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How's biz banking in Macau?
- Thread starter Tomy223
- Start date
It's nothing like Hong Kong.
For context, if we look at personal accounts, non-resident banking for non-Chinese citizens is practically unheard of. For example, if you try to open a non-resident personal account in Macau, most banks will reject you and some will just redirect you to their Hong Kong offices instead.
Business banking in Macau for a Macau company is slightly less problematic. But it all kind of starts with the fact that incorporating and running a Macanese company is much, much more complicated than Hong Kong. For one, you have to show up in Macau in person to sign certain documents. Appointing a representative is possible but considered unusual. That sets the tone.
But suppose you managed to open a company. Depending on what the company does, there's a chance some banks in Macau will take your company. Unless you manage to open an account with the big international banks, you will be given access to MOP, CNY, and HKD — maybe USD. With some of those banks, internet banking will be like a blast from the past. Frost your tips, blast Green Day's Dookie your Sony Walkman, and return your Matrix VHS to the local video rental place — it's time for some Macanese online banking. Get it done quickly, before archaeologists come and take it away from you.
Make sure the CPA who's forming the company has good relationships with OCBC, CCB, or some other big international bank. Especially if you want to transact in multiple currencies and need to do more than occasional money in/out.
Business banking in Macau for a non-Macanese company is also practically unheard of. There are exceptions, for example companies that do certain industrial or shipping activities and want to send/receive MOP.
For context, if we look at personal accounts, non-resident banking for non-Chinese citizens is practically unheard of. For example, if you try to open a non-resident personal account in Macau, most banks will reject you and some will just redirect you to their Hong Kong offices instead.
Business banking in Macau for a Macau company is slightly less problematic. But it all kind of starts with the fact that incorporating and running a Macanese company is much, much more complicated than Hong Kong. For one, you have to show up in Macau in person to sign certain documents. Appointing a representative is possible but considered unusual. That sets the tone.
But suppose you managed to open a company. Depending on what the company does, there's a chance some banks in Macau will take your company. Unless you manage to open an account with the big international banks, you will be given access to MOP, CNY, and HKD — maybe USD. With some of those banks, internet banking will be like a blast from the past. Frost your tips, blast Green Day's Dookie your Sony Walkman, and return your Matrix VHS to the local video rental place — it's time for some Macanese online banking. Get it done quickly, before archaeologists come and take it away from you.
Make sure the CPA who's forming the company has good relationships with OCBC, CCB, or some other big international bank. Especially if you want to transact in multiple currencies and need to do more than occasional money in/out.
Business banking in Macau for a non-Macanese company is also practically unheard of. There are exceptions, for example companies that do certain industrial or shipping activities and want to send/receive MOP.
I opened a personal account in Macau 15 years ago. Not sure if it's still doable nowdays.
Unfortunately Macau doesn't even try to be a global financial HUB and they prefer to concentrate on the Casino business.
I will never understand it. They could easily become the UAE of Asia.
Even incorporating a company is kind of a pain in the a*s and let's not talk about getting a residency visa.
EDIT: I love Macau, spent 7 years there, but some things could be more modern.
Unfortunately Macau doesn't even try to be a global financial HUB and they prefer to concentrate on the Casino business.
I will never understand it. They could easily become the UAE of Asia.
Even incorporating a company is kind of a pain in the a*s and let's not talk about getting a residency visa.
EDIT: I love Macau, spent 7 years there, but some things could be more modern.
At which bank you opened the account or heard about account opening in Macau? Mine was HSBC
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