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Q: Are there American Banks in China, or Should I Carry Cash on Me?
Before going to China for a job offer (I've done my research) I was wondering if there are any American bank branches over in China that allow for me to either access my original account or at least let me create a new account and transfer cash in between the two. I've heard banking is one of the more confusing topics over there and I'm not good enough at Chinese to understand all of their friggin' rules. Any ideas about that? If I'm out of luck I may have to bring some cash strapped on me. I really don't want to be a sucker stuck over here with no money if something happens. Thanks in advance for the answers.
There are no branches of American banks in China, but there are many Chinese banks which are correspondent of American Banks. You can open an account in a Chinese Bank (may need two ID with photo) and wire transfer money from your American Bank. I do that sometimes.
You can also take money out of your American Bank account either with a credit or a debit card. But you will pay a 3 % fee of amount taken(limit of XXX per day) if use a teller, lesser fee if you can manage a Chinese ATM and have the proper logos at your card, like VISA, or Mastercharge, etc
One last thing, be very aware of pickpockets, too many in China.
fredjohnson:
Does that kind of wire transfer charge a fee? If so, how much?
estern:
@fredjohnson When I transfer cash from my British account to my Chinese one I get charged £30, however much the transfer. Small or large it's always £30. It all comes out at the British end. I guess the Chinese get their cut when you exchange it to RMB later. I'm assuming the system for British and American banks is pretty much the same.
BHGAL:
I simply withdraw 2500RMB at a time from an ATM... wish they would allow more!!!!! do this 3-5 times a month at a cost of $5 each ......this is cheaper than western union or any other method I have found, this year. Last year I could just get my money (any amount up to 2500$) transfer for a total cost of $13.50 from my Canadian bank...then convert once it got here at a BOC or wherever was a decent going rate.
It changes daily!!!! monthly..... banks continue to find a way to screw you on foreign exchange....avoid intermediary banks!!!!! ..transactions that will not tell you how much it will cost up front.... ... i.e RBC Canada.... $13.50 + whatever the other guy charges before it gets to you...... good luck asking a bank how they get it here...(the routing) .... it changes often... RBC sent my money to Bank of China onne time, except it was Bank of China (Canada), not BOC(China), 2 totally different outfits.... BOC (Canada) just took their 3-5% and passed it on......... no reason for this, no reason for an intermediary bank!!!!!!!!!
P.S. ..just carry cash, and I will meet you in the alley at screwyulu and yeehawlu intersection
HappyExPat:
B of A charges $ 45 USd for a wire transfer, takes from 3 to 8 days, plus $ 15 USd for a clearing house charge used by B of A in transfering money to Bank of China. avoid making transfers during wednesday, thurday or friday, your money will be held by clearing house over week end and used in money market deposits for their benefit. Do them on a monday always. If bring cash with you, do it in $ 100 dollar bills, new ones (not too used), with no marks of rubber stamps, pencil, pen or dirt. Those will not be accepted and called counterfit. For those accepted you will get a good rate of exchange. Money exchange at airports is a rip off. Never do it, or do a minimum, like 200 or 300 kuai (yuan) at the most. On returning after my first trip I always save some yuan and take it home with me, so I do not have to exchange when arriving next time.
There are no branches of American banks in China, but there are many Chinese banks which are correspondent of American Banks. You can open an account in a Chinese Bank (may need two ID with photo) and wire transfer money from your American Bank. I do that sometimes.
You can also take money out of your American Bank account either with a credit or a debit card. But you will pay a 3 % fee of amount taken(limit of XXX per day) if use a teller, lesser fee if you can manage a Chinese ATM and have the proper logos at your card, like VISA, or Mastercharge, etc
One last thing, be very aware of pickpockets, too many in China.
fredjohnson:
Does that kind of wire transfer charge a fee? If so, how much?
estern:
@fredjohnson When I transfer cash from my British account to my Chinese one I get charged £30, however much the transfer. Small or large it's always £30. It all comes out at the British end. I guess the Chinese get their cut when you exchange it to RMB later. I'm assuming the system for British and American banks is pretty much the same.
BHGAL:
I simply withdraw 2500RMB at a time from an ATM... wish they would allow more!!!!! do this 3-5 times a month at a cost of $5 each ......this is cheaper than western union or any other method I have found, this year. Last year I could just get my money (any amount up to 2500$) transfer for a total cost of $13.50 from my Canadian bank...then convert once it got here at a BOC or wherever was a decent going rate.
It changes daily!!!! monthly..... banks continue to find a way to screw you on foreign exchange....avoid intermediary banks!!!!! ..transactions that will not tell you how much it will cost up front.... ... i.e RBC Canada.... $13.50 + whatever the other guy charges before it gets to you...... good luck asking a bank how they get it here...(the routing) .... it changes often... RBC sent my money to Bank of China onne time, except it was Bank of China (Canada), not BOC(China), 2 totally different outfits.... BOC (Canada) just took their 3-5% and passed it on......... no reason for this, no reason for an intermediary bank!!!!!!!!!
P.S. ..just carry cash, and I will meet you in the alley at screwyulu and yeehawlu intersection
HappyExPat:
B of A charges $ 45 USd for a wire transfer, takes from 3 to 8 days, plus $ 15 USd for a clearing house charge used by B of A in transfering money to Bank of China. avoid making transfers during wednesday, thurday or friday, your money will be held by clearing house over week end and used in money market deposits for their benefit. Do them on a monday always. If bring cash with you, do it in $ 100 dollar bills, new ones (not too used), with no marks of rubber stamps, pencil, pen or dirt. Those will not be accepted and called counterfit. For those accepted you will get a good rate of exchange. Money exchange at airports is a rip off. Never do it, or do a minimum, like 200 or 300 kuai (yuan) at the most. On returning after my first trip I always save some yuan and take it home with me, so I do not have to exchange when arriving next time.
You can usually withdraw money from ATMs here from your US acct (assuming your card allows that., check with your bank.) but you probably won't find a branch of your bank here.
I would still bring some cash though, I hate relying on a card that could get swallowed by a machine or not work for whatever reason.
fredjohnson:
Sounds like a quick way to get my card charged to hell from their international bank fees! I'm coming over here for the long term too so constantly swiping my real card for bank fees isn't much of an option for the long run. Appreciate it though.
Prepaid Visa Check Card. You can get them at AAA. They work in international ATMs, and are rechargeable online. You can load up to $9,999 at a time on them.
Bank of America partners with China Construction Bank, so if you use Bank of America you can use your bank card to withdraw directly from your account at any China Construction Bank atm. You just have to set that up with Bank of America before you go to China.
Just bring USD cash with you. Exchange a little into RMB at the airport in China when you arrive, just enough to catch a taxi or train to wherever your final destination is. Exchange the rest into RMB at the biggest Bank of China you can find in your town. The exchange rates at Bank of China and other major Chinese banks are more favorable than exchange rates at the airport, and MUCH more favorable than exchange rates in the US.
If you just can't be bothered with this, feel free to use your US issued credit card here. Excepting a few examples, most will charge a 2-5% foreign transaction fee when using abroad. But be warned, China is still very much a cash based environment. Cash is king.
Don't trust banks and only carry large amounts of cash on you. This is the best advice you will hear for a newcomer to China.
Remember to tell you US bank you are going to China. They might put a security stop on your account after you use your card a few times here.
My suggestion.... your issue is basically 2-fold.
Firstly, I presume, having enough cash to tie you over until your first pay from your new employer. You'll need to say which city you'll be in to determine how much you'd need.
Your second issue is if you suddenly need to get the hell out (or similar - perhaps emergency costs..), in which case, I'd merely recommend having a credit card to draw from (maybe topped up),. If it's really for an emergency, are you really going to give a shit about the excess fees???
