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*CheerLeader*Mao
Post Roaster
Joined: July 07, 2004
Posts: 4678
Location: frenCh belgiuM
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 Posted:
Aug 13, 2007 - 10:05 AM |
 
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| Post subject: Cashing US Dollar cheque? |
Someone has to give me a US Dollar cheque here in Shanghai, but i dont actually know if i can cash it anywhere.
I do not have a bank account with a local bank in China. I called HSBC and they said they could not do it, but that maybe a local bank can.
Does anyone know if this is possible? If so which bank did they get it cashed at and what was the procedure?
Thanks |
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Verochka
Ranter
Joined: Nov 30, 2005
Posts: 580
Location: Everywhere
Status: Offline
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Aug 13, 2007 - 10:16 AM |
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Personal check or travelor's check? |
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Moving OUT of SH soon! Hand Blender, Egg Beater, Oven, Upright Blender for sale and pick up end of Sept. PM me for info. |
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*CheerLeader*Mao
Post Roaster
Joined: July 07, 2004
Posts: 4678
Location: frenCh belgiuM
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Aug 13, 2007 - 10:18 AM |
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Personal cheque, from Bank of America. |
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jmg06shanghai
Reacher
Joined: Feb 18, 2006
Posts: 204
Location: ...in a van down by the river...
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Aug 13, 2007 - 10:36 AM |
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| *CheerLeader*Mao wrote: |
| Personal cheque, from Bank of America. |
Given Bank of America owns about 20% of China Construction Bank, the latter may be a possible solution. If nothing else, BofA bank card holders can use CCB ATM/"holes in the wall"/bank machines free of any CCB or BofA fees. Good luck. |
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amig
Barker
Joined: Apr 26, 2007
Posts: 125
Location: suburbia
Status: Offline
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Aug 13, 2007 - 10:39 AM |
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If it is a personal or company's cheque, best to go to the bank that the cheque is issued from. The other way is to open a bank account under your name for US$ maybe HSBC or Citibank, and bank in the cheque. If the cheque is an overseas one the clearing of it may need a few weeks. |
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ooliver
Talker
Joined: May 11, 2006
Posts: 77
Status: Offline
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Aug 13, 2007 - 11:50 AM |
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I cashed a personal check last year with Bank of China, as they seemed to have the lowest fees.
Here is how I did it:
1. Opened a Bank of China account.
2. Give them the check, filled out a bunch of forms.
3. The cash was available after 30 days in the form of USD.
4. You can withdraw the money in USD, or convert it to RMB.
Hope this helps. |
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Michael
Moderator
Joined: Mar 22, 2002
Posts: 5291
Status: Offline
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Aug 13, 2007 - 11:54 AM |
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I don't know about HSBC here in Shanghai, but in HK they can. If you have a large balance in your account and its a small check, they charge you a percentage and will cash it immediately. If its a large check, they send it for collection and charge a flat fee. I have heard of the process ooliver has mentioned from other chinese banks also, if you have a multi currency account. |
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Verochka
Ranter
Joined: Nov 30, 2005
Posts: 580
Location: Everywhere
Status: Offline
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Aug 13, 2007 - 12:01 PM |
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There's no easy answer, huh? Can you wait until you go to the US? Or can you go back to the person and ask for a different form of payment? |
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Moving OUT of SH soon! Hand Blender, Egg Beater, Oven, Upright Blender for sale and pick up end of Sept. PM me for info. |
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mat
Board Royalty
Joined: Apr 26, 2004
Posts: 6973
Location: Loooooooooooose!
Status: Offline
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Aug 13, 2007 - 12:32 PM |
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| Verochka wrote: |
| There's no easy answer, huh? Can you wait until you go to the US? Or can you go back to the person and ask for a different form of payment? |
Are you sure you don't write an advice column for NY Times or something? What worldly advice that is. |
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www.justbeer.cn Get Loooooooose! |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9905
Location: EOA Seminar
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Aug 13, 2007 - 05:21 PM |
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| ooliver wrote: |
I cashed a personal check last year with Bank of China, as they seemed to have the lowest fees.
Here is how I did it:
1. Opened a Bank of China account.
2. Give them the check, filled out a bunch of forms.
3. The cash was available after 30 days in the form of USD.
4. You can withdraw the money in USD, or convert it to RMB.
Hope this helps. |
Yeah, using BOC is the only way to get a US$ check cashed here. You don't have to open an account though, but it does make it a tad bit easier.
There's a fee you need to pay -- under 50 RMB.
Sometimes they tell you the hold is for 45 days.
If you withdraw the money in US$ they hit you for another 1% fee or something like that. |
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بارك الله ، بارك الله |
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*CheerLeader*Mao
Post Roaster
Joined: July 07, 2004
Posts: 4678
Location: frenCh belgiuM
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Aug 13, 2007 - 10:51 PM |
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Thanks, i talked to the bank, basically they said it takes 4 weeks to clear. I dont have that kind of time so i asked the person to withdraw the money from ATM which they can do so shouldnt be a problem.
Thanks for everyone's help.
Cheers |
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