Chinese bank account for a one-year stay?

[abcdefg]

I guess you speak from experience. Can you give a bit more detail?

I recently accompanied a Chinese friend to get something like this straightened out, only it was much more simple and straight forward than what you are wanting to do.

She had deposited some money (her monthly pay) at her bank's ATM because it was after hours and she didn't want to walk around with so much cash. It never got credited to her account. She prudently saved the ATM receipt and finally got it rectified, but it took three trips to the bank to fill out forms and meet with officials over the course of almost a month.

She told me this was not uncommon and she kicked herself for not just waiting to deposit the money face to face the following day at a teller window.

So my information is anecdotal and not based on any surveys or formal published reports. Please just take it for what it might be worth and make your own final decision.

[wedge]

That BofA/CCB option sounds awesome. I have a US Citibank account and a HK HSBC account and both are unsatisfactory solutions for China.

HK HSBC told me that there is a flat HKD20 fee (~USD2.50) for withdrawing from even HSBC ATMs in China. Where this will really get you is that some ATM withdrawal limits are quite low. Once, at a CCB ATM, the withdrawal limit was RMB1,000 so I was essentially paying a 1.7% fee.

Citi is worst. They charge 3% fee on all ATM transactions outside the US, even at their own branches. I was attracted to Citi a long time ago partly because they seemed to have a presence all over the world but what I've found is that it really doesn't matter because they treat their customers like third-party users.

Also, there aren't even that many Citi or HSBC locations in China.

I hate the idea of having 3 separate bank accounts so I'm probably going to close my US Citi and open a US BofA account next time I'm in the US.

Edited April 20, 2010 at 04:50 PM by wedge

[waiguoren]

abcdefg,

Thanks for the story.

I guess you're saying I shouldn't use an ATM to make deposits. Is it possible to deposit USD into my BOA account at a CCB teller window? I'm leaving for China very shortly from the USA and it would actually be a huge pain for me to go to a BOA before I leave.

[abcdefg]

I guess you're saying I shouldn't use an ATM to make deposits.

Yes. That's what I am suggesting.

Is it possible to deposit USD into my BOA account at a CCB teller window?

I don't know for sure, but I seriously doubt it. They are indeed partner banks, but it's unlikely they offer such a service. I could be wrong.

I'm leaving for China very shortly from the USA

I misunderstood your original post and thought you were already in China. But in general, I stand by my advice to do banking in as simple a way as possible and to do it all face to face except for withdrawals from an ATM. Remember Murphy's Law. It applies to international banking. It applies even more so when you factor in the language barrier you will face in China.

it would actually be a huge pain for me to go to a BOA before I leave.

Seems to boil down to "huge pain now" or "huger pain later."

[jbradfor]

Is it possible to deposit USD into my BOA account at a CCB teller window?

I would think your best bet is to convert the USD to CNY in China, and deposit that at a window.

[SiMaKe]

Just want to thank taylor04 and abcdefg for their suggestions/guidance about using BoA. Worked without any hitches.

Just got back from a month in China traveling around Yunnan, Guizhou and Sichuan. Before I left home, I opened a Bank of America account. While traveling, withdrew cash from China Construction Bank ATM's with no fees and an exchange rate at the spot rate (no loads for conversion). Only limitation I found was the 1000-yuan-per-24-hour-period withdrawal limit. Needed to get around this once so used an Everbank debit card but only paid a 1% fee (and no additional haircuts on the exchange rate).

[roddy]

For reference, it's just taken me less than an hour all in to leave the house, go to the bank, open a new account with card and online banking and get home. All very easy.

Take your passport and ideally something with your address on (do you really want to have to write it? Or explain exactly what the characters are?) and that's all you need. This was at the ICBC, but all I had to do was input my chosen PIN several times and sign my name twice. Oh, and tell them my mobile phone number. Then there's another bit in the VIP room where they do something with your online banking USB shield thing.

All very easy. Although I do seem to have been locked out of my online banking already . . . wonder if they had caps lock on.

[whatever]

Hi, I will be in Beijing this Sep.

What bank would you recommend me to open an account there ?

Thanks,

[Matty]

Hi, I will be in Beijing this Sep.

What bank would you recommend me to open an account there ?

Thanks,

This really depends on your goals, each bank has it's own advantages and disadvantages. What do you want the bank account for? Where will you use it from? In what ways will you use it? And for how long?...

[whatever]

-To keep my money safe, I don't like to carry much cash around.

-To buy stuffs from China sites such as taobao, my bank account here will charge an extra fee for any transactions outside the US

Probably a year or two for my language study in Beijing or longer if I have more businesses to do here.

In US, I use my card for almost everything, just carry around $40-$60 in my wallet.

In China, will bank charge extra fee if I use my card? Am I being charged if I used my card to withdraw some cash in the same ATM of my bank account ?

Thanks,