Originally Posted by
RichardInSF
I wonder if by now it would be allowed to open up a RMB account as HSBC in Hong Kong and use it in China. Last time I checked, you had to be a HK resident to do this, but it sure would be a lot more convenient, especially if your trips were mostly to Shanghai.
HSBC is notorious for hit its own members with forex fees on ATM transactions, and their coverage isn't all that stellar, so I'd steer clear of them (or at least not make them a primary option).
I would advise anyone with in the OP's situation to open a Schwab checking account, or an account at any bank that reimburses all ATM fees.
Second, get a BofA checking account, which allows fee free withdrawals at all Construction Bank ATMs (in China and HK). Since Construction Bank is the largest in China, this move alone will get you pretty far.
Then, since you already have Construction Bank covered, open an account at Communications Bank, the third largest. The reason I skipped over Bank of China is that those guys hit you up with fees for ATM withdrawals outside of your home city, which isn't very cool.
I really like Schwab because the checking account can be tied to your credit card (hope you are lucky enough to have one) and your brokerage account, which means you can earn nice interest (by holding securities) most of the time, and free up cash as you need it during your China trips (by selling securities). I try to use my Schwab CC whenever possible as a primary strategy because I like the 2% cash back, but beware of dynamic currency conversion.