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Posts: 272

Governor

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Q: Have you received a letter or e-mail from your Chinese bank wanting your US s.s. number or ITN?

I have several bank accounts in China. I got an e-mail from my Chinese bank wanting my social security number or ITN. I found that strange since I opened up those bank accounts with a non-US passport. I did a little digging and it turns out that in order to comply with a law called FATCA, Chinese banks give the names of every non-citizen that banks with them to the IRS. Chinese banks do not want to comb through millions of foreign  names and so just release all the names they have. I am not worried since I just gave them the ITN of the country that my passport belongs to, but how about the rest of you especially US citizens. 

6 years 29 weeks ago in  Money & Banking - China

 
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Emperor

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They are actually being lazy, you only have to release numbers on accounts over 50000 dollars. I had to go to Singapore and close some accounts with my American passport and use a different passport to avoid the law. The expats in Thailand are splitting accounts over several banks and keeping the funds under 50000 dollars, same thing is happening in the Philippines. Most of the Hong Kong banks will follow the rule at 50000 and not report everybody.

ambivalentmace:

Since there is no verification requirement from the foreign bank and business can be done email and not in person, just give them a fake number or a distant dead relatives number, some of friends have given them Husseins number issued in Connecticut were he never worked or lived.

6 years 29 weeks ago
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6 years 29 weeks ago
 
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Posts: 5732

Emperor

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They are actually being lazy, you only have to release numbers on accounts over 50000 dollars. I had to go to Singapore and close some accounts with my American passport and use a different passport to avoid the law. The expats in Thailand are splitting accounts over several banks and keeping the funds under 50000 dollars, same thing is happening in the Philippines. Most of the Hong Kong banks will follow the rule at 50000 and not report everybody.

ambivalentmace:

Since there is no verification requirement from the foreign bank and business can be done email and not in person, just give them a fake number or a distant dead relatives number, some of friends have given them Husseins number issued in Connecticut were he never worked or lived.

6 years 29 weeks ago
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6 years 29 weeks ago
 
Posts: 1072

Shifu

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This is the oldest phising scam in the book: a 'bank' email looking for identity (passport / SS) numbers by email.

 

ambivalentmace:

yes, most banks that hit me for FATCA, made me come in person, that's why I had to fly to Singapore to change the accounts. They wanted to see my ID before they would do anything, but some countries are not as strict as Singapore, Malaysia and Cambodia took my phone call and changed everything without a visit.

6 years 29 weeks ago
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Englteachted:

Yeah, 2017 and people haven't figured this out yet

6 years 29 weeks ago
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ironman510:

I got a call and text to come in with my passport. So while email or scams these days, its best to just walk in and ask.

6 years 28 weeks ago
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juanisaac:

I was sent it through the e-mail function of my on-line account. So If I was not clear enough, I apologize.

6 years 28 weeks ago
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6 years 29 weeks ago
 
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Emperor

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This is a Trump move for Americans, hey no reason to worry if you are working legit, I had to give my SSN and see my work visa and I speak Chinese well so I asked whats this all about and they said to curb illegal workers from having bank accounts on Q or M or L visa's and those trying not to pay or report their taxes and other crimes.

 

As China grows they are going to get more and more stricter, like the you saw on your Wechat news accounts: April 1st we can only use 500 or 1000 RMB with QR codes, the richer can only withdraw 100,000 overseas no matter how many cards they try to use.

 

I won't be surprised when they say: ESL Teachers Now required to have a master degree to teach preschool, PHd to teach Primary and above. Training Centers need foreign teachers to check into China PSB stations monthly to report tax and more.

 

Come on, would you honestly be surprised if I were right?

juanisaac:

I think the Chinese are trying to clean up the business. It also has to do with supply and demand. They can only make laws so tight before businesses and parents start complaining that not enough foreign teachers are in the country.

I see China moving away from just focusing on teaching English. I am now looking at teaching Spanish at a secondary school in Guangzhou. Ten years ago I would have never thought of that as possible. But South America is a huge market with 500 million people, so why not. At universities they are seeking people with masters, but at the high school level and below I fit right in.

6 years 28 weeks ago
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6 years 28 weeks ago
 
Posts: 272

Governor

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I think the Chinese are trying to clean up the business. It also has to do with supply and demand. They can only make laws so tight before businesses and parents start complaining that not enough foreign teachers are in the country.

I see China moving away from just focusing on teaching English. I am now looking at teaching Spanish at a secondary school in Guangzhou. Ten years ago I would have never thought of that as possible. But South America is a huge market with 500 million people, so why not. At universities they are seeking people with masters, but at the high school level and below I fit right in.

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6 years 28 weeks ago
 
Posts: 39

General

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I haven't received a letter or email and I have a handful of accounts.

China Merchants and ICBC are asking for them when people open new bank accounts.

You can go into your local branch and inquire there or wait and see what happens.

Hotwater:

I’ve had a text message from Merchants Bank telling me I must do something’s Ng about taxes before the end of 2018...can’t copy it here as I deleted it

6 years 27 weeks ago
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6 years 27 weeks ago
 
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