Which Chinese bank has the best online service in English?

[zhouhana]

I'm thinking of opening a Chinese bank account. I don't know much Chinese, so I'd like the online interface to have an English option. Could you recommend one?

I want to be able to transfer money from my Swedish bank account to the Chinese one so I can later withdraw it from a Chinese ATM. Is there anything I should think about currency-wise or so? How long does it usually take to transfer money from a bank in another country (a European country)?

Also, how do I say something like "I'd like to open an account" in Chinese? Any handy phrases to have at the bank will be appreciated.

Thanks!

[Kenny同志]

Also, how do I say something like "I'd like to open an account" in Chinese?

你好，我想办一张银行卡。

or

你好，我想开个户。

[roddy]

The ICBC has an English version of their online banking, not sure how it rates compared to others. The English translations aren't great but I guess they'd be usable.

International transfers have come up a few times -

http://www.chinese-forums.com/index.php?/topic/34179-getting-money-into-china/

http://www.chinese-forums.com/index.php?/topic/29889-money-from-us-to-china/

http://www.chinese-forums.com/index.php?/topic/22775-bank-transfer-to-china/

[jkhsu]

China Merchant's Bank seems to have a pretty good English interface.

http://english.cmbchina.com/

Although you should have a China bank account and card, another thing to try is HSBC. I was able to open an online HSBC account in the USA and then take out money in China from HSBC ATMs there. It was convenient because you don't need to wire money to a Chinese bank.

[xuefang]

I have account in ICBC and like roddy said, they have English version of their online banking. I can't compare it to others, but it's usable.

When you transfer money to your Chinese account it will be transferred in SEK (if you transfer it from Sweden). It will take from few days to a week (atleast this have been the case when I have transferred money from my Finnish account to my ICBC account). You can use your online banking to check if the money have arrived or not. Then go to the bank and ask them to change the SEK to RMB. After this you can withraw the money from ATM.

If there isn't any English service in the bank and you don't speak Chinese, then I would advice you to have a Chinese friend to go with you.

[roddy]

I was able to open an online HSBC account in the USA and then take out money in China from HSBC ATMs there. It was convenient because you don't need to wire money to a Chinese bank.

Did you get preferential fees for that, or was it the same as using any US bank card? You can pretty much take money out of any Chinese ATM with any overseas bank card nowadays, it's just a matter of what the costs are.

[zhouhana]

Thanks guys, I'll go to ICBC and bring a Chinese friend to help me.

[jkhsu]

Did you get preferential fees for that, or was it the same as using any US bank card?

There were no additional fees for using an HSBC card in an HSBC ATM.

Here's what I did (and why) based on my situation of several months stay at a time in mostly Shanghai.

1. I opened an Online HSBC Savings Account in the USA because it has one of the highest interest rates. In fact the interest is higher than most one year CDs from other US banks.

2. When I got to China, I opened a China Construction Bank account (中国建设银行)and debit card because it was convenient and they have a lot of branches in Shanghai.

3. I would perodically retrieve an amount of money (as necessary) from an HSBC ATM (in RMB) and deposit it into a China Construction Bank ATM (They all had English interface options).

4. I then could use my China Construction Bank debit card when paying for dinners, etc.

5. I could also use the debit card at other Chinese ATMs easily to withdraw RMB without fees (I don't fully remember about the fees now but I believe that was the case).

This method worked for me because:

1. Other than opening the initial China Construction Bank account, I didn't have to deal with a Chinese bank other than using the ATMs

2. I did not have to wire money or pay for wiring fees.

3. When I traveled to Hong Kong on trips, it was easy to get HK dollars out of HSBC ATMs there.

Anyone else have better methods? Thoughts on this?

[jbradfor]

3. I would perodically retrieve an amount of money (as necessary) from an HSBC ATM (in RMB) and deposit it into a China Construction Bank ATM (They all had English interface options).

I'm not saying it was a bad idea, but this is the step that would worry me. Personally, I don't trust ATMs here to deposit cash, even more so in China.

[jkhsu]

Yeah I agree it's risky. To add to that, at some point I'm carrying a bunch of cash walking from one ATM to another. But what's interesting is that the locals do this often. The longest waits I've had at ATM machines were behind people carrying bags of cash to deposit via the ATM. It's pretty crazy. The other thing I worry about are thieves waiting around ATM machines. I feel the safest when taking out cash at HSBC ATMs which are often located inside nice luxury hotels or major shopping centers.

[imron]

Personally, I don't trust ATMs here to deposit cash, even more so in China.

I used to deposit my salary via ATM every month for over a year when I was living in Beijing. Never had a problem (also ICBC).

[roddy]

Anyone else have better methods? Thoughts on this?

I'm pretty sure long-term stays make it worthwhile wiring money - you can get a better exchange rate, and you pay a one-off fee for wiring the money. You need to do the maths though, and it'll depend on the actual fees and rates your bank(s) have.

My question was, is using a US HSBC card in a Chinese HSBC ATM cheaper than, eg, using a BoA card. By way of example I think there was a deal (years ago?) with BoA and the Construction Bank which made using BoA cards in CCB Atms here.

[ilovelanguage]

I use HSBC too and I quite like their service especially their higher interest rate for saving and I can quite freely transfer money to my Chinese bank account. There's another bank in China I reckon would be helpful: 招商银行 - China Merchants Bank - Cheaper transaction fee.

[ciaocibai]

Sorry to thread hijack, but do any of you ICBC people know if you can use their internet banking on Mac OS? Thanks a bunch!

[imron]

Not natively. I run it inside VMWare.

[lakesandrivers]

Is it okay to resurrect old threads?

 

I have heard of good things about China Merchants Bank. So my plan is to drop by a branch on Day One after hostel room is settled with. The thing is that the campus bank is a Shengjing Bank but the online forex firm that has the best rate I have found so far does not send to Shengjing, but it does with CMB. But CMB is ~10 km away from campus. Does this distance matter, considering Union Pay, WeChat and online banking nowadays?

I guess another culture shock for me will be not driving anywhere, unlike now with me driving everywhere.

[mungouk]

@lakesandrivers someone suggested on another thread (was it about WeChat pay?) that it would be advantageous to open an account with a bank you already deal with in your home country, in terms of transfers etc.  

ANZ have branches in China, maybe others too.  Just a thought.

Before I left the UK to live in India I deliberately opened a new Citibank account there so that I could also open one in India when I arrived.  Sending outwards remittances to the UK was still a major pain the backside (4 hours of travelling, queueing and form-filling when I was in Bangalore; slightly less pain in Delhi), but sending them the other way took about 30 seconds online. 

Not sure if this helps!  

[imron]

2 hours ago, lakesandrivers said:

Is it okay to resurrect old threads?

As long as you're on topic and relevant, and not just rehashing what other people have said or making nonsensical suggestions, then yes.

 

As for your question, 10km away would be the killer for me.

[abcdefg]

I find it helpful to be able to physically go to my bank or one of its branches without too much trouble, in addition to using on-line services. 

 

CMB is one of the three which I use here in Kunming. Seems no better and no worse than ICBC and BOC, at least in my experience. 

[imron]

15 hours ago, lakesandrivers said:

the online forex firm that has the best rate I have found so far does not send to Shengjing, but it does with CMB

I'd also be surprised if they send to CMB but not to ICBC or BOC, and the latter two are far more likely to have a branch closer to campus.