Open Bank Account in China

[Boiaukin]

Serious question, anyone here know other than physically going to China, any idea how we can open a bank account in China from Singapore.

You all think too much, as I am a frequent online shopper, the rate will be better if I transfer the money from local bank to China bank, then pay through alipay, etc

Thank you very much!

 

[hardindex]

think need register a company or business first

 

[Level42]

You can’t open a bank account in China if you don’t have a residential address there. Long ago, it was possible, but not just before Covid. Unless things have changed again after Covid.

Someone told me it might be possible in a third tier city.

 

[whatheheck]

ts want to pay who


Read HWZ Forum Rules!

 

[Irenicus91]

TS part of Fujian gang want to launder money?

 

[mynickname]

No legitimate reason dun do it. Money go into china easy. Come out macchiam extract tooth. Will need fujian help

 

[tóngzhì]

TS part of Fujian gang want to launder money?

Better report TS...
Maybe related to fujian gang

 

[given]

They can freeze your account and money anytime without reason. They do that not just to big fat accounts. You have 10k sgd inside few months later they will find all sort of reasons to freeze it. Last time bring China products back to sell, then thought open account there easier to transact, one day kena freeze say doing random checks, have to go there personally to show proofs, documents, verify identity etc , then all documents in chinese, then waited a few months again to unfreeze. From then on straight away withdraw all money and ask shipping company help to pay on behalf.

If you just want to buy things, find ppl to pay on behalf, usually 1% or less fee

 

[PrincZe]

last time yes.now no. too strict


Read HWZ Forum Rules!

 

[Ashton]

Few years ago still can go to the smaller banks or smaller cities to open an account with just your passport.

Now cannot liao, no local employment contract and local address no need to talk.

 

[SecretAgent]

even if you managed to open an account there. you can't interbank transfer to that account there yourself. I have a boc accounts there. all the while cannot do this

 

[orwell76]

My passport expire liao, 建行 bank acc tio freeze need to go Hangzhou to reactivate

 

[chaiscool]

Better report TS...
Maybe related to fujian gang

Even they don’t want to keep their money back home haha

 

[ashethen]

Need to collect your 50 cents is it?

 

[GhostZM]

I would advise dun bother doing this unless u dun mind losing whatever u deposit into the bank account in China..

The money u might save from the exchange rates won't be worth it.


CheerS!!!

 

[BlackWing1977]

They can freeze your account and money anytime without reason. They do that not just to big fat accounts. You have 10k sgd inside few months later they will find all sort of reasons to freeze it. Last time bring China products back to sell, then thought open account there easier to transact, one day kena freeze say doing random checks, have to go there personally to show proofs, documents, verify identity etc , then all documents in chinese, then waited a few months again to unfreeze. From then on straight away withdraw all money and ask shipping company help to pay on behalf.

If you just want to buy things, find ppl to pay on behalf, usually 1% or less fee

This... if using Alipay can pay 3rd party to deposit money into the account... become 余额 then pay on site like 1688.com...

 

[saikangwarrior]

10 years ago my money inside ICBC. Now they tell me need go there if I want get it out

 

[li9ht5peed]

the best method is to use a chinese relative or chinese sibling or close chinese friend's wechat pay account. it's one of the advantages of having atb gfs whom u can entrust large amounts of money

 

[bakasora]

Trust me, it's not worth the trouble.

 

[compuser]

u can't, u need sms and a local number to process.
China is super strict, alot of people only know they restrict money that goes out, they also have strict limits on money going into personal account.

What i do for payment is use chang charn to gimme the best rates.
Send to my agent in China, i give them take 1% for the trouble

It's totally worth it because the rates offered is even better than the exchange rate.
Today the rate is 5.456.
Google the rate it's 5.38, the banks gives even lesser