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Banking in China/American Express Travelers Cheques

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phiota

Raver

Joined: Nov 01, 2005
Posts: 483

Status: Offline

Posted: Feb 15, 2006 - 04:57 AM
Post subject: Banking in China/American Express Travelers Cheques

Does anyone know if I can deposit American Express Travelers Cheques in my Bank of China checking/savings account directly (does it take time to clear?) or else what is the best way to directly transfer funds in person (besides cash or wire transfer) to my Bank of China account. Would they take personal checks (from an American Bank) and if yes how long would that take to clear?

thanks,

John

CoffeeHawk_0
Board Buddha

Joined: July 14, 2005
Posts: 14460

Posted: Feb 15, 2006 - 06:42 AM

You should contact BOC directly. Services vary greatly from bank to bank, many types of international banking needs are not to be had at many banks. However, BOC is one of the best ones, if not the best for international banking/services.

Dr.K

Talker

Joined: June 18, 2005
Posts: 76
Location: Lianyungang, Jiangsu Provence
Status: Offline

Posted: Feb 15, 2006 - 08:03 AM
Post subject: Re: Banking in China/American Express Travelers Cheques

phiota wrote:

Let me tell you a story.

I live in a town about a 8 hour drive from SH. When I came here to set up my apartment, I brought AMEX traveler's cheques. After a long and amusing time in the bank trying to get a multiple currency account to which I could wire money (which is what you may want to do), I asked if I could cash about $1,000 of travelers checks.

The clerk looked at me as if I asked her to do a pole dance in the bank's lobby.

Then she put up a roadblock: "Do you have the original reciept?"

"Yes"

She looked grim. Told me to sign them. I did. Then the interpreter tells me: "We have to come back at 3 PM". I look at my watch: it's 11:30.

"Why? Do they have to print the money?"

"No, they are going to lunch. They'll be back at 3."

Of course, what they were doing was running the serial numbers to ensure the cheques were legit.

"Fine, I want a reciept."

"What? You don't trust us?"

"No, it's just how a bank should do business. I want proof I signed these over."

My advice: AVOID TRAVELER'S CHEQUES AT ALL COSTS.

YariGuy

LoopKicker

Joined: July 13, 2004
Posts: 874
Location: Puxi
Status: Offline

Posted: Feb 15, 2006 - 10:19 AM

I was able to convert Amex Travelers Checks to RMB no problem at HSBC when I first came over.

Personal checks are a problem. They take something like 3 weeks to clear, and banks charge around $36 each check. Not worth it. It was easier for me to mail the personal check to my bank in the U.S. for deposit.

currychook

Rocker

Joined: Dec 21, 2005
Posts: 602
Location: Hong Kou, Shanghai
Status: Offline

Posted: Feb 15, 2006 - 10:21 AM

...

Last edited by currychook on Dec 31, 2006 - 02:24 PM; edited 1 time in total

YariGuy

LoopKicker

Joined: July 13, 2004
Posts: 874
Location: Puxi
Status: Offline

Posted: Feb 15, 2006 - 10:24 AM

In fact I was conducting a test for a friend's company who wanted to find out whether issuing U.S. checks would be an efficient form of payment in China. Here's what I reported:

Quote:

I went to deposit the checks today at my HSBC branch, and although
it's doable, they have to send the checks for verification at the
issuing bank (which is Citibank in New York). They would verify it,
and credit my account, minus a huge processing fee ($36). AND, it
would take 3 weeks. I had them do it just to help you test the
system, but it doesn't sound very good.

Here's what it says on HSBC's deposit slip:

"Terms and Conditions:

In accepting cheques drawn on banks abroad, we reserve the right to
decide which cheques to purchase and which to send for collection.
Where we purchas cheques we shall credit your account (using the
bank's prevailing buying rate) with the proceeds immediately, under
advice to you, and subject ot having recourse to you in the event of
dishonour. Please note that, in the event of dishonour, we will debit
your account with the value of the cheque as calculated using the
bank's prevailing selling rate or the original buying rate, whichever
is higher, plus any charges.

Where we send the the cheques for collection, this will be done
subject to the rules contained in ICC Publication No. 322 and the
proceeds of these cheques will only be credited to your account once
payment is received from the banks abroad. Overseas bank charges (if
any) will be debited to your account under advice to you.

Cheques received after 2PM on weekdays or 10AM on Saturdays will be
processed in the next working day."

Bank of China goes through the same process (I'm told) but charges $20.

The funds did appear in my account 3 weeks later.

phiota

Raver

Joined: Nov 01, 2005
Posts: 483

Status: Offline

Posted: Feb 15, 2006 - 01:10 PM

Yeah it seems like there is no easy or certain way (beside carrying alot of cash which is risky in itself). I got some American Express Cheques hope it works when depositing it at the Bank. You would think that they (government) should make it easier since no better way to get people to spend $$$.

John

yu888
Board Deity

Joined: Jan 25, 2003
Posts: 18057
Location: ZhongShanParkArea SH

Posted: Feb 15, 2006 - 01:53 PM

Leave money in an international account that has ATM access through Visa or Interlink or Plus. then come here to pull money from ATM's in local currency.

When I first came to SH, I broughg thousands in tranvellers checkss and it was a royal pain in the rear. BUT Bank of China DID call into Visa (who my Travellers Cheques were issued by) right away to confirm everything so it was in my account, less service charges and such.

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