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Eggplantress
Squeeker
Joined: Jan 31, 2008
Posts: 16
Status: Offline
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 Posted:
Feb 13, 2008 - 02:35 AM |
 
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| Post subject: Overseas banking: Citibank- how does this compare? |
Moving to Shanghai next month and trying to figure out how to bank. I've spoken to Citibank (who have branches in the US and Shanghai) and they offer the following with a standard account:
-No transaction fee
-2% conversion rate
-US$1.50 fee when using other ATM than Citibank
What other banks offer better (no conversion fee!) rates if any in Shanghai that I would be able to set up on this end in the US?
Thanks,
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shanghaiceltic
Board Royalty
Joined: Sep 20, 2005
Posts: 7625
Location: Perth WA
Status: Offline
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Feb 13, 2008 - 07:08 AM |
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Seems reasonable. I would avoid HSBC, they are charging through the nose for offshore accounts and here in Shanghai they want a minimum level in the account of GBP2,000. |
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I have parrallel bars at home, one for gin and one for whiskey |
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MoonOverMiami
Raver
Joined: Jan 07, 2008
Posts: 466
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Feb 13, 2008 - 09:20 AM |
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I've read Citibank in Shanghai requires a minimum of USD$11,000.
For HSBC, I've never been charged a conversion fee when I withdrew money from an HSBC atm in Taipei and Singapore (at least none I was aware of). And I wouldn't use a non-HSBC atm because of any fees associated with it. The only downside is there are a few atm/branches in Shanghai so unless you're going to live close to one, it may be a hassle to get money from their atms. |
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"One who falls asleep with an itchy backside, will wake up with smelly fingers..." |
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MoonOverMiami
Raver
Joined: Jan 07, 2008
Posts: 466
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Feb 13, 2008 - 09:25 AM |
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indyshiu
Raver
Joined: June 28, 2005
Posts: 467
Location: In NYC til January
Status: Offline
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Feb 13, 2008 - 09:35 AM |
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What part of the US are you moving from? You might be able to find a smaller chain/regional bank that offers "free checking" accounts that have no ATM fees as a perk. For example, I'm from NYC and we have Commerce Bank there. They offer total no-fee accounts, meaning no fees for using non-Commerce Bank ATMS worldwide, no conversion fees and they even have a credit card that doesn't charge any int'l transaction fees (much like the Captial One card). With online banking, its a cinch for us to transfer money and pay bills from Shanghai. |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9934
Location: EOA Seminar
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Feb 13, 2008 - 09:38 AM |
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| MoonOverMiami wrote: |
I've read Citibank in Shanghai requires a minimum of USD$11,000.
For HSBC, I've never been charged a conversion fee when I withdrew money from an HSBC atm in Taipei and Singapore (at least none I was aware of). And I wouldn't use a non-HSBC atm because of any fees associated with it. The only downside is there are a few atm/branches in Shanghai so unless you're going to live close to one, it may be a hassle to get money from their atms. |
Exactly.
HSBC also requires a minimum balance. They offer no-fee ATM services worldwide if you have a premier account. |
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SnappySammy
Board Legend
Joined: Nov 01, 2007
Posts: 10253
Status: Offline
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Feb 13, 2008 - 01:28 PM |
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The Citi Never sleeps. How do they do that. Don't they get tired. |
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Yank My Doodle It's A Dandy |
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EnnesX
Reacher
Joined: Aug 03, 2007
Posts: 206
Status: Offline
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Feb 13, 2008 - 04:07 PM |
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I have HSBC and my account has no minimum balance and comparable fees to Citibank when banking here. I established my account in the States though.
HSBC ATMs are indeed spotty here but there seems to be more them than Citi ones at least in the areas I frequent. |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9934
Location: EOA Seminar
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Feb 13, 2008 - 05:40 PM |
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| EnnesX wrote: |
I have HSBC and my account has no minimum balance and comparable fees to Citibank when banking here. I established my account in the States though.
HSBC ATMs are indeed spotty here but there seems to be more them than Citi ones at least in the areas I frequent. |
In the States. Not in China. |
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