Survey: Yes to foreign banks
(China Daily)Updated: 2007-02-02 09:25
"If I had more than 1 million yuan, without doubt, I would immediately move it from local banks to foreign banks such as Bank of East Asia and Citibank, just because they provide good service," said Zach, a respondent to the China Daily survey.
Like Zach, many netizens surveyed expect better service from
foreign banks, which have long banking experience and extensive global networks.
"Why not (move money to a foreign bank)? It is a good option. Foreign banks may offer better services," another online respondent, said.
Xing Xing agreed that the service of foreign banks is better than Chinese banks and said that foreign banks are safer.
Some others from the online community said they will try foreign banks, as they are unsatisfied with local banks.
"I hate the service offered by local banks. Foreign banks might be better or worse...but I'd love to have a try," Mandy said.
"I'm fed up with long lines and unknown waiting time at the Chinese banks. Their service is far from satisfactory," said Chen Chen.
"I will transfer all my money (though a very small amount) to a foreign bank in Beijing if they don't have a high minimum deposit," Chen Chen said.
The high threshold is a concern for ordinary clients who would like to move to foreign banks.
Although many foreign banks have said that they will be open to all clients, they are thought to be targeting high-end customers who will generate higher profits.
And the general practice of foreign banks collecting fees on smaller accounts
will make it difficult to win Chinese customers.
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