[pinko]

I read some time ago that people from Hong Kong open bank accounts in Shenzhen and go there putting their CNY because they get higher interest rates (that is, higher than the 3% one get here with Chinese bonds).

I wonder: 1) can a foreigner (i.e. non-Chinese, non-HK) open a bank account in Shenzhen? 2) what documents does he need? 3) what is the interest rate? 4) How much can one bring (legally) from HK to Shenzhen and vice-versa? CNY20,000 a day? 5) Any additional tip which bank gives the highest interest rates?

If anybody has already done it, I would be grateful if he/she can spend a few minutes giving me that information. Thanks a lot.

[FilipH]

As a foreigner without HK ID you can definitely open a bank account there. But i don't think you can do it from HK. You should be physically there.

You only need a passport and i was asked for a address as well. (But no proof of adress), so you can use the address of a friend.

With the ATM you can take out 5000 rmb a day. No idea how much you can take personally from the bank teller themselves.

Generally these accounts are easy to set up. China Merchants I recon to be quite good. But in China, you are bound to have looong queues though.

Don't know the intrest rate but should be a lot better then HK.

Don't expect the RMB to appreciate a lot more in the next year though. The Chinese government is probably going to focus a bit more on economical growth then fighting inflation in the near future.

[pinko]

Thanks! Do you know if I need an address in China? I don't have a friend whose address I can use. An address in HK is not sufficient? Thanks!

[FilipH]

Originally Posted by pinko

Thanks! Do you know if I need an address in China? I don't have a friend whose address I can use. An address in HK is not sufficient? Thanks!

I think they will need a Chinese address.

[pinko]

Thanks a lot!

Though I am a bit wary of giving them the address of someone else, who will probably receive details of how much money I have on the account. Gosh!

[hktraveller]

Interest rates with HSBC in RMB:
3 months fixed: 3.33%
6 months fixed: 3.78%
12 months fixed: 4.14%
24 months fixed: 4.68%
36 months fixed: 5.40%
60 months fixed: 5.85%

USD:
between 2.25 (+2k, 3 months) and 3.75% (+500k, 24 months)

you can become an international premier customer
with a total maintaintd balance of an equivalent of 500k RMB.

They will deduct a tax of 5% from the paid interest at the time of payment (It used to be 20%).

If you have an RMB account in HK with HSBC (needs a HKID) you can wire RMB into China (Up to 80k per day) and wire back any amount at any given day.

[pinko]

Thanks, that seems very high. I only get 3% with bonds (though I can sell any time).

Any other bank that offers such high interest rates? I don't like HSBC.

And I guess these are for international premier customers, right?

And I don't have an HKID.