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Q: Banks you shouldn't use
Not really a question but just an update for new comer's to China..
To all foreigners Don't use Pingan bank.
This where my salary is sent to and I never tried to Change RMB into Dollars or Hong Kong dollars until today and I was told that legal working foreigners can't change RMB into anything.. Unless your company gives you a salary certificate of some kind, but who really wants to go through the hassle of doing that? Especially during the holiday...
So I did it the old fashion way at the Bank Of China..
Very very disappointed in Pingan..They're a Government bank, so I guess I shouldn't be surprised, just another eye rolling experience..
10 years 12 weeks ago in Money & Banking - China
Did you remember the always required step when banking in China. Simply asking another person, possibly at another branch. PingAn Bank is pretty new.
Bank Of China is also a government bank. I do agree BoC is generally able to do more than the rest, at least with less fuss.
banks that are in default are not closed, no bankruptcy in china, pingan bank was formed to take over some bad debt banks and the banks just changed their names, this may be the reason its not so friendly to do business with. pingan took over all the shenzhen coop banks in jinan last year, one day the bank downstairs just change signs to the new name with lots of red, the day before different name, baby blue color.
ironman510:
Wow good history lesson man, now I totally understand why Shenzhen Development Bank was turned into Pingan
Every bank in China makes it impossible for a foreigner to change RMB into dollars or other currencies. I've come across this type of problem with other banks as well. The bank teller just told me to have a friend exchange the money, or "buy it from the black market. It's easier those ways." The friendly bank teller took out his I.D. card and bought the dollars on my behalf after his boss told him to. Even the Chinese hate filling out all those forms.
ironman510:
These are actually good opportunities for anger management control
icnif77:
'Every bank in China makes……' -----> Not true! Try CMB for foreign exchange.
As far as I know, Bank of China is the best and/or only place to change RMB to $$$ or the currency you need. I only lived in two cities so far but in both cities there was only one or two Bank of China locations able to exchange RMB. The others simply don't exchange, so don't bother going to other banks for exchange. I never had a problem exchanging RMB for $$ at the right location, up to the $500 limit.
bayuvar139:
Yes, Correct! The DAILY limit is $500, but still many forms to be filled out.
bill8899:
If you don't like forms, don't ask a bank to do anything besides upchucking your money at the ATM.
China Merchants Bank is the best in my opinion. Better than any Bank listed above. Visa/Mc ATM card with 1000 Rmb deposit
. Staff in (Urumqi) CMB is awesome, too
. CMB is using 'spot rate' for (limited to $US 50 000/year) foreign exchange. Cash foreign currency is available in a week notice. English speaking staff in CMB around China (Zhejiang, Liaoning, Guangdong, Beijing, Xinjiang). Search for 'laowai friendly bank…' for more posts about CMB.
bill8899:
Does CMB pay you to pimp them all over the internet? They should!
To be honest, I went to CMB with a friend and they (CMB) appeared to offer many useful services. Maybe I should move some money there? Are they allowed to do SWIFT code overseas transfers? I know I could ask them but it's a long trip to downtown from my place.
icnif77:
No pimping here! I only 'pomp' my US 'up yours' 
friend (are you ready for WP transcript?) O2, O2....
I am not sure about SWIFT at CMB, but they appear no different than Western Banks. Whatever I encounter at CMB is 'the best Bank offer to foreigner' in China.
romit.r:
I've never heard VISA/MC debit cards anywhere in China, nothing except Union Pay. . if your information is true, this could be the best news ever!
icnif77:
It's true! I opened Gold Visa account in Dalian, Liaoning. Now, I have same account and ATM card with Visa logo in Urumqi, Xinjiang.
Step in one CMB and ask them to open Gold account. If balance on the account is lower than 50 000 Rmb, you must pay 50 Rmb monthly fee, but you can open account with 1000 Rmb deposit.
I used ATM Visa card in HK and EU this year. I have little problems with online purchases, but I'll sort that out soon.
I went to an Everbright Bank the other day. The guy told me if I deposited 100,000 RMB I would get a return of 5.75%. I was intrigued. I asked him to guarantee my money and he said it was a "verbal" guarantee. I said, "OK!" Obviously, I never went back. What kind of bank employee gives a "verbal" guarantee? Yeah, I trust you, guy I met 5 minutes ago.
ironman510:
It reminds me about those one night high school stands, there was a verbal agreement love after dinner, but she said her mom called, so we left her to pay the bill before she goes home.
wagon:
Was it a verbal agreement or just "unspoken" that she was supposed to put out for that burger and fries?
