (bank of China not Canadians )
also if I opened a account in Australia would I save on fees when I withdraw money in China ?
9 years 6 weeks ago in Business & Jobs - China
I've come across a few in the UK. I even went to the one in Manchester once. I was on a spell at home and needed to do some things with my BOC account. They couldn't do it themselves, but did agree to call my Chinese branch for me and eventually I got it sorted.
Lord_hanson:
Yeah, I think there is one in Manchester, London and one in Scotland.
andyinshenyang:
I've always found the one in Manchester really friendly too, I wish they were that accommodating in Shenyang!
Several cities in Europe have them, not only capitals.
They do not do private banking and they do not have access to mainland data as far as I know. Though that may differ/change from country to country.
'Internationalization of Rmb in progress'.
I don't think, you can access your BoC account in China anywhere abroad, except on ATM, and I don't think BoC abroad does 'personal banking'. It's just a clearing house for now.
China Merchants Bank has house in HK, but they aren't open for regular personal stuff, as 'I lost my card', and similar. HK CMB is dealing only with institutions.
I've come across a few in the UK. I even went to the one in Manchester once. I was on a spell at home and needed to do some things with my BOC account. They couldn't do it themselves, but did agree to call my Chinese branch for me and eventually I got it sorted.
Lord_hanson:
Yeah, I think there is one in Manchester, London and one in Scotland.
andyinshenyang:
I've always found the one in Manchester really friendly too, I wish they were that accommodating in Shenyang!
Have some branches in Germany, they do not offer private banking, they do offer corporate banking and investment consultancy I think.
We also have Ping An Insurances, but not the Bank.
Pls see for yourself their current European operational branches list:
http://www.boc.cn/en/aboutboc/ab6/200812/t20081216_494259.html
On top of that I know that they are also in Budapest and now opening Prague branch.
Clearly Chinese banks want to strengthen their position and economical influence in the area where currently dominate slowly collapsing Western banks.
Even though BOC is the most active there are also other Chinese banks expanding in Europe (for instance ICBC).
I assume that with growing Chinese investments in Europe there will follow also immigration of highly qualified and solvent Chinese. On top of that using of Chinese national bank currently sound more reasonable than majority of European or American banks - especially in European highly regulated environment.
This all will lead to broadening of Chinese banks services and covering the whole scope.
However it may still take some time.
RiriRiri:
Immigration of highly qualified?
Highly qualified in what?
Given the records of the Chinese corporate presence in Africa, Asia and Latin America, whose achievements include mainly corruption, malpractice and such, I sure as hell hope they'll stay out of Europe forever and I'll weight in favor of any politician acting in that way.
Especially since now they feel confident enough to go and threat any country calling their bullshit out like Sri Lanka.
I also hope the assets already sold illegally like in Greece get confiscated and the local politicians behind that put in prison for treason.
Winter is coming buddy.
gouxiong:
Dear RiriRiri,
I do not think that anybody wants to limit you in your hopes.
You may not like it, you may not agree with it but most probably this is about it what you can do against that.
You may know that VOLVO is already owned by Zhejiang Geely Holding Group. A lot of telecommunication projects in Europe are currently performed by Huawei (US and Canada blacklisted them but EU countries do not see a problem in cooperation with Chinese companies and getting a good value for decent price).
Germany is especially active in attracting Chinese investors and other EU countries are not too much behind.
China has money which they need to invest and Europe is happy to take a part of it and strengthen economical tights with China.
Generally as history shows the strong, mutually advantageous economical tights are the best way to prevent violent clashes.
Some people on this site are not ashamed to openly express their strong internal impression that their 'culture' is superior to many others. In that sense nobody in EU will probably limit you if you support one (or more) xenophobic and nationalistic parties which EU has currently plenty as long as you will stay within the legal limits.
It's absolutely your right and I fully respect that. I just do not share your point of view.
And as the Chinese investors flow to Europe is growing so I think all is on the right track.
http://www.zerohedge.com/news/2015-03-12/new-london-gold-fix-and-chinas-...
Another reason, why so many Chinese banks in EU and elsewhere:
'call Matt for a long reply in proper Englo!'
excerpt:
China now has the opportunity to take a dominant role in London, without having to direct its order flows through the fixing banks. Therefore, it is no exaggeration to say that from 20th March, China will be able to control the global physical gold market, which will permit her to manage the price. She has the deepest pockets, backed by the largest single stockpile.
What is truly amazing is the western economic and political establishment have dismissed the importance of gold and ignored all the warning signals.
!
Therefore the failure of the London bullion market to see strategically beyond its short-term interests has opened the door to China's powerful state-owned banking monopoly to control the gold bullion market. This is probably the final link in China's long-standing gold strategy, and through it a planned domination of the global economy in partnership with Russia and the other SCO nations.
China actually took its first deliberate step towards eventual domination of the gold market as long ago as June 1983, when regulations on the control of gold and silver were passed by the State Council. The following Articles extracted from the English translation set out the objectives very clearly:
Article 8. All gold and silver purchases shall be transacted through the People's Bank of China. No unit or individual shall purchase gold and silver unless authorised or entrusted to do so by the People's Bank of China.
'BoC in UK as clearing house'
USA and China, the 2 big financial powers, are like "brothers in arms". there is no conspiracy. Both want a peaceful, profitable world. To think otherwise is ludicrous. No death wishes in either of these governments. That said, 王健林,((Wanda Group) wants to kick the Sam Walton's (Walmart founders) butt . and 马云, Jack Ma wants to kick Ebay founder Pierre Omidya's ass, and it goes on and on..... battles of the titans.... nothing new, just some new participants. see Larry Page versus Bill Gates.
BHGAL:
I am the big brother, but I have 2 little brothers (twins) ... I kicked their asses, 2 at a time for quite a few years. By the time they were 11 or 12 .... no way 2 at a time... and by 15, not even 1 at a time......I'm 7 years older.
China is growing up too, so is India, Middle East is a thousands year old badly parented 2 year old. Most of young Africa is wondering who the better divorced parent is. Europe is an aged old Gramma, Grampa figure struggling to understand where all the good old days have gone. Russia is that bastard retarded big brother that always thought he was the boss, but could and can't ever get it right, and still doesn't understand why. South East Asia is a teenager that has so many opportunities and directions to go, decisions, decisions. Iceland is that smart ass that is was fed up with most things and went on a loner trip to enjoy him/herself, not to deal with ignorance of others.
Sound familiar .. Australia? ... bunch of convicts, didn't "go with the flow" have a better idea. I like your idea.
P.S. Bank of China (Canada) has absolutely nothing to do with Bank of China (China) at a personal level.
blah blah blah, again, early beer this weekend.
ICBC seems to have better deals, cooperating with British (Halifax?), French (BNP Paribas), USA (BoA?), Canadian and other banks. You can even use their ATMs. Better than BoC for travelers, I'd say.
icnif77:
China Merchants Bank Gold account with Visa/Mc logo ATM card, 1000 Rmb acc. opening deposit.
If you use it outside of China, funds get deducted from Rmb holdings with 'spot exchange rate' applied. No fee! Best Bank in China for 'laowai', IMO.
coineineagh:
That makes it 950RMB more expensive than a regular account at any other bank. is there any special reason why this account would be better than an ICBC one? It's the 3rd time I hear you mentioning this. You're either a big fan of the service, or have some ulterior motive to promote CMB.
Mark 11:15
On reaching Jerusalem, Jesus entered the temple courts and began driving out those who were buying and selling there. He overturned the tables of the money changers and the benches of those selling doves,
Who knew the Chinese were into the New Testament?