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Q: Do the Chinese even use cheques?

I'm preparing a lesson on banking and money and I was writing about how in the UK cheques have largely died out to be replaced with debit cards and I realised I don't think I've ever seen a cheque in China. Do they exist? What about your home nation?

9 years 24 weeks ago in  Money & Banking - Other cities

 
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Posts: 1893

Emperor

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Cheques (checks fer th' 'Mericans) have not been used in China as they have always been a predominanty cash society. Back in the dynasty days, letters of credit were used by officials and nobles.

 

Certified cheques are still available through major ICBC branches.

ambivalentmace:

how much is the fee for a certified check at icbc

9 years 17 weeks ago
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9 years 24 weeks ago
 
Posts: 1847

Emperor

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Cheques (or checks) are used for business purposes. If you have a registered company here, to withdraw cash from a RMB account, you purchase the cheques from the bank. You need a little device for generating a PIN number each time, the main company stamp (chop) and the smaller, square legal representative chop. The cheques are not signed.

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9 years 24 weeks ago
 
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Who uses cheques now? Anyone? I imagine debits cards dominate anywhere one may use them.

 

:

Just yesterday, I shelled out 3/4 of a month's salary to the plumber.... by check.

 

My bank account is still weeping.

cool

 

9 years 24 weeks ago
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9 years 24 weeks ago
 
Posts: 2020

Peasant

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my company does.

bill8899:

May I ask what they use them for? Very large purchases? Inventory purchases?

9 years 21 weeks ago
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:

mainly large purchases, company to company...sometimes to withdraw cash...hope this helps :)

9 years 21 weeks ago
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9 years 21 weeks ago
 
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