How to buy the Chinese Yuan for the LT

[alientrader]

Quote from isaac000:

Absolutely not. All I have is my US passport and that's all they need. There's a form to fill out. I wrote down the hotel name in the address line. I have 3 Chinese bank accounts, all were set up this way.

You are right about in HK, you do need to be a HKID cardholder to do banking.

Awesome. i am gonna go do that the next time i go. Which bank would you recommend i go for?

 

[tbone4]

Great info. What interest rate do you earn on your Yuan savings? Do you know what the tax consequences are here and there?

 

[isaac000]

Quote from alientrader:

Awesome. i am gonna go do that the next time i go. Which bank would you recommend i go for?

I use Agricultural Bank of China. After activating the internet banking, now I can access my account from my home in Chicago, like checking balance, wiring money, transfering between my saving and CD account, etc.... yes i can read chinese coz i was born there.

1Reason and alientrader, When will you guys go next time? My next trip will be right after the new year. Maybe we can have some beers together in a bar somewhere in China.

 

[NickelPincher]

Quote from isaac000:

Absolutely not. All I have is my US passport and that's all they need. There's a form to fill out. I wrote down the hotel name in the address line. I have 3 Chinese bank accounts, all were set up this way.

You are right about in HK, you do need to be a HKID cardholder to do banking.

if u put in the hotel name in the address line, how do u get statements?

 

[richard_m]

The easiest way to do it is buy futures on the CME. Cheap and easy. Just roll'em over every once in a while.

 

[isaac000]

Quote from NickelPincher:

if u put in the hotel name in the address line, how do u get statements?

There's no such thing as monthly statements, believe or not.

 

[isaac000]

Quote from tbone4:

Great info. What interest rate do you earn on your Yuan savings? Do you know what the tax consequences are here and there?

These are some of the RMB yuan interest rates offerred by Agricultural Bank of China:

Saving: 0.81%
CD 3 month: 2.88%
CD 6 month: 3.42%
CD 1 year: 3.87%
CD 2 year: 4.5%

Tax consequences? Yes there is an interest tax in China.

 

[TGM]

Quote from isaac000:

These are some of the RMB yuan interest rates offerred by Agricultural Bank of China:

Saving: 0.81%
CD 3 month: 2.88%
CD 6 month: 3.42%
CD 1 year: 3.87%
CD 2 year: 4.5%

Tax consequences? Yes there is an interest tax in China.

Sounds like a safe place to store some surplus funds. Internet banking rules.

What city did you buy your condos in? Did you have any problems buying them as an American?

 

[yip1997]

Quote from isaac000:

Absolutely not. All I have is my US passport and that's all they need. There's a form to fill out. I wrote down the hotel name in the address line. I have 3 Chinese bank accounts, all were set up this way.

You are right about in HK, you do need to be a HKID cardholder to do banking.

You can open accounts in HK without HKID. Just need to go there and open your account with your passport. There is no limit for fund transfer in HK.

 

[yip1997]

Quote from isaac000:

These are some of the RMB yuan interest rates offerred by Agricultural Bank of China:

Saving: 0.81%
CD 3 month: 2.88%
CD 6 month: 3.42%
CD 1 year: 3.87%
CD 2 year: 4.5%

Tax consequences? Yes there is an interest tax in China.

You need to report your non-US accounts and pay your tax when you file your US tax return.