Can I open a bank account that works in both the US and China?

[foobaz123]

So, with that in mind. Every month, I do the paypal shuffle with my brother to get the rent money for the apartment in place. Then she can just go to the ATM and pull it out. Simple.

 

I am curious, if you are doing this every month, why do you need to do the PayPal shuffle since you should be able to do it by the regular method since it is planned.

 

If it is last minute need, the PayPal shuffle is a good workaround. As I alluded to above, PayPal has a habit of freezing accounts (among other things) for unusual behaviour in your account. How long have you been doing this?

 

You're correct, I'm just impatient and wait it there immediately.

 

We've been doing it this way since September of 2010. The only time my account has gotten locked is if I move any money of any kind while in China and do it from a Chinese IP. The system automatically locks immediately for that. Seems they're behavior algorithm needs some tweaking. Either that or it is just paranoid about certain countries.

 

To get around the above problem, I usually just SSH to my home system and do the work from there or use a VPN.

[dan1984]

 

How does PayPal work? Can you get a PayPal ATM card? I have seen many criticisms of PayPal privacy practices so I have never linked my bank account to them and just charge it to my credit card when I have to use PayPal.

I have used PayPal for several years. Before I left for China, I sold a car to a friend. She transfers money every month from her US bank account, into PayPal. I can then transfer the funds into my US bank account. There is a fee for this transaction however, but it's very efficient and secure. PayPal uses the most up-to-date "HTTPS" protocol, for secure transactions. It is safe, it is secure as any bank, if not moreso.

 

Yes, you can get a PayPal ATM card. This ATM card will enable you, or the one in possession of it to withdraw funds from the PayPal account just like a bank. There is a PIN code associated with it. I gave the PayPal ATM card to my friend in China along with the PIN code. They could withdraw funds directly from any ATM machine in China. It's a very secure way to provide and transfer funds Internationally.

 

Once you open the PayPal account, it will take a little effort to set up the transfers, but once they are set, it will be easy from that day forward. PayPal works hard to ensure your privacy and security, and will alert you whenever they feel someone or something may be violating your privacy. In this day and age, you must provide personal information to any bank, or other service to manage your funds. Because PayPal is International, and operates 24/7, there are always support staff available to talk to. However, I suggest you not tell them you intend to give a PayPal ATM or credit card to a third party so they can withdraw funds. That's just none of their business, and besides, if you tell them, they may lock your account.

 

What about using PayPal to go the opposite way: money from China back to the US?

 

Does anybody have any experience taking money (USD) from within China and getting it into their US-based PayPal account? Is there a way to do this that would be cheaper than taking USD from within China and wiring/transferring it through other channels directly into a US bank account?

 

If there is an easy and cheap way to get one's money into their PayPal account, from there, the money can easily be transferred from PayPal to one's US bank account.

[2mike&jin]

Always interesting topic for me.....I would like to make two comments after reading the thread.

 

 

1. Not sure anyone directly answered but there, isn't/wasn't, a concept of a joint-checking account or two people on the same account in China - at least up until 2012. I cannot 100% say that it hasn't changed now- but they seem to be wedded to the idea of a1 account 1 person concept. This negates what the poster originally asked how to do or if it could be done.

 

2. HSBC - 100K requirement. It was my experience - with HSBC wealth management (I think they call it Premire Account) that the $50K (2007) or $100K requirement now, did not count if it was in an investment vehicle. Additionally, unlike other Banks in China - there was no way to link it to a CD and have it meet the base deposit amount, whether it be 50k or 100K. Again, my information was current as of 2009, and updated anecdotally in 2011/2012. HSBC, was for me, a non-starter, when I lived there and subsequently upon moving back to the US.

 

As I've posted, on other similar topics, especially moving larger sums back and forth, my best results have come from BofA/CCCB and BOC. The online resources within BOC are about where the US was 10 years ago in terms of automation, (i.e. IBM mainframe based programs with somewhat slicker forms mode presentation - displayed via your web browser). Unfortunately, BOC web-interface to the mainframes only allows I.E., so for some of us MACaholics, one can run VM with a Win7 or XT partition to get around it. It works well, and it basically gives you visibility into all banking functions - i.e all banking functions that you would expect from a bank. Accounts (ATM/CD's and the basic savings account are linked and you can move funds between them - as well as exchange money types). If one desired, they also have Investment options (stocks, bonds, GOLD etc) available on the same menu screen and you can buy/sell if you set up the appropriate permissions and links. BTW - having this account is the only way I can track China Bank/CD income - since you generally have to have the passbook in-hand and be present in the branch. I investigated BOC, LA, Washington etc - US branches - but in short, the accounts are not the same. Yes, you can transfer money between the US BOC and China BOC, but it's like any other wire-transfer - and it's not worth the hassle, confusion, and the IRS oversight - at least for larger sums.

 

FYI - for all those who might have been involved in earlier discussions - the $50K annual migration I've been doing back to the US took 48 hours this year and the only thing I still don't like about it is the Mellon Bank in New York stripping out the $15.00 handling fee....but it worked just like clock work....this is the 5th year in a row...so nothing has changed from previous postings/information about transferring larger sums of money back. (A note this wouldn't have mattered if it was $50K or $500K, BOC doesn't care) ENJOY

 

(So for those of you wondering why in the world I keep moving money out of China - were trying to stay under the new US IRS new mandatory reporting requirements for accounts larger than $150K in my wife's "local household account", and we sold her car in one year and the parking space in another year...so the money had to leave else we bust the limits)

[Randy W]

Always interesting topic for me.....I would like to make two comments after reading the thread.

 

 

1. Not sure anyone directly answered but there, isn't/wasn't, a concept of a joint-checking account or two people on the same account in China - at least up until 2012. I cannot 100% say that it hasn't changed now- but they seem to be wedded to the idea of a1 account 1 person concept. This negates what the poster originally asked how to do or if it could be done.

 

But a few people have reported actually doing this - I'm not sure what the circumstances were (China residence, local bank official?), but they were able to open a joint account in recent years.

[2mike&jin]

Yea - I had seen a couple of people say it in passing - but there were never any details. Shanghai Expat reported that "Standard Charter Bank" (and I think one other bank) had allowed a few thousand people to do this - and then the Gov't got wind of it...since it's a no no in China) and made them purge all the accounts - i.e. split into 2 separate accounts. I've also seen many instances on Bank Websites talking about business accounts - where 2-5 managers can manage the same account - but mainly when you dig into the details it turns out to be "AR/AP/Offshore receipts" type of account. If anyone has any knowledge of someone actually having a "joint personal bank account" where 2 people have their names on the account and have 2 ATM cards/authorized signature cards - I would love to hear about it.....so as to stop the silliness of sometimes bouncing money between accounts - but my Chinese Speaking skills are getting so rusty it might not make sense for me any longer - as I can't carry on a conversation over the phone -- I need to have my hands around their throat or for them to see my eyes bulge as I get upset over the game of 200 questions. Hope someone has some first hand knowledge of someone doing this.....but I sure haven't seen it to date. Always Hope!

[Fu Lai]

ICBC allows joint banking accounts, two people get different cards that access the same account. ABC does not, one person per account. I recently went around and around with several banks here and have some friends employed at BOC that said they do not allow it either.

[tsap seui]

We have a joint bank account with ICBC bank in Fushun. Two different cards, same account as Fu Lai stated.

 

We only opened it up for more immigration interview evidence for out CR-1 app, and should I actually live in China and do a DCF application.

 

Other than that, yes, we have the joint account with a few pesos in it, but we never used it. Im guessing we opened it up in 2009. Most every bank told us no to a joint account, and when these folks said yes, it took them 2 1/2 hours to figure out how to set it up.

 

tsap seui

[dnoblett]

Found this on an expat forum: http://www.chengduliving.com/forum/topic/paypal-in-china

[dan1984]

Found this on an expat forum: http://www.chengduliving.com/forum/topic/paypal-in-china

 

Interesting Dan, thanks for posting. I'll have to take a look at this < https://cms.paypal.com/c2/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_c2/FAQs_China_UnionPay_Payments > link in more detail when I have some time.

[david_dawei]

YI - for all those who might have been involved in earlier discussions - the $50K annual migration I've been doing back to the US took 48 hours this year and the only thing I still don't like about it is the Mellon Bank in New York stripping out the $15.00 handling fee....but it worked just like clock work....this is the 5th year in a row...so nothing has changed from previous postings/information about transferring larger sums of money back. (A note this wouldn't have mattered if it was $50K or $500K, BOC doesn't care) ENJOY

 

Another FYI for all:

 

We just transferred a decent sum from BOC to BOA. BOA usually charges $16 for a receiving transaction but they waived the fee due to my account status. Also, BOA does not have a limit on the receiving end. Button was pushed last night and showed up this morning in the account as 'pending'.

[2mike&jin]

Thanks for the ICBC bank information - I wonder what makes their bank different. Next time in Tiny Hiney Land I will check! Thanks to all.

[yuehan123]

 

Found this on an expat forum: http://www.chengduliving.com/forum/topic/paypal-in-china

 

Interesting Dan, thanks for posting. I'll have to take a look at this < https://cms.paypal.com/c2/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_c2/FAQs_China_UnionPay_Payments > link in more detail when I have some time.

Well, that's about my luck. I read the Chengdu forum info. I asked my wife to translate the all-Chinese instruction page linked above. She said, "That info is no help for us..." because it pertains to 'getting' on-line acces which we already have.

 

So, following up on theChengdu forum I opened a new Paypal China Worldwide Account and did successfully link our CCB account to it.

 

And then, from the Help Menu-

 

"Can I transfer funds from my bank account to my PayPal account?

No. You can't transfer funds from your bank account to your PayPal account. If you want to make payments but you don't have funds on your PayPal account balance, you can use a debit or credit card that is linked to your PayPal account instead."

And this-

"Can I add funds to my PayPal account?

No. You can't add funds to your PayPal account for the time being. However, you can send payments using your credit card."

 

And, the final straw-

 

"Sorry we cannot add your Credit card to this account." This is the CCB Union Pay Master Card that is linked to the aforementioned CCB account and which we do use to make inside China Airline purchases.

 

sigh....

[dnoblett]

 

 

 

 

Found this on an expat forum: http://www.chengduliving.com/forum/topic/paypal-in-china

Interesting Dan, thanks for posting. I'll have to take a look at this < https://cms.paypal.com/c2/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_c2/FAQs_China_UnionPay_Payments > link in more detail when I have some time.

 

 

Well, that's about my luck. I read the Chengdu forum info. I asked my wife to translate the all-Chinese instruction page linked above. She said, "That info is no help for us..." because it pertains to 'getting' on-line acces which we already have.

 

So, following up on theChengdu forum I opened a new Paypal China Worldwide Account and did successfully link our CCB account to it.

 

And then, from the Help Menu-

 

 

"Can I transfer funds from my bank account to my PayPal account?

 

 

 

 

 

 

 

 

 

No. You can't transfer funds from your bank account to your PayPal account. If you want to make payments but you don't have funds on your PayPal account balance, you can use a debit or credit card that is linked to your PayPal account instead."

 

And this-

 

"Can I add funds to my PayPal account?

 

 

 

 

 

 

 

 

 

No. You can't add funds to your PayPal account for the time being. However, you can send payments using your credit card."

 

And, the final straw-

 

"Sorry we cannot add your Credit card to this account." This is the CCB Union Pay Master Card that is linked to the aforementioned CCB account and which we do use to make inside China Airline purchases.

 

sigh....

 

 

I would think you would need two paypal accounts, one for China tied to a China debit card to pay when buying things. And the other account tied to a US bank account. You would then "Pay" your US Paypal account, and then transfer the payment from that account into your US account.

 

China Bank ---> China Paypay ---> US PayPal ---> US Bank

[yuehan123]

Thanks, Dan.

 

I wanted to go the same direction as the OP. Anyway, the first denial is specific:

 

No. You can't transfer funds from your bank account to your PayPal account.

 

I have two Banks linked. One in the US and one in China.

 

Now, it's a few minutes later and I said to my own great self, "OK, self, so start slowly by putting money into the China Paypal from the US Paypal." We (wife and I) each have a standard US Paypal.

 

The result from the send money page begins with- "You can pay for purchases and services or send money to friends and family.

 

Send Money Error Message: "We're sorry, but we can't send your payment right now."

 

I think I'll go stay with those Zen monks in the desert while I wait for "right now" to pass, whatever right now means.

[yuehan123]

Just got off the phone with escalated support at Paypal. The gist of our conversation:

 

1. No. You can't transfer funds from your bank account to your PayPal account. The Paypal agent stated, "..that is a Chinese Banking Regulation."

 

2. Send Money Error Message: "We're sorry, but we can't send your payment right now." The Paypal agent explained, "...this is because it looks like you are not using the same computer that created the account." Correct, it would look that way.

 

3. Finally, the withdrawal problem, a partial screenshot from the account's Bank account webpage:

 

Bank Account Select Bank Account Status

China Construction Bank China

For Verification only**

 

** For verification only bank cannot be used for withdrawal.

 

Again, according to the Paypal agent, I cannot withdraw money from the China Worldwide Account because, "...in China that is a Bank-by-Bank decisioh to allow or not allow."

Edited March 29, 2013 by yuehan123 (see edit history)