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Post by Nate M on Oct 7, 2006 0:51:36 GMT 7
Hi everyone,
I have some possibilities for ongoing business related to my website, and I had a question about opening them, or rather, keeping them open. Do they still stay active if you leave the country, or does the PRC reclaim them at some point? Also, what are the best methods to withdraw money from a Chinese account in a foreign country? Is it even possible? This is important because I don't plan on staying here forever, and the business I could be generating would last long beyond when I planned to leave, barring unfortunate circumstances. Any pros out there with some advice on this one?
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Post by Nate M on Oct 7, 2006 0:57:25 GMT 7
Also, would I perhaps be able to use something like paypal to circumvent the bank situation altogether?
Edit: paypal is apparently not an option here.
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Escaped Lunatic
Barfly
Civet Burger? Sounds tempting. Can I get fries with that?
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Post by Escaped Lunatic on Oct 7, 2006 4:45:37 GMT 7
I'd like to second Nate's request and also hijack expand on his inquiry a bit.
I've been picking Mr. Nobody's brain over purchasing apartments, business partnerships, HK corporations, etc. Thus, any and all advice on finances and investments in China would be of interest.
Back to Nate's original question - What's the problem with paypal? Do they not deal via Chinese banks?
Personally, I just opened a credit card account with HCSB here in the states. I'd love to have accounts with a Chinese based multinational that would be easy to access in China and USania.
“America... just a nation of two hundred million used car salesmen with all the money we need to buy guns and no qualms about killing anybody else in the world who tries to make us uncomfortable.” - Hunter S. Thompson
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Post by Dr. Gonzo on Oct 7, 2006 5:11:34 GMT 7
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Post by Mr Nobody on Oct 7, 2006 7:16:51 GMT 7
Use paypal to your home account in your home country. Or and bank or other transfers to it. Then withdraw from it at a teller machine. That works fine.
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Post by Nate M on Oct 7, 2006 7:31:54 GMT 7
I don't have any problem accessing my home account in China, (except that it's virtually empty right now). The problem would be accessing money from China when I'm back in the States. I can't simply withdraw all my money when I leave, because money is going to continue accumulating there even after I go. Or perhaps I'm misunderstanding what you're saying?
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Post by Mr Nobody on Oct 7, 2006 8:26:58 GMT 7
I think I misunderstood you, sorry. Thought you meant getting it INTO China not out of. I didn't read the question hardly at all, made an assumption, then I read EL's post and continued there.
My bad.
However, the wife says if the bank account has money in it, it stays open.
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Non-Dave
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Try Not! Do - or Do Not... There Is No Try!
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Post by Non-Dave on Oct 7, 2006 9:37:07 GMT 7
Hate to break it to you EL, but HSBC is a UK bank, corporation is based in Isle of Mann, headquarters is in London. It may have a nice Chinese/Hong Kong sounding name but it is definitely not a Chinese bank! It is a pretty good one though.
I've been exploring Chinese banks lately and I'm particulalrly underwhelmed with their ideas about customr services and account facilities - particularly for foreigners.
I know Bank of China cards are part of the Maestro network and theoretically you can withdraw funds from the account at an ATM that services Maestro cards. I have done this in Hong Kong, but not in any other countries.
I've just set-up an account with CHina Merchants Bank, for 2 main reasons. 1: They have a good Internet Banking set-up which allows on-line payments and account management and excellent security - but is all in Chinese. 2: They offer foreigners a pretty good deal with Credit Cards.
A Credit Card may be a good way to go to access Chinese funds from outside China. Theoretically you can access funds from any ATM or get a cash advance from any bank.
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Post by Mr Nobody on Oct 7, 2006 9:52:21 GMT 7
Sounds good. EL and I have discussed this a little, and we thought that maybe a thread to pool our knowledge on the matter would be usefull. It appears that many of us know little bits and peices but getting a picture of the financial structure of a country is a lot of work. If we can put it all together, I think this would be a powerful tool for investment in China.
I don't know much about the banks, for example, but the real estate thing is coming together. Neither do I know much about setting up a HK company, or rather the details, but I know others have done so, if they wish to volunteer the info. I do have access to people in HK to help, but I haven't discussed this with them in any detail, like exactly how to do so, how much, and things like that. I know that if you want to safeguard your $$$ then HK is the way to go, but without going to HK and talking to my friends, I don't know offhand.
The property market is having a bit of a bubble right now, so waiting is the best option in the cities I have been looking at. Anyway, I can't free up enough funds for investment for another year or so, so I am looking and learning. Or rather, the wife is looking, I am listening and trying to convert it into my western brainspace. Apartments can be had for as little as 15,000 rmb, but the govt owns half, but you can rent them for about 4-500, but have to pay 'rent' of a bit less than 100 which means a good RIO - at least 300 per month for 4 years and pays for itself. A 90,000 apartment can rent for about 800-1000 compared to 1800 per month for 90000 invested. There are issues though. Working my way through the maze.
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Da Dan
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the weather is here............ wish You were beautiful
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Post by Da Dan on Oct 11, 2006 9:21:31 GMT 7
the AFF site uses a net payment site based in China... "51QB" I haven't tried them for a couple months cause they left me wanting when I did.... but it is worth looking into.... www.51qb.com.cn/oldfiles/eng_company.htmlsome day China will do more than lip service as far as being "open" to foreign inverstors..... `maybe
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Post by Nate M on Oct 11, 2006 10:58:04 GMT 7
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Crippler
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Beware the conspiracy!
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Post by Crippler on Oct 11, 2006 18:42:05 GMT 7
Paypal is now in China and you can set it up for RMB but it is all in Chinese. Not sure if you can go back and forth between Paypal regular and China as my Chinese is not good enough to understand it..
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Escaped Lunatic
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Civet Burger? Sounds tempting. Can I get fries with that?
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Post by Escaped Lunatic on Oct 14, 2006 3:14:25 GMT 7
>Hate to break it to you EL, but HSBC is a UK bank, corporation is based in Isle of Mann, headquarters is in London. It may have a nice Chinese/Hong Kong sounding name but it is definitely not a Chinese bank! It is a pretty good one though. Damn that British Empire! Ah well, rumor has it that my new British bank might happen to have a branch or two in China, right??? Sounds like we need to get someone with a paypal account tied into a Chinese bank to try a modest transfer to an account in a non-Chinese bank and see what happens. It might also be a worthwhile experiment to try the transaction the other way. Does anyone know someone with a paypal account tied to a Chinese bank? “You have to decide whether you want to make money or make sense, because the two are mutually exclusive.” - R. Buckminster Fuller
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