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Stuart_H
Joined: 04 Jun 2005
Posts: 9
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 Posted: Sat Jun 25, 2005 5:27 pm Post subject: Money Questions |
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| Well, the big day is fast approaching; soon I'll be flying to China for the 1st time. This forum has been extremely helpful. My question is, how much US money should I bring to get me on my feet? Where should I exchange it for Chinese Yuan? |
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tw
Joined: 04 Jun 2005
Posts: 3898
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| Posted: Sat Jun 25, 2005 8:32 pm Post subject: Re: Money Questions |
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| Stuart_H wrote: |
| Well, the big day is fast approaching; soon I'll be flying to China for the 1st time. This forum has been extremely helpful. My question is, how much US money should I bring to get me on my feet? Where should I exchange it for Chinese Yuan? |
It depends where in China you'll be staying, and how you will be living. If you are going to be buying a lot of Western food or dining out in Western-style restaurants and going to expat bars and Starbucks often in expensive cities like Shanghai and Beijing, then you probably need to bring as much as you would be spending a month in USA.
If on the other hand you will be somewhere in the boonies and you will be having Chinese food every day, then you'll do fine with 200-250 USD for a month. That's how cheap China can be. Heck, what am I saying? Even 100 USD is possible!
That said, of course I know you will need to do some shopping for things like laundry detergent and coat hangers but they don't cost much in China. Your employer MAY ask you to pay for the medical exam (if you haven't had one yet) and/or pay for the work permit and resident permit applications (a kind of security deposit to prevent you from running). You can always just ask them to deduct it from your first month's salary. As for currency exchange, just go to any Bank Of China branch -- preferably one in an actual city and not a little town becasue the ones in little towns sometimes are not authorized to do currency exchange (or too worried about counterfeit money). |
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Roger
Joined: 19 Jan 2003
Posts: 9138
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| Posted: Sun Jun 26, 2005 5:23 am Post subject: |
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Take thousands of American yuan with you, yes: thousands - China ain't as cheap as some make it look!
Count on spending U.S. 1000 a month (that's a bit on the high side, but then again, if you do not use up this amount you keep it as a safety cushion).
Top it up with another 1000 for your flight back home.
If you want to know how to burn money:
- Travel by soft sleeper trains or by air;
- 2-star or higher accommodation in your destinations here;
- nightly bar crawls;
- dining out like a pig;
- scrimping and saving every fen on decent and clean food and be faced with a hospital bill for that poisoned meal!
- socialising with all and sundry; someone tipped me off that those girls in Shanghai's Nanjinglu drag who accost every white face saying "hello, my name is (insert a fancy name such as CInderella or Cleopatra), I am a student of English and want to make friends with you. Can we go to that cafe over there for a little chat?"
Some such encounter cost my correspondent 1300 kuai! And wait, in my experience, not everyone that's accosting foreigners in Shanghai is a beautiful girl - there are people from all walks of life! IT's fascinating to hear the same story coming from 6-year old men with heavy calluses on their palms... |
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tw
Joined: 04 Jun 2005
Posts: 3898
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| Posted: Sun Jun 26, 2005 5:42 am Post subject: |
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| Roger wrote: |
| If you want to know how to burn money: |
You failed to mention the most important one:
Walk down the street with $100 USD bills hanging out of pockets (borrowed from one of Bill Cosby's comedies). |
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peabocardigan
Joined: 14 Jun 2005
Posts: 63
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| Posted: Sun Jun 26, 2005 6:21 am Post subject: |
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| Roger wrote: |
Take thousands of American yuan with you, yes: thousands - China ain't as cheap as some make it look!
Count on spending U.S. 1000 a month (that's a bit on the high side, but then again, if you do not use up this amount you keep it as a safety cushion).
Top it up with another 1000 for your flight back home.
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I agree that it's a good idea to come here with a $ safety-net for possible hospital costs or an emergency flight home. Especially good hospitals will cost you a lot of money and most likely require you to leave the mainland, even though I heard there are some good int'l hospitals in Beijing and Shanghai. You might want to make sure to have health insurance in your home country that covers you for China as well.
Not to scare you, it's just a good idea to think about all possibilities... |
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tw
Joined: 04 Jun 2005
Posts: 3898
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| Posted: Sun Jun 26, 2005 6:28 am Post subject: |
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[quote="peabocardigan"]
| Roger wrote: |
| I agree that it's a good idea to come here with a $ safety-net for possible hospital costs or an emergency flight home. |
May I just point out that he will probably be coming with an open ticket, and that all major airlines' offices in China do accept major Western credit cards? |
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peabocardigan
Joined: 14 Jun 2005
Posts: 63
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| Posted: Sun Jun 26, 2005 6:37 am Post subject: |
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| Many people come here on one-way-tickets and have no return ticket home. Even if he is in a city where the airline office accepts credit cards, having cash will make booking a flight a lot quicker and easier. At least that's my take. Wherever one goes in the world, one should always have enough cash for getting home. |
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Stuart_H
Joined: 04 Jun 2005
Posts: 9
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| Posted: Sun Jun 26, 2005 8:26 am Post subject: |
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| I am coming on a one-way ticket, so I will definately keep some travel money stashed away just in case. Should I exchange my money at the airport or go to a bank or what? |
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tw
Joined: 04 Jun 2005
Posts: 3898
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| Posted: Sun Jun 26, 2005 8:31 am Post subject: |
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| Stuart_H wrote: |
| I am coming on a one-way ticket, so I will definately keep some travel money stashed away just in case. Should I exchange my money at the airport or go to a bank or what? |
Don't bring a big wad of cash! Buy traveller's cheques (American Express) and only have a couple hundred in cash. The bank can exchange traveller's cheque. I have done it and the rates were good when I did it two years ago. There will be at least a Bank of China branch in your destination city so exchange them at the bank, that's my suggestion. The exchange rates are controlled by the government but they may not be as favourable at the airport but I am not sure. Anyone got any first-hand experience comparing bank's exchange rate with airport exchange rate?
Also keep in mind if you bring more than 20,000 RMB into China you must declare it. |
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waxwing
Joined: 29 Jun 2003
Posts: 719
Location: China
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| Posted: Sun Jun 26, 2005 8:37 am Post subject: |
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| tw wrote: |
Don't bring a big wad of cash! Buy traveller's cheques (American Express) and only have a couple hundred in cash. |
A credit card is a much better option in my opinion. VISA I think best, or Mastercard. Travellers' cheques are a kind of outdated option, less convenient, more fees, not as widely accepted and can't be used at ATMs (a huge advantage when you don't speak the language and don't want to spend hours at the bank). |
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handelme
Joined: 20 Apr 2005
Posts: 17
Location: Dublin, Ireland
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| Posted: Sun Jun 26, 2005 2:46 pm Post subject: credit cards... |
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So, there is no problem relying on a mastercard as cash source in China? I was going to put money on my credit card, and just take it out at the bank ATM when I get there, instead of carrying about cash or those stupid travellers cheques with make me feel *tour bus tourist* !
I think its about 2% exchange rate which is standard....but I'm not sure about other bank fees that can be whopped on...anyone know the details? I managed to wrangle a student card so at that should be Some benefit :)
ps usit cards any use in china/hong kong?
ta |
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tw
Joined: 04 Jun 2005
Posts: 3898
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| Posted: Sun Jun 26, 2005 8:23 pm Post subject: Re: credit cards... |
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| handelme wrote: |
| So, there is no problem relying on a mastercard as cash source in China? I was going to put money on my credit card, and just take it out at the bank ATM when I get there, instead of carrying about cash or those stupid travellers cheques with make me feel *tour bus tourist* ! |
You NEVER, repeat, NEVER want to withdraw money at an ATM with a Amex/Visa/Mastercard! It is no different from borrowing money from a loan shark. The moment that money comes out of the machine the credit card company starts charging you daily interest. Bring your bank's bank/ATM/ABM card and use that to withdraw money.
From www.voyage.gc.ca/main/pubs/china-en.asp
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| "When entering China, Chinese law requires you to declare any RMB cash amount over 6,000 RMB. Likewise, on departure, you must declare any cash amount over 6,000 RMB." |
In regards to credit cards and bank cards:
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"Major credit cards are not widely accepted in China. Some Chinese banks will provide cash advances using these accounts, but they may charge for the service. Some stores and restaurants accept credit card purchases, but they may apply surcharges. The only places that can be counted on to accept credit cards are five-star hotels.
It is now possible to use bank cards to draw on your Canadian bank account at ATMs in several places. These international ATMs taking Cirrus, PLUS or Maestro are restricted to a few sites in larger cities and most international airports. Limited amounts can be withdrawn, reflecting the cardholder�s daily limits, but often the exchange rate is more favourable than can be obtained when changing money at banks in the interior, where surcharges may be added." |
So I was wrong when I said that if you were to bring more than 20,000 RMB into China you would have to declare it. It's actually 6000 RMB. |
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Keath
Joined: 02 Apr 2005
Posts: 129
Location: USA / CHINA / AUSTRALIA
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| Posted: Mon Jun 27, 2005 3:59 am Post subject: |
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traveller's cheques - NO. DONT GET THEM UNLESS YOU ARE TEACHING IN SHANGHAI AND CAN GET ACCESS TO A LARGE BANK.
If you are teaching in a small rural area, you will still be hard pressed to find a place to convert your traveller's cheques.
Bring about $700 with you if you are just going for the summer. Remember, if your semester starts in September, to bring enough dough to last you until your first paycheck. (usually paid monthly)
So, if you arrive in July and your semester starts in September, you will be paid October 10 (just guessing) So bring like 1500 at the least.
with perhaps another 500 in reserve (traveller's cheques or via ATM)
ATM Cards work in larger city banks, most smaller city banks you will not be able to use your foreign ATM card or Credit card.
I usually suggest for people to bring cash. (Dollars) get your bank account in your local area, and convert approximately half of it into Chinese RMB and maintain an account that allows for both Dollars and RMB. We usually prefer to do business with the ICBC bank, they have some nice online features.. But Ive heard good things about China COnstruction Bank and Bank of China.. BOC would be a close second choice.
Keith
www.journeyeast.org |
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