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wugehaize
Talker
Joined: June 15, 2004
Posts: 101
Status: Offline
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  Posted:
Sep 04, 2004 - 09:40 PM |
 
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| Post subject: Spending RMB from the USA |
I will be leaving for the US soon and will have a bank account at ICBC with some RMB in it. Are there any banks here that have RMB accounts that I can access with an English-language web interface?
Any suggestions on what kind of account to ask for, and what interest rates are available?
Any suggestions on how to spend the RMB from the US?
Naive question: Can I get checks for a checking account and buy stuff mail order from China? How about credit cards in RMB?
I know that converting to dollars is hard, and I will probably just let the money sit until my next visit to China, although I don't know when that will be. I would like to pay for my next trip from the USofA to China with the RMB here. How do I arrange to buy a US-China-US ticket with RMB?
Cheers, |
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Magnolia
Board Biatch
Joined: June 01, 2004
Posts: 31071
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Sep 05, 2004 - 12:35 AM |
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Don't have suggestions to all your questions . . . but here goes for a few:
Checking account - very rare for personal checking accounts within China. Checks are not accepted at many places and some places that do accept checks will not take checks in RMB currency. There are also strange check rules . . . such as the check itself cannot be folded or bent . . .
Credit Cards - they are growing in both issuance and useage. However, many are not a credit card like you are thinking about. Some operate more like a debit card (although not an official debit card either) which require you to leave a certain deposit with the issuing bank. There are probably others around but I just use my US credit cards here because it is easier. Doesn't help your problem, I know.
Tickets - if you purchase the tickets within China (US to China) then you should be able to pay RMB. I have purchased tickets with the point of origin within the US within China.
No ideas on how to spend RMB from within the US. Don't know if there is a Chinese version of Pay-Pal that will let you pay for things from within China (like things on Ebay . . . although I don't know if you want things from Ebay).
Converting RMB to dollars can be done with a foreign passport. There is also the local money changer. Rates time I checked (last month) to change RMB to USD were 8.29 and 8.31. Note that I was only checking for a friend and didn't really look to hard for better rates because he decided not to change the money because his plans changed.
You can also host a huge Shanghai-Expat blowout complete with dinner and drinks . . . that could help run through some serious RMB!  |
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Deniman
Seeker
Joined: Feb 29, 2004
Posts: 49
Status: Offline
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Sep 05, 2004 - 01:46 AM |
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If you go to Bank of China the can give to you a credit card Visa so you can spend RMB from that visa. Also You can change the RMB in Hong Kong in a lot of exchange place. |
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dinobeach
Squeeker
Joined: Sep 01, 2004
Posts: 12
Status: Offline
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Sep 05, 2004 - 02:32 PM |
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Best and easiest is to apply and get a credit card here that allows you to use overseas. Most are referred to as a dual currency card (Rmb & USD). Then you can charge to the card when you are in the USA and use the Rmb here to pay for it.
Bank of China has only a Rmb based card, so it's of no use for your purpose.
ICBC issue dual currency credit card, so it is best that you apply one from ICBC and give standing instrcution for them to deduct payment due on your card from your account. |
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Clark_Kent
Raver
Joined: Aug 26, 2004
Posts: 439
Status: Offline
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Sep 05, 2004 - 07:34 PM |
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| dinobeach wrote: |
Best and easiest is to apply and get a credit card here that allows you to use overseas. Most are referred to as a dual currency card (Rmb & USD). Then you can charge to the card when you are in the USA and use the Rmb here to pay for it.
Bank of China has only a Rmb based card, so it's of no use for your purpose.
ICBC issue dual currency credit card, so it is best that you apply one from ICBC and give standing instrcution for them to deduct payment due on your card from your account. |
What does ICBC stand for, and which branch (street address?) in Shanghai can you go to to apply for a dual currency credit card? |
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Victorian
Reacher
Joined: May 03, 2004
Posts: 367
Status: Offline
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Sep 05, 2004 - 10:41 PM |
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Try Citibank, they're the bigest US bank in Shanghai and they offer credit cards in JV with a local bank. Alternatively, try HSBC which is the biggest HK bank here and they just bought 19% of Communication Bank. RMB accoounts are actually yielding more interest nowadays. |
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dinobeach
Squeeker
Joined: Sep 01, 2004
Posts: 12
Status: Offline
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Sep 05, 2004 - 11:42 PM |
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| Clark_Kent wrote: |
What does ICBC stand for, and which branch (street address?) in Shanghai can you go to to apply for a dual currency credit card? |
ICBC is Industrial Commercial Bank of China. I mentioned this bank because
wugehaize in his/her original post mentioned that he/she has an ICBC account. I personally don't hold any ICBC credit card. I think you can apply at any of their branches...they are everywhere!!!
Other local banks that to my knowledege issue dual currencies credit card are China Construction Bank and China Merchant Bank. Both are ok to be used overseas in Asia and Europe as I had used them for more than a year now.
But don't rely solely on local cards for all your requirement during travelling. Must carry a card that issued from your home country or traveller's check - just in case! Sometime the charge can't be cleared for amount exceeding 200 or 300 euro...don't understand why even the credit limit has not been exceeded. Won't have such problem in China even if if one charge is 40 or 50K Rmb.
Am not sure if Citibank or HSBC issue dual currency credit card. If so, chances are that you might get less rejection when using them overseas. |
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