Job Discussion Forums

[erica63]

Hello all,

I am an American who will be graduating from college and moving to Shanghai this June, looking for a job teaching in some capacity (nothing lined up, I'm planning on finding one while I'm there). I plan to travel continuously around Asia for a number of years, so accordingly I am trying to get things squared away here in the US before I leave.

One important question I had is about banking. I am currently with Citibank, and when I studied abroad in Europe I got charged out the wazzoo (3% I think) for making any transactions in foreign currency. What is a good bank for China or for international travel? I would like to keep my savings in an American bank, I think, because I like that my parents could have the option of depositing money. I've heard that Bank of America is connected with a China Construction Bank and that you get free withdrawals. Is there anything else like this that might be better?

Also, what happens when you get paid in China? Will I need to get a Chinese bank account? If so, how, and which banks do you recommend?

Additionally, I would like to apply for a new credit card with low international rates (my current credit card is also with Citi and also charges 3% foreign fees). I have built up good credit over my time as a student. Any recommendations?

Thanks so much!

[erica63]

I forgot to mention, my research has indicated that Capital One has the lowest foreign fees on credit cards. Any experiences using that card in China?

Also, are Visa and MasterCard accepted in the same frequency in China as in America (relative to other cards)? I realize I will probably not be using my credit card as much there, but before I ding my credit score by applying for one I want to make sure it will be usable!

Thanks again!

[North China Laowei]

Erica,

Not all Chinese ATM's and not all Chinese merchants have access through the system to foreign credit cards. Chinese credit cards -- no problems. You will need to identify and learn those ATM machines in the city where you live that have overseas hook-up. There are surely more now because of the games then when I came to China. In the bigger cities like Shanghai, Beijing, Guangzhou, this should not be problematic.

As for getting a credit card in China, much has been written on that subject around here.

I will write more later.

[kev7161]

While there are several places that will take a credit card (businesses, that is) such as most hotels, online travel services like CTrip, international grocers such as Carrefour, etc., there are many, MANY more that do not - - especially local, homegrown businesses. As stated above and in MANY threads on the subject, most major city ATMs (newer, modern) will take foreign credit cards. Sometimes a bank will have one specific ATM just for foreign cards. Also, doing cash advances off a credit or debit is little problem. Just make sure you have your passport with you for ID. Now, getting money exchanged and sent back home is a whole 'nother thread and has been talked about here several times. Try a search if you can figure it out or scan down the most recent 4 or 5 pages and you're sure to find the topic covered somewhere.

[China.Pete]

"Will I need to get a Chinese bank account? If so, how, and which banks do you recommend?" -- Erica

Your employer will have a preferred bank, and that is where you will need to open an account. There is no particular advantage in one of the major Chinese banks over another that I can tell; although all seem to be expanding their service options, and many are linking up with foreign banks to augment their know-how.

You are on the right track as far as looking for a low- or no-fee debit card for making cash withdrawals abroad is concerned. Other than the majors, you might want to check out the smaller community banks and credit unions. Some may offer you better deals than the big banks will.

[Tsuris]

Erica, as long as you have a Visa debit card, you will be able to make cash withdrawals in renminbi at any Construction Bank of China (just look for the ATM with the Cirrus logo). I can't say what the foreign surcharge would be, but I know it can be done and this will allow you to maintain your account in an American bank. Ask Citibank what their charges would be for using the debit card in China.

Once you are in China, if you want the ability to use a credit card without incurring extra international charges, simply apply for a secured international credit card at the Bank of China. You deposit the equivalent of $500 U.S. dollars in renminbi and you will receive the card in a couple of weeks. You can use it to make Internet purchases and you can pay the bill in renminbi (at any branch authorized to exchange money). When you close out the account, your deposit will be returned.