Job Discussion Forums

[yamahuh]

Sorry if these questions are redundant or have been discussed at length before. I've been thinking about opening a bank account and have a few questions I'm hoping you all can answer for me.

1: How much RMB are you legally allowed to take out of the country?
2: Does having a bank account restrict you in any way (By this I mean would they allow you to close an account and remove all the funds if you so desired)?
3: Are the Bank of China branches accessible / networked properly. I'm in a small town in SW China and have heard that unless you're at a 'large branch' accessing funds can be difficult.
4: If I wanted to exchange RMB for Canadian dollars / US dollars what would be my best option (bank, guy on the street, taking it back to Canada)?
5: What kind of service fees are attached to the bank account and do they issue you a card for ABM's?
6: Is it worth the hassle or should I just continue to keep my cash in the money belt in my sock drawer?

The last time I chequed the exchange rate for RMB through the Royal Bank in Canada was sh*te and I can't afford to lose the little bit of money I DO have through a lousy exchange rate.

[tarzaninchina]

That's what I is, anyway.

1. 20K RMB in/out

2. do whatever you want with your bank account unless court proceedings are taking place that involves you as one of the two main parties

3. BoC's are networked well, make deposits and withdrawals at any branch so long as you have your ATM card or bank book; they don't appear as often as other branches in a given city, but they are there and I was advised to go with them for the reason that they are all across China

4. Having a USD account would be best as they don't often have CAD on them without having to wait a while, plus you get a better exchange rate in the bank; as for taking it back to Canada, yeah, I s'pose depending on what exchange rate you get

5. No service fees! Love it! If you use your ATM at another bank's machine, there's a 10RMB fee

6. don't forget that you get interest as well (although it's worth it to get a monthly account) and that the tax for that interest is automatically deducted, so no worries there; very little hassle to open RMB and/or USD bank accounts; with your passport and red book it's no problem to convert funds on a monthly basis at banks

, expect the exchange rate between the RMB and USD to improve sometime this summer by about two percentage points (favoring the RMB), so it will be lowered from the current 8.2889 RMB : 1 USD 6:1 would be nice

[yamahuh]

Thanks for the good info

[rickinbeijing]

If you don't plan to stay in China too long the cash in the sock drawer isn't such a bad idea. Of course, it could be stolen.

Let me put it this way: China's banks are a basketcase. They've improved their customer service from wretched to miserable in the past several years, however.

As you know, WTO kicks in next year and I can hardly wait. I like China but the banks here need a rude awakening if they're ever going to get their act together. It's no coincidence that the CCP has dragged its collective feet on this economic front.

This being said, remember there's no convertible currency yet and only a percentage of your salary can be converted as it is.

Accessible? Don't make me laugh. You get charged a service fee if you use an ATM from the same bank but in another city. Coordinated services? Another joke. More like trying to buy train tickets from a city other than the one you're currently in. Coordination is not part of the Chinese banking system.

Access to funds I'm not sure but I do know that getting bank drafts is nearly impossible in many small towns and services vary even within the same town or city.

Sorry to be so cynical but I have no respect for the banking system here. I've had too many difficulties to feel otherwise.

[clomper]

Hmm.. RickinBeijing gave some info about banking here in China.

I don't know much about CAD.. It's easier to exchange RMB to USD from the guy on the street rather than go through the paperwork with the bank.

Some banks like CCB charges RMB10 if you want an ATM card for your account. If you use your ICBC ATM card on a CCB ATM, they will charge you a fee. If your friend will deposit money to your account from another city, they will charge both you and him a service fee. Withdrawing money from another city will incur service charge as well.

You can withdraw money with your BOC and ICBC ATM cards in Hong Kong and Macau with service fees and at the bank's current exchange rate.

That's it with what I can share with ya.

Claudine

[cujobytes]

I've had no problems with my bank here ( communications bank).

[yamahuh]

OK, so SUPPOSING I decided to not open a bank account and also SUPPOSING that I wanted to convert my RMB to good old 'hard cash' / USD and ASSUMING that I'm in the middle of b*m f*ck nowhere; how would I go about finding one of these gentlemen who can provide me with a good exchange rate on US denominations??

[cujobytes]

Well the first and most important thing is that once you find them you know how to tell real $ from unreal $. I'm not sure what B*m F*ck nowhere is like, maybe you could get a bus to the nearest provincial capital and go to the busiest commercial district and stand OUTSIDE the bank. (any bank) they'll find you, negotiate. There probably isn't much $USD in B*m F*ck China anyway, or ask someone at your work. (Try the financial officer)
BTW I don't know your level of Chinese, but change money is 'hwan chien'
American dollars is 'mei jing' just like it reads. good luck.