yaramaz
Joined: 05 Mar 2003
Posts: 2384
Location: Not where I was before
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 Posted: Fri Jun 05, 2009 3:22 am Post subject: Wiring money to a Canadian bank or opening up a new account? |
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I'm working in China (legally- got my res permit and FEC and all) and have a direct deposit rmb account with China Agricultural Bank. This is all well and good when I'm here, but not so good when I'm abroad and need to withdraw money. Union Pay-friendly banks aren't very widespread, worldwide. I'd also like somewhere to keep my non-spending money for the long term, as I don't plan to be here forever and don't want to end up with a huge stash of un-convertible savings.
I've been researching this and have found a lot of very contradictory information. I suppose the rules here keep changing, which may account for some of the mixed messages.
Would it be better to open up a foreign currency account at another bank here (mine doesn't have this option) and wire the money to my old account in Canada via Swift every few months or should I attempt to open a more international account with the likes of HSBC or Citibank here? Their rates seem to be quite high for withdrawals and transfers and they want you to maintain a very high minimum balance (100k rmb or so) without offering much in the way of interest.
Does anyone have any experience with this?
(Also, my Canadian account has a credit card attached to it, which I would like to be able to use to keep my credit rating alive, so that option is slightly rosier for me than trying to wrangle a local card... But is getting the money out of the country worth it?) |
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