Cost of living in Nanning

[jkhsu]

jkhsu - Using your US HSBC card at China HSBC machines is there any fee? Either an ATM fee, or money conversion (USD to RMB)?

Thanks for asking this question. I called HSBC and confirmed that while there are no ATM fees for using an HSBC ATM in China, there is a foreign transaction fee of 3% of the amount that you withdraw. I then checked the Bank of America website and saw that they only charge 1%. Here's the excerpt:

http://www.bankofame...late=lc_faq_ATM

"Withdrawals, transfers, payments and balance inquiries made at ATMs in foreign countries outside the Global ATM Alliance, China Construction Bank, or Banco Santander will be charged a $5 Non-Bank of America International ATM fee.

In addition, an International Transaction Fee may be charged for ATM card and debit card transactions made for ATM cash withdrawals in currency other than U.S. dollars, regardless. The International Transaction Fee will be 1% of the U.S. dollar amount for each converted ATM cash withdrawal. This International Transaction Fee will appear as a separate item on your banking statement for each international transaction."

Based on this info, I would suggest getting a B of A account over HSBC if you plan to withdraw money in China.

[jbradfor]

Thanks for checking. I wasn't aware of any bank that has started charging a forex fee for ATMs, but given bank's soul-sucking nature, I'm not surprised.

Inspired me to check WellsFargo.

You can make withdrawals without a fee at any of our ATMs. If you use an ATM that is not Wells Fargo’s, a fee may apply.

Fees vary by type of account. Typical fees for transactions at non-Wells Fargo ATMs are:

• Non-Wells Fargo ATM Withdrawal Transaction fee*:
  
  • U.S.: $2.50
    
  • International: $5
    

  [*]Balance Inquiry fee: $2.00

  [*]Transfer fee: $2.00

  [*]Other fees: Owners and operators of non-Wells Fargo ATMs may charge a fee in addition to those described above.

*Customers in the following checking account Package will receive a total of up to 2 free non-Wells Fargo ATM withdrawal transactions (combined U.S. and International) per statement cycle; waived if PMA qualifying balance is $250,000 or more:

• Wells Fargo PMA^® Package
  

[source]

DOH! They've decreased my free ATMs from 4 to 2 per month. I need to be careful. Or come up with a chunk of change to bump up my balance.....

[gato]

Btw, if you set up a brokerage account with Fidelity or TD Ameritrade, you can get a Visa debit card for your account. You can make free withdrawals with that debit card at almost all ATMs, including ATMs in China. Basically, Fidelity and TD Ameritrade pays the fee for you if the bank that owns the ATM charges a fee, and they themselves don't charge a fee. There is no foreign transaction fee. This, of course, works in the US, too.

There might be a minimum balance requirement. If so, it might be around $1000.

[danb]

Hello, Depending on one's circumstances, goals, wants, and needs will probably help determine which is the best way to go. What works for one person may not work for another. I kinda do what JKHSU suggests with slight variations. I have ATM's from two different U.S. banks. One bank is the B of A and the other is my Credit Union. Both of them are members of the NYCE network and I let my banks know when I am going to be in China. The credit Union account is a back up. I can use it if I need a little extra cash or if I have some type of problem with my B of A. account.

Western Union is another way to get money sent to china. I think at my grocery store Western union charges 10 dollar to send 500 USD. It can done in just a few minutes.

On another topic I would like to say that I feel very safe in China. In general the Chinese people will not cheat you, but they will out bargain you if you let them. That being said, in the Nanning's downtown ( during busy times) there have been issues with pickpockets. I know several people who have lost their wallets and/or cell phones in that busy area. Again in spite of the pickpockets I feel very safe in Nanning.

I just saw an ad for an English Teacher postion In the Nanning area. Can I post a link to here? Hopefully an moderator can tell me if that is permissable. Civic94 had mentioned something about employement and types of jobs in the Nanning area. The ad mentioned a salary of 5000-8000 RMB, an furnish flat, some requirements, etc.. I have read simlars ads in the past but I truthfully do not know the in and outs of those "oppurtunity. " Danb