Local Company can't open foreign currency in banks in China

Question

I was informed that the company where I'm working (I'm the only expat) which is a JV company registed in Nanhui, Shanghai can't open USD bank account in any bank within mainland China. I found it very strange. Just arrived in Shanghai for a month and clueless.

Is that true?

How can a company make transfer to foreign supplier then if they do some importing?

Could someone please be so kind to share this info to me?

Thanks a lot!!

Shangstar · Answer

That's nonsense!

Certainly your company can open an USD bank account.

My company has one opened at Citi Bank at Pudong. Even if you don't want to have it set up in a foreign bank, the chinese banks can do it for you as well.

check and see if it's your company which does not want the trouble?

KenXu · Answer

What is the business scope of the JV? If its operations are not foreign-related it is very possible that it can't open one, or the process might be too complicated. 

Even with only a RMB account it is possible to transfer overseas although this involve to go through multiple layers of bureaucracy (same for USD account), foreign currency accounts are mostly used to receive and keep incoming payments in foreign currencies. 

For payments received from overseas when sent to the "normal" current account they are converted into RMB.

Local Company can't open foreign currency in banks in China

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