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Q: Bank of China - Is the IQ of bank Staff with whom I dealt today is low?
I really got pissed off by these Banking staff.. I got frustrated today. Let me explain -
Today I went Bank of China branch with an aim to buy USD. I was carrying with me my Salary Certificate, FEC, Income Tax receipts , Passport etc. required documents.
Now, on counter, I asked the concerned staff that I want to purchase "X" amount in USD and I filled the related forms. After going through my document that staff replied me - "The amount of USD that you want to buy exceeds than your monthly salary . They argue that if my monthly salary is this much, then how i can buy USD more than my monthly salary and it will not justify the legal source of income "
I replied - Then what is the problem ? - "I get salary every month and I save some amount from my salary every month and then once in a three months or four months i buy USD".
But that fellow did not understand and got rigid that i can buy USD only equivalent to my monthly salary or les than my monthly Salary.
Has anyone went through such frustrating encounters with low IQ staffs of Bank?
8 years 23 weeks ago in Money & Banking - China
It's not bankers IQ (low), but banking rules they have in China.
I opened BOC account with passport, which was replaced by new book. I cannot make adjustments (add online banking) at my account, because my (old) passport is invalid/replaced by new one. I had handy both passports, but I couldn't convince them about word 'replacement'.
In their minds, I carry different passport now, in other words, I am a different person.
I must close my account and open new one with new passport.
It's much easier, if you have a Chinese friend to make an exchange for unlimited amount.
Scandinavian:
I have a doc from my embassy, with stamps and stuff, that I have had translated to Chinese and notarized that states that the two passports are the same person.
So to do bank stuff, or change my phone package I just need to bring both passports and that document.... because the bank cannot change the info to just be new passport.
Hotwater:
Bank of China is useless!
I'm like you...with CMB now...got new passport and took 20 minutes to change account details. Very efficient compared to BOC
icnif77:
LOL at Scan. I have CMB too, but school requested/demanded I had to open BOC account, because School won't/can't deposit monies to other bank than BOC.
icnif77:
It was very interesting. Rep. here told me about 'BOC is the only possible bank' as soon as I arrived to school, without me asking for salary deposits to CMB.
In Xinjiang, I called FEB, and ask them to make school deposit monies to CMB. I won, but only for the last salary.
Hotwater:
It's the "only possible bank" because they'd have more work and have to pay fees to transfer it to another bank!
icnif77:
They don't need to pay any fees for deposits to CMB. I asked about it in Urumqi CMB, and banker told me 'no fees for school at salary deposits'.
Then, I offered School to cover the deposit fees, but school still didn't want to barge. Called SAFEA, next.
The funniest is, one of the CMB's Gold account requirements is 'salary deposits to Gold acc.'.
It's not bankers IQ (low), but banking rules they have in China.
I opened BOC account with passport, which was replaced by new book. I cannot make adjustments (add online banking) at my account, because my (old) passport is invalid/replaced by new one. I had handy both passports, but I couldn't convince them about word 'replacement'.
In their minds, I carry different passport now, in other words, I am a different person.
I must close my account and open new one with new passport.
It's much easier, if you have a Chinese friend to make an exchange for unlimited amount.
Scandinavian:
I have a doc from my embassy, with stamps and stuff, that I have had translated to Chinese and notarized that states that the two passports are the same person.
So to do bank stuff, or change my phone package I just need to bring both passports and that document.... because the bank cannot change the info to just be new passport.
Hotwater:
Bank of China is useless!
I'm like you...with CMB now...got new passport and took 20 minutes to change account details. Very efficient compared to BOC
icnif77:
LOL at Scan. I have CMB too, but school requested/demanded I had to open BOC account, because School won't/can't deposit monies to other bank than BOC.
icnif77:
It was very interesting. Rep. here told me about 'BOC is the only possible bank' as soon as I arrived to school, without me asking for salary deposits to CMB.
In Xinjiang, I called FEB, and ask them to make school deposit monies to CMB. I won, but only for the last salary.
Hotwater:
It's the "only possible bank" because they'd have more work and have to pay fees to transfer it to another bank!
icnif77:
They don't need to pay any fees for deposits to CMB. I asked about it in Urumqi CMB, and banker told me 'no fees for school at salary deposits'.
Then, I offered School to cover the deposit fees, but school still didn't want to barge. Called SAFEA, next.
The funniest is, one of the CMB's Gold account requirements is 'salary deposits to Gold acc.'.
CMB is much better . I hate Bank of China . They're slow and their workers are useless !
Kaiwen:
CMB cannot exchange from RMB to foreign currency.
Foreign currency to RMB on the other hand is quick and convenient with CMB online banking.
icnif77:
CMB Gold account exchange Rmb to other currencies by 'spot exc. rate', US$50k /year. Paper exchange in person. I come to the bank, and tell them amount of Rmb I want to exchange and desired currency. I have foreign currency on account instantly. Then, I need an appointment for foreign currency cash pick-up. When you use CMB Visa ATM card outside of China, funds get deducted of Rmb holdings by 'spot exc. rate'.
Kaiwen:
Though I have a CMB Gold Visa Debit account, I went into the main local branch yesterday and they told me it could not be done. I also have the small, red USB toggle that they issue for online banking but I couldn't even do it using that. I only needed 200 USD. I crossed the road to the BOC. Despite the usual bureaucratic process and paper chain, they gave me the 200 USD no problem at all.
I regularly use the CMB to exchange GBP for RMB. That is no problem at all.
icnif77:
If you hold Visa/Mc ATM debit card then you have Gold account. It is special area in the bank for Gold account customers.
The thing with 'currency exc.' at CMB is better than in any Western bank I know.
However, you're unable to get foreign currency cash immediately, because they don't have foreign bank notes in the bank, so appointment for cash pick-up is needed.
Your FEC has a stipulation of how much you can convert each month. It was your error.
Please go back to the BOC with a basket of fruit, 60 incense sticks, kowtow for half an hour and beg their forgiveness.
Or, just have a Chinese pengyou convert as much as you want with just the RMB and their Chinese i.d. in hand while you enjoy a brewskie at a nearby bar.
voltasingh:
My issue was with logic that provided to me by BOC staff that "I can buy USD only equivalent or lower than my monthly salary". First time i heard such law or rule in my 3 years of staying in China. Also i needed USD in my bank account and not cash so getting help from Chinese friends was not an option for me.
Banking rules in China are archaic. The employees are the same. I'm sure he didn't "get your meaning," but it wouldn't have mattered anyway.
How about the fact that they don't stagger their staff's lunch schedule? the busiest time of the day, every day, and there's always only 1 cashier desk open. EAT AT 11 or 2!
There is a nationwide limit, something like 50kRMB monthly, it is in no way related to your salary. It's actually easy to circumvent and piss then off/break the machine.
The public administration (government, police, SOEs including banks, etc...) in China follows a system of tickets, each request of any type generates a ticket with a unique number (e.g. request 2015111412784810000000) that has to be processed, there is only a certain amount of tickets that can be shoved aside and ignored before the machine breaks and somebody is blamed for it.
So, if you want to take revenge, here is what you must do, keep calling the bank everyday, even multiple times a day to make the same request over and over, not only this will piss them off, but will come a moment when they just will not be able to ignore your request out of laziness because of the ticket jam and piles of unsolved requests under their bed.
You can also call the number decidated to complaints against public and SOEs workers, it can be found on your city's portal online along with the cop's and city hall numbers, for Foshan it's 98112 but each city has a different number.
Calling this number is free and it will generate even more tickets in the machine and sooner than later they will be forced to blame someone for it, certainly the bank employee responsible for your situation, be aware that the man might lose his job.
I just give the money to my GF to convert and she comes back with no problem, getting $1 for RMB6.33. I don't ask questions as long as I get my dollars. I must admit, am a bit paranoid and it was hard at first to just hand over a wad of red Maos and wait for a few days.
Hotwater:
A few days? If I'm sending money back to the UK I transfer it using the CMB phone app to my wife's CMB account. She then uses her online banking to convert to sterling and then transfers it using the same online banking to my UK account. Normally there next working day or the one after.
CMB all the way! Jia You!
haha... every State run enterprise anywhere on our Blue Marble staggers under the weight of it's own ineptitude.
If your goal is to change RMB for USD then you should have a PRC citizen do it for you. Throwing a laowai in the works is just like throwing a monkey-wrench into the Machine.
*for what it's worth, you could put your mind to where they are coming from. Converting currency is a relatively new concept for them and the State (in theory) demands absolute control of financial goings on's.
It's not a low IQ, it is a rule. So bring three or four month's receipts to exchange three or four month's worth of salary. There, fixed it for ya.
Banks have rules. Learn their rules and work with them. I never have problems at Bank of China or any other bank. Delays? Yes, sometimes. Problems? No.
After one or two goes, it will be easy.
Or perhaps they were intimidated by your immense charm and obviously superior intellect?
voltasingh:
I know most of the rules and regulations. This is my 3rd Year in China while doing job here..but first time i heard the rule of "I can buy USD only equivalent to or less than my monthly salary". And I am very sure that this is not a rule or law for foreigner to buy USD in China. Also i needed USD in my Bank account rather than cash therefore i cant take help of my Chinese friends or colleagues.
China banking is very quirky. i dont see that changing for the better any time soon. adjust accordingly.
Voltasingh:
what I will tell you may sound harsh, but it is not intended to be offensive at all. It is a reality, and you must accept it and learn how to live IN CHINA under it, and also of ways to circunvent it, as many Chinese do. After all, you chose to come to China, so must learn the laws and regulations that apply to you. Not onlyb that, but the fact that no two Chinese will interpret them in order to apply them in the same way.
Foreigners in China are subject to many Laws and Regulations that do not apply to Chinese Nationals. In this particular case, there are two that come to my mind. One is that you can not change currency from Rmb to US dollars exceeding the equivalent of $ 500 US dollars per day. The other one is that you (as a laowai) can not send (or receive) more than the equivalent of $ 50,000 US dollars per year. Now pay close attention. NEITHER OF THE TWO APPLY TO CHINESE ! So,find solutions based on that fact, please.
It is not that they have a low IQ, it is that they do not wish to make a mistake that will cost their jobs, and the safer route for them is to say "NO". And I am not a fan of Bank of China, I hate to wait in line from 15 to 20 minutes per customer ahead of me in line. But today I went to the Bank at 1:30 pme (no one in line ahead of me), and made a wire transfer to Bank of America in USA by just showing my passport. Knowing the regulations I was able to do that. But surprise, it is 5 pm now, and the deposit already shows on my computer as received at B of A in USA. Whoa !
My friend, in China, the important thing is not getting things done the way you want them done, but getting things done, makes no difference which way is used.
voltasingh:
Thanks for your information.. I know all these procedures but it was really a new rule that i heard from that banking staff which frustrated me - "I can buy USD equivalent to my one month salary only". It was just my second transaction in this financial year , so i was far below than upper limit of 50,000 USD. I also cannot take help of my Chinese colleagues or friends because i needed those USD in my Bank account rather than in cash.
I have been living in Guangzhou for nearly 1 year, but still find it hard to communicate with the bank staffs! It takes so long to tell them what I really want so i ask my Chinese friend to go with me every time until recently; she recommend an app named YesPohttp://bit.do/yespocne1 to me. It is an human translation and interpretation app, which can translate words and audios, you can even call the interpreters to ask for help. With it, I no longer need my friend and save lots of time.
ScotsAlan:
How much does that cost a minute? Could be expensive if your 5 minute meeting in the bank turns into an hour.
ScotsAlan:
Having had another look at that website you advertised, seems to be all about how to pay and not a lot about what you get. Is this a scam?
Worse bank ever. i also had a problem...they wrote my passport number wrong,and when i lost my card they could't find it by my name nor passport number !!fuc"ers
