Banking In China

[dearbarbie]

im going out to Tianjin for 6 months as a partnership between Rolls Royce (sorta) and a University. the 10 of us going have been told that we have no requirement to open a bank account; that a safety deposit box will suffice. which is fine. i was just wondering, how easy is it to pay money into a foreign bank account (my UK one) from China...!?

thanks

[Raoul Duke]

Barb,
I recommend you DO open a bank account so you'll be able to use an ATM card. Keeps your money handy without having to either carry it around or often visit a specific place during banking hours.

NONE of the Chinese banks will be anywhere as sensible as you are used to...bring a flask of whiskey to the bank with you. Of the Gang of Four (the 4 major state banks) I prefer the Industrial & Commercial Bank of China (ICBC) or Construction Bank. Steer clear of the Agricultural Bank of China or, worst of all, the Bank of China.

It is possible to wire money to a foreign account but it isn't easy. First, unless you get paid in another currency you'll have to acquire UK pounds or other foreign money. To do this officially is like pulling teeth...requires a Foreign Expert Certificate, takes a long time, is intrusive, and is rather expensive. Strange though it may seem, it's a lot smarter to do it in 2 minutes at a lower cost, sometimes in the comfort of your own home, through a local "currency exchange consultant". Ask your Chinese friends/support staff. Chances are somebody knows somebody.

There are disreputable-looking guys standing around outside banks offering to exchange money. Caveat emptor; don't try this one yourself. Get a Chinese friend to do it while you remain out of sight. Better yet, avoid it entirely and find someone somebody knows.

Once you have foreign money, Bank of China can wire it for you...no account required. This can take anywhere from 15 minutes to 3 days, depending upon how much oxygen your teller gets (usually not enough) and how far they have their finger jammed up their nose (usually to the elbow).

If you have someone trustworthy back home you can send the money to and who can deposit it for you (set this up now!) a better way is to use Western Union. This is done at the provincial level branch (this will almost make sense when you get here) of the Agricultural Bank of China...you don't have to have an account there. It's much cheaper, faster, easier (a relative term) and reliable than the standard bank transfers.

You'll need your documents (passport and visa, residence permit and foreign expert cert if you have them) with you for these operations.


You'll find a number of bank-related war stories around the forum...give 'em a look!

[con's fly is open]

I waited until the last few days before I left to send my money home, because the bank charged a flat fee of 200 RMB to send money home. A friend of my school's converted my dough to Yankee dollars, which my bank at home converted to Canuck bucks.
So ask your British bank about incoming U.S. funds: in many parts of China this is the only foreign currency you can exchange for. And definitely find about the particulars about service charges at the various Chinese banks: if you have to send home money every month, you could get seriously screwed.