Is the bank of China the better option regarding international transactions? I have to get my salary paid in from Australia, so I need a bank that can handle those kind of things.
Which bank is the best to open an account in China?
Bank of China will be fine to handle incoming money from Aus. Just when you start your account you'll need to tell them if you want it deposited into your account as Aussie dollars or RMB. Different ups and downs to either option. ICBC is also a good bank to deal (as good as they come in China anyway). Also, the Bank of China is currently the only bank licensed to change RMB to foreign currency, but you could just take money from ICBC and bring it to BOC.
If you want to get RMB in large amounts back out of the country for any reason you'll need to start a RMB account in HK and send it there, then change it to the foreign currency of your choice and then on to it's final destination.
If you ever want to talk to me about that, I'm always at the Shanghai Austcham events!
Reply:Yes. The Bank of China is the best one. You can also check the exchange rate on its website and it's updated daily.
Reply:ICBC is another one to consider = http://www.icbc.com.cn/icbc/sy/
it has offices in Australia
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