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By the way, HSBC has worst efficiency than any other banks.
It took us 4 weeks to open a HSBC Premier Account in Hong Kong through HSBC Chengdu, which was promised 3 working days only.
It cost RMB2000 too.
The worse thing is: now we finally have this account set up, but oversea online transfer is not allowed because it requests a code machine. No one told us about it even we asked and confirmed with bank staffs couple times.
It says this code machine will be sent to us within 7 working days, but I do not believe any more. I guess it will take 2 months.
It is a bad experience of us. We heard similar complains from other foreigners too.
Maybe OCBC or BEA or Standard Chartered Bank would be better?
@Rick in China
I am Dustin’s co-worker Vivian. I do not know if you have contacted him or not. If you contacted him, you might know that I was looking for a way to tranfer money out of China.
My husband Peter and me are purchasing a property in Netherlands, therefore we must transfter RMB out. It is possible but spending lots time.
We could exchange money by a fair rate which can benifit both of us if I saw this information earlier.
Right now we already have exchanged most part of it, only EU50,000 left.
Just for your information, Maxxelli has assisted some foreigners purchasing properties in Chengdu. The big amount money transferring and exchanging is indeed a problem. It was easy before but policy became strict since end of last year.
It is easy to transfer your money into any bank of China but it is not easy to exchange them to RMB and take out due to foreign currency control policy.
You must provide certain documents to show foreign currency bureau the purpose of this money – no matter buying property or opening a company.
