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Governor

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Q: Can I pay student loans using a Chinese debit card?

I am moving to Chongqing for a year to teach in a few weeks. In October I am going to have to start paying back my student loans. My contract stipulates that I will be paid in RMB. I know that transferring RMB to dollars is an involved process. I don't expect to have many additional expenses in the US, as I own nothing here, so I was wondering if it would be possible to pay my student loans each month using a debit card from whichever Chinese bank my RMB is deposited in? If not, what is the easiest way to go about paying your student loans when you are being paid in RMB?

11 years 33 weeks ago in  Money & Banking - China

 
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Emperor

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If you have a debit card issued by a Chinese Bank in which you have a savings account in your name, the funds most of the time will be in Rmb, unless you deposit dollars and keep as  dollars, or exchange Rmb into dollars (there is a limitation of $500 US dollars per day for foreigners, none for Chinese).  then if to whomever you will pay your student loans will accept a debit card from a foreign bank to them.

 

A lot easier would be to keep a card from back home, or an account at a bank back home, and wire transfer payments to your account there, and have them collect payments from that.

 

 

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11 years 33 weeks ago
 
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