RMB remitance

[aamaterasu]

Hi guys,

Got some qns hope some pro can advise me.
I would be staying in shanghai for a year so I am wondering if I should open a bank account from bank of china here or should I go over there and open a bank account?

I am thinking of transferring some money from my local bank to BOC in RMB and then withdrawing the money from BOC in shanghai normally. Does it work this way?

Thanks!!

 

[zirhk3355]

Nope, BOC Singapore and BOC China are not linked; the usual trf fees still apply. And BOC is one of the lousiest retail bank you can find. They only friendly to corporate and people are forced to use them because employers say so (cheaper payroll charges).

You can open Citibank account on both sides and use their Citi Global Transfer (CGT) to send money across instantly and free. However note the min sum to keep in Citibank is high.

Side-note: Since you have the opportunity to be in China do open a bank account here for investment purposes (provided you have proper work/student permits). FD is now at 3.68% and there are products with guaranteed principal at 5-6%. You can still use them even when come back to Sin. RMB appreciates like mad against SGD so this is a good time.

Many Singaporeans here use China Merchant bank for the good service.

Sent from Xiaomi MI 3W using GAGT

 

[hotstuff4u]

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[aamaterasu]

Nope, BOC Singapore and BOC China are not linked; the usual trf fees still apply. And BOC is one of the lousiest retail bank you can find. They only friendly to corporate and people are forced to use them because employers say so (cheaper payroll charges).

You can open Citibank account on both sides and use their Citi Global Transfer (CGT) to send money across instantly and free. However note the min sum to keep in Citibank is high.

Side-note: Since you have the opportunity to be in China do open a bank account here for investment purposes (provided you have proper work/student permits). FD is now at 3.68% and there are products with guaranteed principal at 5-6%. You can still use them even when come back to Sin. RMB appreciates like mad against SGD so this is a good time.

Many Singaporeans here use China Merchant bank for the good service.

Sent from Xiaomi MI 3W using GAGT

Thank you for the very informative post. I had created an ICBC account in Singapore and they told me I could withdraw money from China using their card. Is it advisable to open a citibank account as well?

As for investment, I have peanuts capital

Thank you very much!

 

[skjh7`]

Nope, BOC Singapore and BOC China are not linked; the usual trf fees still apply. And BOC is one of the lousiest retail bank you can find. They only friendly to corporate and people are forced to use them because employers say so (cheaper payroll charges).

You can open Citibank account on both sides and use their Citi Global Transfer (CGT) to send money across instantly and free. However note the min sum to keep in Citibank is high.

Side-note: Since you have the opportunity to be in China do open a bank account here for investment purposes (provided you have proper work/student permits). FD is now at 3.68% and there are products with guaranteed principal at 5-6%. You can still use them even when come back to Sin. RMB appreciates like mad against SGD so this is a good time.

Many Singaporeans here use China Merchant bank for the good service.

Sent from Xiaomi MI 3W using GAGT

Very informative..
So will there be any service charge if I use the ICBC ATM in China?