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Q: Best bank in china to open a saving account?
Hi, Lets say you have a certain amount of money that you want to close in a saving account for one year, which one of the banks is best known for best interest rate?
10 years 47 weeks ago in Business & Jobs - China
if you want to tie your money for a certain amount of time, then you should also take insurance companies into consideration. most Chinese insurers also have investment products and most often at slightly higher rates
Thanks, but is it 100% safe? I dont like taking risks...
Depends your have it in RMB? Or in other currencies than you have currency risks.
Yes, insurance, pre state owned or still half state owned, so safe to get your money back, yes. Lot interest, no. Risk and reward always hand in hand.
Other options might good alternative but than they will be low-medium-high risk. Success.
Oh, a couple of years ago, a guy from Ping An Insurance recommended to us to put savings in 4 different banks, that way if a bank collapses you still have 75% of your savings. Some people will tell you that the government will never allow the big banks to go under, but if the shit hits the fan hard, maybe they will have to.
Completely true, that is why I never recommend expatriates to use Chinese insurers. In Europe we have deposit system (for what is worth), offshore better compensation schemes. In China none.
Scan, you think too much, using BOC, ICBC or HSBC is by far your best bet, all of these banks are tied into the World Banking System with branches in major cities across the globe, I do not know you or your job but if you are holding less than a million rmb, the bank will fully cover this. As a side note, using the British Hong Kong Bank is pretty good, bad customer service, Citi Bank is American and you will be fully covered under American Banking Law, there is a British Bank, forgot the name of it, someone help me with that, logo is Blue and Green, also a safe bet. Depending on your location they have multiple Foreign Banks that you can use if you feel a little stressed with using Chinese Banks, I would opt in for a Foreign Bank.
Scandinavian:
In China, if a bank goes belly up, you will not see as much as 1 jiao of your savings. There is no net under the banks. Most likely the gov would do a lot to prevent the big banks (big and state owned) to go bankrupt. as the consequences for the society CCP survival would be severe.
State owned companies in China can go bankrupt.
Scandinavian:
Citi Bank China is a Chinese company owned by the American company. They are subject to Chinese law. Should they go bankrupt, I don't see why the American company would cover anything they are not legally committed to. Kind of like McDonalds do not provide food safety in China.
@techezee: HSBC, UK bank in HK.
more HK bank choices here:
Well, you could keep it in under your bed, point being, if you feel insecure about where to put your money and depending on where you are from, keeping it in a Hong Kong/British bank is fine, or Wells Fargo in Shanghai and Beijing, Bank of America or the Dutch Bank, consulates use these banks with no problem, I think you should not over think it, I applaud your want of not losing your cash but you do have many options, because I am a dual citizen of Canada and America and break the threshold for taxes, meaning I pay tax for three countries, I have to use North America banks or I have to do extra paper work which, in my line of business, I do not need anymore paper work. You can also try wiring the money from a Chinese account to your home country account, this all depends on if you have to pay taxes and the consequence for doing that, if you are hiding your money from your home country and want to store it some where, your options are a bit more limited and a Hong Kong bank would be your best bet.
