Job Discussion Forums

[Just a guy]

I�ve got a few questions to start this thread out with, I�ve looked through some past threads regarding money & am still a little unclear.
I�m presently out in the sticks of the Hunan province;

What is the best nationwide bank in China for a U.S. citizen..?

Do they have minimum balances to open & keep accounts..?

Are the ATM cards accepted nationwide at the bank you might suggest..?

Does that bank offer accounts for RMB & U.S. currency..?

Does the bank offer debit ATM Visa type cards..?

If so, will that card work for internet transactions worldwide, providing the amount is in the account..?

What bank is HSBC..?

Should I take my school up on their agreement of paying 70% of my pay in U.S. currency & deposit it into the bank & exchanging it as I need it..?

What is the best way to get money sent to me from the U.S, I wont be in much of a hurry to access the money, I just want more close by for emergency..?

Should I ask for a pay receipt? I assume everything is legit, should I ask for the receipt just to have it? They have so far just gave us cash, `pink cash once a month.

We have our Z visa & temp resident permit, they took our info a week ago to get our Teachers License or whatever,
What else is required by the PRC to live & work here?

So far, my school has been great about doing everything they can & should to help us, we�re the first foreigners to be here so they are going out of their way to please us.

Thanks for any info you can give.

[Roger]

I can't answer each and every question since I do not trust in Chinese banks nor wish to waste my time queueing up five times to get a job done, but this much I can safely say:
- You can put your money into a BOC account, and even get it converted
into foreign currency. Just have your relevant documents and a tax
receipt (you asked about "receipts" for your pay - not necessary, but
a tax receipt might in the future be an essential piece of paper!).
- There is also Hongkong Shanghai Banking Corporation, which is
a quasy-foreign institution. YOu might feel they are more reliable
and certainly more professional.

- Money transfers: From outside to China - no hurdles at all! Just open
an account here, and have your funds wired.

[Steiner]

Not much good advice from me, here, just personal experience. I'm a U.S. citizen if that matters. I'm also in Hunan, but probably not all the way to the sticks. Maybe in the limbs still.

I use Bank of China and have been satisfied so far. We just have a savings account with them. No minimum balance. We've been able to use our ATM cards everywhere--Xi'an, Beijing, Hong Kong, Guilin. But if you want to do anything inside the bank, talking with tellers, I'm not sure if you'll be able to outside of Hunan. We haven't needed to so I don't know for sure.

Stuff needed to live here--your passport w/ Z visa, a Foreign Expert's certificate (little red book) and Residence Permit (little green book).

And that's it from me.

[MyTurnNow]

Tag team advice. Cool.

Increasingly, bank ATM cards seem to be good at ATMs just about anywhere in China. It's not always the case, though...I've had ATM cards from provincial-level branches of major institutions (Bank of China, Construction Bank, etc.) that were good only in the city of issue, despite being directly assured otherwise by the banking gargoyle processing my applications. In other cities, even in the same province, I had to go inside and use a teller. I wish I had a good solid guide for you here but I can't find one to offer you. ICBC often seems to have its act together more than the rest of the Gang of Four (BoC, ICBC, Construction Bank, Ag Bank), but that isn't saying much.

Chinese ATM/debit cards are generally not useable for international purchases, in my experience. They often have labels from instititutions that claim alliance with VISA/MC etc. but it doesn't seem to really mean much. My Chinese ATM cards were not even generally accepted at ATMs in Hong Kong, as of a few months ago. ICBC and Bank of Shanghai offer VISA cards and you can buy things abroad with these, but even their use is limited. For example, ICBC has told me that I can't take my ICBC VISA card to another country and use it to obtain that country's currency from an ATM.

HSBC is Hong Kong-based and is a great, international-standard bank. Unfortunately, they have a limited presence in China (probably won't find them in the sticks) and last I heard offer only a very limited range of services here on the retail level. I've had pretty good luck with Bank of Communications for a long time, and my wife uses the private China Minsheng Bank faithfully for her most important accounts. However, outside the Greater Shanghai area both of these banks have far fewer locations and far less convenience than the Gang of Four.

You should ask for a pay receipt but you may not get one. My current employer is the first school I have worked for here that voluntarily gives me an official receipt and printed-out breakdown of pluses and minuses to my net pay. Other schools would only "talk me through" my check and explain to me why I was happy to receive the stated amount. Giving you a receipt obliges the school to take on a lot of tedious, unpleasant paperwork (such as paying taxes and keeping accurate accounting records) that they'd generally not mess with. This does cut both ways...my current employer is also the first school I've worked for where I had to pay taxes myself. (But I'm happy to pay them; just look at what I get for my money! )

The 70% thing is a judgment call. Personally, if I needed most of my money for domestic expenses/shopping/travel use, I'd take it all in Red Flags (RMB). If I were saving most of my money to send or take home, I'd take it in dollars. Bear in mind that there will be a cost to converting from one currency to another.

Tag!
MT

[traveller]

[MyTurnNow]

The Foreign Expert Certificate is required to get a Residence Permit for teachers. If you have a "green book" but not a "red book" something is amiss.

In addition to being a prerequisite for the Residence Permit, the FEC will let you convert RMB to other currencies without the punitive taxes.

MT

[clomper]

I have a similar dilemma. I have my multiple Z visa stamped on my passport and a temporary foreign residence permit. No foreign expert cert. Though it's written on my contract that they will convert my money to dollars every 3 months. I haven't tried sending money though. I have a BoC account in my country.

Do I really need the foreign expert cert and the receipt? Also, will I be surrendering the foreign expert cert when I leave the country? I plan to attend my grandmother's 80th bday next year. I'm not quite sure of the procedure.

[MyTurnNow]

You need the FEC to walk into a bank and convert and paying without paying the taxes. It sounds like your school has made an alternate arrangement for you.
Still, if you have a Residence Permit there should be an FEC for you somewhere. Perhaps your school is "keeping it safe" for you???

The only times I've left China since arriving has been to go to Hong Kong. But I've never been asked to surrender an FEC...
MT

[Joe C.]

[MyTurnNow]

Joe,
I respectfully and flamelessly disagree. My current employer is my first "government school" (and even it's a 50-50 foreign JV) and I have always gotten an FEC. I think perhaps you're right in so far as while anything goes in private schools, government-affiliated schools allegedly have "standards". However, very few private schools are authorized to directly issue Z visas, so they must ally themselves with a government institution who can help them.
BTW, the salary at my "government-school job" is pretty damn sweet...If I must defend myself, I think I can safely say I'm out-earning the vast majority of private school employees...

I agree that the FEC is not required to change money legally in a bank. What it does do is let you avoid a very heavy tax.

Regards,
MT

[Joe C.]

MTN,

The only time I have gotten a FEC was at a university, but after stimulating a few more brain cells to function soon dumped the university side of teaching. After that, it was the Alien Work Permit each and every time.

You're right about few private schools being able to authorize "Z" visas. You need a lot of paperwork to be approved for it and it isn't easy ... usually. However, there are some that can do it.

You're lucky in that you got a decent paying gov't job. The vast majority aren't as lucky as you, though.

I don't see how the FEC saves you money in taxes compared to the Alien Work Permit (AWP).

[MyTurnNow]

Joe,
you've stumped me with the AWP...a new one on me. What is it?
MT

[Joe C.]

AWP is the Alien Work Permit. It's issued by the Labor Bureau to those foreigners employed in authorized companies.

[MyTurnNow]

Sorry, Joe, still stumped. Never heard of this one before; I've only had FECs. So I can't begin to answer your question...
MT