Where should I setup a bank account in Shanghai?

We asked expats in Shanghai what banks they use and there advice about banking. They advised...

"Yes. I switched to HSBC, which together with their Premier service allowed me to easily transfer my salary to and from my UK bank accounts. This also made it easier applying for a mortgage locally. Once coming to China I also engaged with a local-foreign owned firm to assist with my personal finances. They gave me much insight into the local market and enabled me to invest RMB into local funds. A risky endeavour for some but with currency appreciation against the USD I'm set to make at least 2%pa in interest alone. Incidently the fund returned 7% last year," wrote a member who made the move to Shanghai, China.

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"When considering retiring in Shanghai, expats should understand the cost of living, which is higher than some other parts of China. Additionally, it is important to research housing options, as renting is often a more attractive option than buying a property. Expats should also familiarize themselves with the healthcare system in Shanghai and make sure to have adequate health insurance coverage. Additionally, learning the language or at least some basic phrases can go a long way in making your move to Shanghai smoother. It is also important to check the visa requirements for retirees. It is helpful to be aware of your local options for shopping for food and other essentials. Finally, be sure to take some time to explore the city and its many wonderful attractions," explained one expat living in Shanghai, China, China.