How to buy the Chinese Yuan for the LT

yip1997 · Nov 15, 2007

Quote from TGM:

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?

Early this year, the rule changed. Foreigners are allowed to buy only one property now.

isaac000 · Nov 15, 2007

Quote from TGM:

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?

One in Shanghai, the other in Hainan. I bought them in 2005. No problem what so ever.

isaac000 · Nov 15, 2007

Quote from yip1997:

Early this year, the rule changed. Foreigners are allowed to buy only one property now.

That sucks. But I doubt they have a centralized system that's able to track down my purchases made two years ago.

alientrader · Nov 16, 2007

Quote from isaac000:

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.

thanks isaac,

prob going end of next year, was just there barely a month ago. went to jiuzhaigou in sichuan, beautiful place.

yip1997 · Nov 16, 2007

Quote from isaac000:

That sucks. But I doubt they have a centralized system that's able to track down my purchases made two years ago.

It is ok if you have bought it. The rule applies only to new purchase.

alientrader · Nov 16, 2007

Quote from yip1997:

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.

cool but u can only do it in person right? can u like open it online?

yip1997 · Nov 16, 2007

Quote from alientrader:

cool but u can only do it in person right? can u like open it online?

According to the last info i requested, you can't open online, but you can manage it online. You have to go to HK to open the account (for HKSB only, not quite sure about other banks).

isaac000 · Nov 16, 2007

Quote from yip1997:

It is ok if you have bought it. The rule applies only to new purchase.

Sorry I didn't made it clear. I was talking about if I buy another property in the future.

yip1997, are you from HK? I know Yip is a popular name in HK.

yip1997 · Nov 17, 2007

Yes. I came from HK.

investorbond · Nov 27, 2007

A few questions:

1) Re: the bank account, if you give the address of a hotel, but later need to withdraw a large amount of money, can you do it via wire transfer or the internet? Otherwise I guess you would have to show up in person again?

2) Are there laws protecting the deposits similar to the FDIC here in the US or if there was ever a run on the banks by the govt or individuals, could the money be at risk?

3) Are there any US-based accounts that offer interest on deposits held in RMB?