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Old Apr 30th 2017, 9:52 pm   #1
DAVO1 
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Default Moving to China and travelling

I am going to be moving to China at the end of the summer for work.
A proportion of my salary will be paid into a local bank. A proportion will be paid into a bank account of my choosing here in the UK.
My initial contract is for 2 years.
Can any one guide me with regard to the best bank account to have here? (I know there are bank accounts like HSBC expat but these require substantial financial commitments which I do not have). This is a teaching post. Really, I want to be able to transfer money between the UK and Chinese accounts easily without the fees being extortionate.
The second component which I would appreciate advice on is with regard to travel insurance. I usually take out annual travel word wide with winter sports. These seem to require UK residency and trip to commence in UK. I hope to take the opportunity to travel extensively during my adventure so where can I get appropriate travel insurance? I only need medial insurance as part of travelling as my work includes medical when in situ.
Thank you for any help you can give.
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Old Apr 30th 2017, 11:09 pm   #2
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Default Re: Moving to China and travelling

Quote:
Originally Posted by DAVO1 View Post
Can any one guide me with regard to the best bank account to have here? (I know there are bank accounts like HSBC expat but these require substantial financial commitments which I do not have). This is a teaching post. Really, I want to be able to transfer money between the UK and Chinese accounts easily without the fees being extortionate.
Does the OP knows that China operates an exchange control limiting foreign currency remittance out of the country?

Where is your teaching post? If it is near Hong Kong, you can use the banking system in Hong Kong to help you transfer funds to UK bank accounts.

You can see whether you can open a Chinese bank account in the UK. You can give the Bank of East Asia (a Hong Kong base bank with branches in the UK & China) or the Bank of China a try.

https://www.hkbea.co.uk/html/en/beau...t-account.html

https://www.hkbea.com/html/en/bea-ch...s-network.html

中国银行全球服务 Always with you @ 英国 United Kingdom
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Old Sep 11th 2017, 6:58 pm   #3
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Default Re: Moving to China and travelling

Quote:
Originally Posted by DAVO1 View Post
I am going to be moving to China at the end of the summer for work.
A proportion of my salary will be paid into a local bank. A proportion will be paid into a bank account of my choosing here in the UK.
My initial contract is for 2 years.
Can any one guide me with regard to the best bank account to have here? (I know there are bank accounts like HSBC expat but these require substantial financial commitments which I do not have). This is a teaching post. Really, I want to be able to transfer money between the UK and Chinese accounts easily without the fees being extortionate.
The second component which I would appreciate advice on is with regard to travel insurance. I usually take out annual travel word wide with winter sports. These seem to require UK residency and trip to commence in UK. I hope to take the opportunity to travel extensively during my adventure so where can I get appropriate travel insurance? I only need medial insurance as part of travelling as my work includes medical when in situ.
Thank you for any help you can give.
Hi,

Opening a current bank account in China is quite easy.

Most of the banks are all the same.
Eg
Bank of China
Bank of Communications
There are hundreds of different banking organisations in China.

HSBC in main land China is not affiliated to HSBC in UK.
Completely different banks, just with same 4 characters.

Sending money earned out of China to UK was easy, I think the costs were about 100 RMB

vette
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Old Sep 11th 2017, 8:28 pm   #4
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Default Re: Moving to China and travelling

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Originally Posted by uk_vette View Post
.... HSBC in main land China is not affiliated to HSBC in UK.
Completely different banks, just with same 4 characters. ....
They are separate legal entities under common ownership, so I would say they are affiliated, but not legally the same bank. .... In fact many countries, perhaps even "most" countries , that HSBC operates in are separated legal entities from HSBC Bank in the UK, notably including HSBC in Hong Kong.
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Last edited by Pulaski; Sep 11th 2017 at 8:41 pm.
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