What happens to your bank account?

What happens to your bank account?

Everyone knows how important is bank account, without the bank account,your company may not be able to pay insurance, tax,  without personal account, you can’t live properly in China.  

In the early of 2017 there are some people already feel the difficulty to open new account in Guangzhou,  and starting from last week, there are many people have received an massage from bank,  and some peoples account has been closed by the bank.  

Duty has got some inside information from one good relationship bank manager.

In 2017. Oct. 20 People’s bank of China has request all the banks to check Non residence account( Company and personal),  In fact this policy is issued from 1^stof July.   This checking is to all foreign citizen, Not just some nationality. 

If your account is opened before 2017 July 1^st, Banks are doing due diligence on you(foreign bank user only), especially someone has more then1 million USD(or similar RMB amount).

Bank will request you to provide your residential information in china etc.

For some sensitive user, banks may choose to close your account, For example someone has a big amount of money in the bank, and always receive big amount,transfer big amount for business purpose.

However on this Due diligence banks will not ask your password, verification code, please be careful !

Here are a few tips to keep your personal bank account working in good record.

1. Don't receive payment always by integer number(especially big amount), don't transfer always by integer number

2. Don't always do high frequency transactions, For exmple, morning received the payment, and then totally transfer out in the afternoon or in short time. 
   

If you are paitient enough to read all, congratulation ! you will see the important information of this artical, your bank Due dilligence information will be sending to China government, and our government will share your information to the tax department of your government. In exchange, your government will share local Chinese information to China government. This policy is call: CRS (further information will be updated later)

To maintain your company account,personal account, please becareful to use it in the right way, if you have any confusion about it, please kindly contact with your consultant to consult it. 

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