Job Discussion Forums

msBLACKgirl · Posted: Wed Jun 18, 2003 1:12 pm Post subject: Bank of China

HELP! I'm planning on taking some of my savings with me. Probably about $10,000.00 The last time I used Traveler's Checks, and kept them hidden in my apartment. Of course I don't want to take that chance again. I have a few questions, (1) Is it possible to open an account with my greenbacks, and before I leave for home withdraw ALL of my $$$ without penalties?? (2) Can I leave my money at home and use my ATM card?? (3) Are RMB dispersed ATM Machines available? I'm planning on calling Beijing or Shanghai home, so I am aware that these cities are bit more "WESTERNIZED" than other cities. I don't want to change all of my cash into RMB, as I don't think I will hardly spend 10K. However, I'd rather have it than not. Thanks in advance--- *smile*

noodles · Joined: 12 Feb 2003 Posts: 67

I've found i can always find a cash point to use to get my (rapidly dwindling) money from back home, the China Bank is always a cert but many other cashpoints work as well so your not normally stuck unable to find one.

struelle · Joined: 16 May 2003 Posts: 2372 Location: Shanghai

(1) Is it possible to open an account with my greenbacks, and before I leave for home withdraw ALL of my $$$ without penalties??

If you're in China, you can open USD accounts with HSBC. You can also open RMB accounts with the same bank, and have the money remitted back home. But the catch is you need to have an account with HSBC in your home country as well, and it costs $US25 per remittance. You can open a savings only USD account as well, but I'm not sure if the interest rate is profitable. As far as I know, Bank of China only does RMB accounts.

If you withdraw US cash from an account and change it into RMB, that's a piece of cake. Just take the greenbacks to the Bank of China. It's much more difficult to go the other way around, and this is a challenge if you get paid in local currency. You can change money 'by the book' by remitting cash at HSBC (and probably other private banks), or else use the black market. If you do the black maret, try it through connections (guanxi) and not the street, as the street may have counterfeit bills.

Roger · Joined: 19 Jan 2003 Posts: 9138

I suggest a time deposit account. This should earn you 1.25%. The BOC accepts many different currencies. If you keep a current account, you may have to inform them a few days early if you want to withdraw such a large amount of cash!
Why don't you just buy travellers cheques? That's the safest way!

chinafriendhere · Joined: 31 May 2003 Posts: 22

If you want to bring 10,000 usd to China, you can bring the money by travellers cheques. It is cheap (no bank fee) and safe. When you get to China you can easily change the travellers cheques at a superior rate to cash (don't ask me why). You can then deposit your 10,000 usd in any number of banks including the Bank of China, Agricultural bank, Industrial and Commercial bank or a foreign managed bank like HSBC. I prefer the Bank of China.

If you want to remit 10,000 usd to the US, I suggest using Western Union. Western Union has a cooperation with the Agricultural Bank of China. I have transfered 5,000 usd directly to my sister by just providing my passport, and my sister's city. The fee was much less than any other bank transfer fee in China. My sister was able to pick up the cash at a Western Union center within 12 hour of transfering the money (no fee on her side).

Minhang Oz · Joined: 23 Apr 2003 Posts: 610 Location: Shanghai,ex Guilin

I'm in Shanghai, and my school pays my salary directly into an Industrial and Commercial Bank of China account. I use a card at any of their ATM's for withdrawals; all ICBC ATM'S ARE IN eNGLISH AS WELL [AT LEAST HERE THEY ARE]. As Roger says, Bank of China does foreign currency accounts. Even though interest rates on term deposits are low, one year's interest will buy a lot of nice restaurant meals, even in Shanghai.

selmo · Joined: 12 Jun 2003 Posts: 47 Location: China

I just keep $5000 in an old shoe box in my bedroom and stick my hand in it when I need to buy some thing. When travelling I throw the box away and keep it in my pocket. I have never been robbed and never lost a cent . The only purpose a bank has to me is to try and ripp them off coz they are ripping the rest of the world off.

Buttercup · Joined: 06 Apr 2003 Posts: 54 Location: Shanghai

A warning about travellers' cheques: I just visited Shanghai and they were a pain... to change. When my boyfriend tried to use travellers' cheques to pay for the hotel, the receptionist refused them, saying his signature wasn't identical! This has never happened to me before! We couldn't believe it. She said, "Sorry, it's English, I don't know." Even at the Bank of China (!!!) it took about a half hour to cash them. I will never use travellers's cheques in China again. And this was Shanghai! As other posters said, there are ATMs everywhere in both English and Chinese.

ESL Guru · Joined: 18 May 2003 Posts: 462

You have no idea how many times I have heard ESL teachers in China say that it cost them their entire life savings just to work in China.

Something is very wrong with this picture!

msBLACKgirl · Posted: Sun Jun 22, 2003 5:56 am Post subject:

Believe me this is not my entire life savings. I would NEVER, EVER leave home without having something to "fall back on". Things happen, I look at this experience as work/vacation/adventure. I'm aware that I can live quite comfortably on my monthly salary, but I want to be prepared for any and everything. Honestly, I'm somewhat of a pampered princess, I guess. I don't DO bikes, I didn't while in China the first time, and I certainly don't believe in roughing it. I will travel to China with many if not all of the comforts of home. Personally, I approach this experience as I would any other major, life-altering decision. I find nothing wrong with folks taking their savings or partial savings with them. That's actually a smart thing to do, as one can never be too sure of the end result. Better to be safe than sorry!

Yo taxi can a sistah get a ride?,

MsBG

ESL Guru · Joined: 18 May 2003 Posts: 462

Dear Ms. Fine Black is sooooo beautiful Lady:

A true story -

Due to various circumstances I was required to move my family of three into an ocean going houseboat for three years. We left a three bedroom ranch style house.

My wife wanted to put all our posessions in storage, just in case things did not work out on the tiny 40' boat. I said "NO" we will sell everything and we will make it work!

It was rough at first. Many a time we would have quit if only I had listened to my wife and had something to fall back on.

Once we adjusted, we stayed on the boat for 6 years. My wife was very glad that I did not listen to her.

When you do make your move, please remember these two things:
1. Flexible people do not break.
2. Nothing in Asia is as it appears.

Best of luck darling!

msBLACKgirl · Posted: Mon Jun 23, 2003 1:53 am Post subject:

Wow, a house boat? Very interesting...and the moral of that story was? Thanks mr. guru... I like that "ms fine black is soooo beautiful lady" Very Happy

phillipl · Joined: 21 Jun 2003 Posts: 24

My experiences: (Chengdu, China)

You can open a "foreign" currency account at the BOC (Bank of China) - ie deposit US$s and withdraw US$s - no fees

You can easily exchange US$s for local currency.

You can also use your American/other country ATM card to withdraw at ATMs - check with your bank - BUT there is an overseas withdrawal transaction fee! - the banks in Australia charge a huge fee compared to withdrawing there although the exchange rate is fair! Make sure your bank is part of the Cirrus/Maestro international network.

Final words of wisdom! - the more you bring the more you'll spend! - sooooo many shops!!!!!!!!

ESL Guru · Joined: 18 May 2003 Posts: 462

The moral of the story -

Notwithstanding what a life insurance salesman may tell you, too much insurance is bad.

Too much ready cash on hand may make you miss some very interesting times.

Things are very, very different here and the only certainty is that there is no certainty.

You are not just relocating, you are joining a completely different culture and much of what you bring with you, be it posessions or ideas, must be abandoned or you will a very unhappy camper!

I trying to assist you here.

selmo · Joined: 12 Jun 2003 Posts: 47 Location: China

miss black girl you have no sense of adventure why don't you just go on a tour around china in your royal carriage? Act without acting Work without effort and relish simple food or get a walk on part in different strokes