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gobito
Lurker
Joined: Oct 31, 2005
Posts: 37
Location: Shanghai (Puxi), China
Status: Offline
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Oct 05, 2006 - 11:37 AM |
 
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| Post subject: Cash or Credit - Get a local bank or not |
What do you all do? I'm only here for another 6 - 12 months so not sure I want to go through the trouble of setting up a local bank account. But I hear that foreign credit card companies are now charging me a fee for usage over here. |
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mcgruff75044
Lurker
Joined: Sep 08, 2006
Posts: 22
Location: Fenxian District, Shanghai (sw of city proper
Status: Offline
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Oct 05, 2006 - 12:01 PM |
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take your passport down to the bank of china or some other institution and have them open an account with an ATM card for you. |
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Willie |
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Angie
LoopKicker
Joined: Feb 01, 2004
Posts: 848
Status: Offline
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Oct 05, 2006 - 01:40 PM |
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it's really easy to open a bank account. Make sure that you take a bank that has plenty of ATMs around in China, so go for BOC, Construction Bank, Agriculture Bank or Bank of Communications (or whatever it's called). |
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robnot
Rocker
Joined: Aug 21, 2006
Posts: 662
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Oct 19, 2006 - 02:02 PM |
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do they all offer credit cards? can I use the cards on international trips? |
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Where there's a will, there's a relative |
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bugsthie
Barker
Joined: June 22, 2004
Posts: 181
Status: Offline
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Oct 19, 2006 - 09:00 PM |
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robnot, interesting question, i was wondering the same thing...i heard it is possible, not sure |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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Oct 19, 2006 - 09:04 PM |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9934
Location: EOA Seminar
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Oct 20, 2006 - 03:33 PM |
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| pat_togo wrote: |
| The card you will get will be a debit card, valid only in China and some selected south east asian countries only. |
You can get dual currency international credit cards from local banks, but it isn't usually easy. Many times they will ask you for a security deposit unless you have considerable banking experience with the bank or you work for one of the bigger multi-national companies. Usually the big four state-owned banks are the most difficult, but it can be done. |
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suziqueen22
Rocker
Joined: Sep 08, 2005
Posts: 666
Location: suzhou
Status: Offline
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Oct 20, 2006 - 03:59 PM |
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You should really get an account here, it will be better for you. 6-12 moths still not short. It is very easy to have account here. |
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robnot
Rocker
Joined: Aug 21, 2006
Posts: 662
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Oct 21, 2006 - 10:54 AM |
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called Bank of China, they said you can only get a credit card if you provide them with a deed of "real" property as well as all the other usual stuff... no joy there.
tried calling china merchants bank customer service number (they are very proud of the fact they have english attendants) but it seems only available to account holders as a recorded message repeatedly asks for your account number before you can proceed... |
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Where there's a will, there's a relative |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9934
Location: EOA Seminar
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Oct 21, 2006 - 12:13 PM |
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| robnot wrote: |
called Bank of China, they said you can only get a credit card if you provide them with a deed of "real" property as well as all the other usual stuff... no joy there.
tried calling china merchants bank customer service number (they are very proud of the fact they have english attendants) but it seems only available to account holders as a recorded message repeatedly asks for your account number before you can proceed... |
Yeah, it certainly isn't easy. Some people have luck by going through the bank that handles all the banking business of their employer. |
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foreverinchina
PopStar
Joined: Nov 21, 2005
Posts: 1253
Location: 徐家汇
Status: Offline
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Oct 21, 2006 - 04:43 PM |
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| Post subject: Re: Cash or Credit - Get a local bank or not |
| gobito wrote: |
| What do you all do? I'm only here for another 6 - 12 months so not sure I want to go through the trouble of setting up a local bank account. But I hear that foreign credit card companies are now charging me a fee for usage over here. |
Open an account at China Merchants Bank
I know their service number (announced to be in English) is n't really in English.
They announced an on-line banking system in English for next month. I wonder how they will handle that without a proper English helpline.
Anyway, the whole banking world will change in December, when foreign banks will be allow to offer the whole scale of services to private people. |
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To govern a big country is like cooking a small fish.
Stir as little as possible.
- Lao Zi, Daode Jing 256 BC |
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mat
Board Royalty
Joined: Apr 26, 2004
Posts: 6980
Location: Loooooooooooose!
Status: Offline
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Oct 23, 2006 - 02:38 PM |
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| underh20 wrote: |
| pat_togo wrote: |
| The card you will get will be a debit card, valid only in China and some selected south east asian countries only. |
You can get dual currency international credit cards from local banks, but it isn't usually easy. Many times they will ask you for a security deposit unless you have considerable banking experience with the bank or you work for one of the bigger multi-national companies. Usually the big four state-owned banks are the most difficult, but it can be done. |
TRUE. just had to go through this at the moment. If you work for a Fortune 500 company, you get a guarantee from the company, copy of their business licence, proof that they are fortune 500 and you can get one. Howevever, you will have to go through your employers bank. Find out, and head to them, and if possible, the same branch that your company banks with. |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9934
Location: EOA Seminar
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Oct 23, 2006 - 09:26 PM |
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Believe it or not, it even used to be much more difficult. |
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بارك الله ، بارك الله |
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answerer
Raver
Joined: Apr 26, 2006
Posts: 453
Location: Shanghai
Status: Offline
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Oct 23, 2006 - 10:15 PM |
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Foreign credit cards usually charge you 1-2% "currency exchange fee", which is included in their exchange rate. Open an account at China Merchant's (quick and painless) and get a debit card. If you aren't planning to use your credit card a huge amount, just eat the exchange fee. |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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Oct 24, 2006 - 12:12 AM |
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| underh20 wrote: |
| pat_togo wrote: |
| The card you will get will be a debit card, valid only in China and some selected south east asian countries only. |
You can get dual currency international credit cards from local banks, but it isn't usually easy. Many times they will ask you for a security deposit unless you have considerable banking experience with the bank or you work for one of the bigger multi-national companies. Usually the big four state-owned banks are the most difficult, but it can be done. |
I was referring to the card you get when you open a normal account. I guess you don't enter a bank as a foreigner here in China with only your passport and come out half an hour later with your international credit card.
For a credit card of course it is possible as far as you have all the required documents. A fixed deposit may be required if not, I read somewhere that ICBC demands 20,00RMB (it may vary from branch to branch, within the SAME bank!), but from other sources another banks asks only for RMB10,000. But in most cases you will get only 500USD credit limit. |
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Sinoinvest.biz-Offshore Company Registration (BVI, HK etc.) & China Company Formation |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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Oct 24, 2006 - 12:18 AM |
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| Post subject: Re: Cash or Credit - Get a local bank or not |
| foreverinchina wrote: |
| gobito wrote: |
| What do you all do? I'm only here for another 6 - 12 months so not sure I want to go through the trouble of setting up a local bank account. But I hear that foreign credit card companies are now charging me a fee for usage over here. |
Open an account at China Merchants Bank
I know their service number (announced to be in English) is n't really in English.
They announced an on-line banking system in English for next month. I wonder how they will handle that without a proper English helpline.
Anyway, the whole banking world will change in December, when foreign banks will be allow to offer the whole scale of services to private people. |
Well, I don't think that we will see much change after December 11th. I believe the government will raise new restrictions to protect domestic banks. Already, new measures coming up in January regarding invested capital needed to operate a credit card business seems to say that only big guys (HSBC, Citibank etc.) will be allowed to play the game. Also, for the credit card business, in a country were there is no credit risk or FICO-kind of system, there is no reason why foreign banks would give more facilities for getting a credit card, without the risk of defaults and potentially huge losses. |
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Sinoinvest.biz-Offshore Company Registration (BVI, HK etc.) & China Company Formation |
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Claudius
Seeker
Joined: July 17, 2004
Posts: 60
Location: Jingan, Shanghai
Status: Offline
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Oct 24, 2006 - 07:04 AM |
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One year ago I went into Bank Of China with my passport and $100 and opened an account and got a card that works in ATMs all over China - and I don't even live in China, just go there 2 or 3 times a year. |
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