Friday, February 16, 2007

Opening a bank account: minimum requirements

Recently I open an account in the bank of china (with the precious help of an office’s friend Cher) and I was stunned with the minimum requirements to open it.

Keep one thing in mind….right now the exchange rate is 1 EURO for 10 Yuan.

So it goes like this: to open the account they charged me 5 Yuan; for maintenance and management fee they will charge 10 Yuan annually; and the minimum deposit to them let us open an account is 50 Yuan.

Now exchange this to EURO and see how cheap are the banking services in China…European Banks should learn with their Chinese partners, don’t you agree?

Cya friends!

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