IMPORTANT: Not every China bank – or China branch for that matter – will allow a non-Chinese person to open an account. Could you suggest a bank (and even beijing branches) that i could try so i can get my weChat going again…. After making your order, the online broker executes it immediately. I want to send money from my norwegian aCcount, to my chinese account. If you have a Hong Kong bank account that has a UnionPay card, you should be able to use that to start using Alipay and WeChat. Good luck! Sometimes I use my Hong Kong bank to wire money to the USA, but that requires a trip to Hong Kong… not far from Shenzhen, but crossing the border is a hassle and these days the protests often block the train and roads. Affluent investors who value safety and are OK with higher fees, #4 Best international online brokers for citizens in China. Although it would seem logical that you could open an account in the New York City branch, deposit money and then use that account in China…it doesn’t work that way. We will only process your personal data in accordance with applicable data protection legislation. Hello, I'm an expat in China. The broker’s trading platform lets you access 12 different international markets, allowing you to trade multiple asset classes from the same account. Best to use western union. Foreign investors couldn’t buy stocks in China up until a few years ago. Follow these three steps and (hopefully) in no time you’ll be walking out with your very own China bank card. Feel free to try TradeStation if you prefer trading on US markets. I opened an icbc bank account sometime ago but never used it. Super excited. With the right documents, I was able to open an account in less than an hour, but I’ve known some people who have spent days trying to get things sorted out. It will definitely be difficult to maintain the account if you lose the phone number, I would think. I set up a chinese paypal account hoping to send money to my us paypal account. Finding the right financial advisor that fits your needs doesn't have to be hard. Let me know if it ends up being easier, though, so I can help others in the future! I’ve seen it in 711. Also, I have set up a China PayPal, as my US payPal didn’t work here for some reason. 79% of retail investor accounts lose money when trading CFDs with this provider. Oh and my Wechat Pay and now is verified after adding my Bank Card. It ranks fifteen different nations by growth, ease of doing business, and other factors. At BrokerChooser, we test online brokers along more than 100 criteria, using real accounts and real money. Plus, there are many other reasons you should open a Hong Kong brokerage account… and it’s fairly easy to do so. Would I (as a joint accountholder) also receive a separate UnionPay card? They are regulated by top-tier authorities. The bank will require at least 10-20 RMB for an initial deposit and some banks might make you pay for the card they give you. Very good point, Phill. SmartAsset's free tool matches you with fiduciary financial advisors in your area in 5 minutes. The truth is that it depends on the bank branch. The format in which my name was written (if it helps) was without any spaces in between. In these cases, it is important to know what happens with your securities and cash. Please use our link to open your account so that we We don’t want to overwhelm you, so for now we’ll just list the five most important criteria. Although China does not issue licenses to forex brokers, and leveraged services are deemed illegal, you’ll be happy to learn that there are plenty of high-quality offshore brokers you can trade with. Billions of dollars are generated every year, all thanks to Chinese Forex traders and brokers. By default it will deduct directly from your chinese savings account. The most important thing I learned is that the name on the account has to match EXACTLY. That said, I also haven’t done this in more than a year… so…. Many great research tools.All of these brokers are considered a great choice. After testing, analyzing and comparing 74 brokers, 5 made it to the top. As TD Ameritrade offers great education tools including a demo account, we encourage you to try it. Check the product coverage before opening an account. I’m not sure if the fees are much different with any of these. Risk Warning – Your capital is at risk. in theory, isn’t it more convenient for a westerner living/working in china to open an account with them and set up internet banking to make online purchases? Quite a lot of useful info on Your site. All the brokers below have been ranked using our tested. After I almost gave up. I just discovered my 2002 SAVING account Passbook from Bank of China(GUANGZHOU). They might not be available. I still need to be verified with a local bank card. all other banks that i have tried (icbc, bank of beijing, abc, ping an) asked me to SHOW work permit which i don’t have of course as a normal business traveler. Benzinga's financial experts take an in-depth look at buying Chinese stocks using an American brokerage. Expert tips and travel advice for China tourists and expats. Picking the right branch can make the difference between getting an account or not. CAN ANYONE PLEASE GIVE A SPECIFIC BRANCH IN SHANGHAI WHERE THEY WERE HELPED? do you think it would be more of a hassle to open an account, or more of a hassle to just avoid places that don’t take cash/card? Through an HSBC Broking account, you can also trade bonds, forex, precious metals, exchange-traded commodities, derivatives, initial public offerings, sub-underwriting and placements. Yet it’s also the most internationally-focused and diverse exchange in the region. In two years im going to china for an exchange programme and im going to stay there for more or less 6 months, and I would like to open a bank there, is it possible with a student visa? In China, individuals are restricted to have only one brokerage account, and are required to present their national identity cards when opening a brokerage account. The bank claims this is only for foreigners and locals get it without hassle. I set up my Google maps according to the banks you guys mentioned here, dedicated two hours in the afternoon to walk through a financial area so that if a bank rejected me, I could go to the next one without too much trouble. The Chinese Yuan is becoming one of the most traded currencies in the world, and this has been aided by the expansion of the foreign exchange market in China. Any recommended firms with good customer service and website in English?Thanks in advance! Easy to list, but hard to figure out. The Shenzhen Stock Exchange was also added to the link back in 2016, further expanding the initiative. Saxo Bank is a Danish brokerage which has offices in Hong Kong. Exchange rates for the Yuan are set by the Chinese Central Bank. However, it is possible for one individual to control multiple brokerage accounts by gathering identity cards from friends or neighbors and opening brokerage accounts in their names. I suggest you try a few different banks to find out. If it was a joint venture or partnership, this would be considered illegal. Be careful with the CHinese Banks. That is fine. Which branches and ATM’s do you see most often in your city or near your neighborhood? Head towards yonhhegong lama Temple and you’ll find it on your right. Once I got to the window, they asked me to choose a card. They laughed and processed my application. But foreign company investors also face logistical challenges. There are many reasons for this, but what you need to know is that it’s good to budget a good portion of time to get this done. That helps. Let's go through a few points quickly. Account Minimum: $0 Fees: $0 for stock/ETF trades, ... Once you've made a decision on a broker, you can also check out our guide to opening a brokerage account. Opening a bank account in China sounded pretty much impossible, so I was already prepared for more than 5 or even 10 failed attempts. I applied china "L" visa, so cooperative bank statement is valid. If so, Can share which branch and bank? I would check with any of the others – Bank of China, Agricultural Bank, Bank of Communications, etc. There are a few things that you’ll need in order to open a bank account in China: All application forms will be given to you at the bank where you will need to take a few minutes to fill it out. In addition, opening a Hong Kong brokerage account is one of very few ways you can purchase stocks in mainland China. That’s great to hear, Eleonora! There are still a number of restrictions in place for non-domestic Forex brokers in China, but the country is slowly opening up to the world of the international forex market. You’ll have to go into the branch where you opened the account and ask them. When placing your money with a broker, you need to make sure your broker is secure and can endure through good and bad times. Before I dive into the “how-to” of opening a bank account in China, I first want to cover a few reasons not to open one. Hi. Tell them that you are opening a new account and often they can help you fill out the form. I am so very sorry to hear that. Keep in mind that for most expats or travelers going through this process of opening a Chinese bank account, it takes a few hours – and sometimes a few days. We highly recommend all 5 to you. Hong Kong is Asia’s de-facto financial center. Now to find a bank loCation. Will the bank close your account (suspend ) if your resident permit expires ? Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. Thanks Josh Summers :0) It also offers low stock and ETF trading fees. On the plus side, its forex and stock index CFD fees are low, and the deposit and withdrawal process is fast and mostly free. There are many stocks, mutual funds, and a lot of different other types of products, from bonds to cryptos. it is easier to use your home country bank card to withdraw money. Online brokers help you buying and selling securities, like stocks. If you think of sending or receiving Money out of China, then the procedure is ridiculous!!! (Keeping in mind that I have put my Chinese phone number on International Roaming) Wishing luck for others. Thanks for sharing . "InvestAsian" is a registered trademark. You can trade dozens of equities from Malaysia, Japan, the United Kingdom, and other nations too. Keep in mind that not all brokerages are created equal, so be sure to carefully consider your needs before you open an account. Yet you aren’t just limited to stocks either. Chinese banks don’t do joint accounts like you find elsewhere in the world. Benzinga Money is a reader-supported publication. I just sent you an email with a download link for the Expat Guide to Banking in China.