| Author |
Message |
edolis
Reacher
Joined: Sep 20, 2004
Posts: 223
Location: Shanghai
Status: Offline
|
 Posted:
Nov 21, 2007 - 11:11 PM |
 
|
| Post subject: New Bank account |
Hi there
I've read some threads related to bank accounts yet I cannot figure out what's the best choice in terms of costs and services.
My target would be (I doubt I can get it there) an on-line only bank account similar to the one I'm using here in EU - basically no cost for any kind of operation (I mean money transfer, online payments, cash retrieval, ATM card, Credit card), no fixed costs, etc. + ATM card + Credit Card - any operation feasible via mobile/internet etc (opened the account 3yrs ago and not talked to a single clerk yet!).
I know this is not feasible in CH but I wonder what's the best approximation.
Well, what I actually need out of it (since I'm not closing my foreign account) would be an account I can periodically feed with money from EU and use it for daily life in SH.
A big plus would be excellent online banking (to minimize queueing here and there) , good plus would be getting a card which allows to retrieve money when I'm back to EU for business. Obviously debit card+atm.
It seems that the recommended banks are ICBC and China Construction Bank.
What's your opinion/advice?
Thanks in advance for yr help |
_________________
Istruitevi, perchè avremo bisogno di tutta la vostra intelligenza... |
|
|
|
mat
Board Royalty
Joined: Apr 26, 2004
Posts: 6973
Location: Loooooooooooose!
Status: Offline
|
| Posted:
Nov 21, 2007 - 11:52 PM |
|
|
The online banking for HSBC is the best, but minimum account balance requirements, and no ATM cards as of yet. Best i would say would be use HSBC for all internet banking, and transfer from it to a local bank (ICBC is good), and get an ATM card from them. Min balance in HSBC is 100,000rmb otherwise a small fee is charged monthly. |
_________________
www.justbeer.cn Get Loooooooose! |
|
 
 |
|
foodcoma
Reacher
Joined: Apr 29, 2006
Posts: 303
Status: Offline
|
| Posted:
Nov 22, 2007 - 01:45 AM |
|
|
| mat wrote: |
| The online banking for HSBC is the best, but minimum account balance requirements, and no ATM cards as of yet. Best i would say would be use HSBC for all internet banking, and transfer from it to a local bank (ICBC is good), and get an ATM card from them. Min balance in HSBC is 100,000rmb otherwise a small fee is charged monthly. |
Agree with Mat. |
|
|
|
|
|
One_Brick_Shy
Rocker
Joined: May 20, 2004
Posts: 765
Location: Out looking for a brick, of course.
Status: Offline
|
| Posted:
Nov 22, 2007 - 06:51 AM |
|
|
ICBC also has online banking--both Chinese and English. No minimums as long as you keep enough in the account to keep them happy. Cost are lower than HSBC. As for charge cards, they do have them, however, not sure how much luck you may have getting one. Not sure why. Could be because some in the past have packed up and left without paying the balance that was outstanding... |
_________________
The only difference between you and me is that you're you and I'm me. |
|
|
|
|
me_myself_&_i
Reacher
Joined: Oct 15, 2007
Posts: 244
Status: Offline
|
| Posted:
Nov 22, 2007 - 07:58 AM |
|
|
|
|
|
|
edolis
Reacher
Joined: Sep 20, 2004
Posts: 223
Location: Shanghai
Status: Offline
|
| Posted:
Nov 22, 2007 - 04:39 PM |
|
|
Thank you all for your answers.
I've had a look to HSBC website and what I cannot understand is that they appear to have ATMs in Sh (http://www.hsbc.com.cn/1/2/misc/branches-and-atms#shanghai).
If I got it right they have ATM machine yet cannot release ATM card? Or is just a matter that their ATM card do not work with other banks (uh?)
well, I'm a bit confused now
maybe I cannot get the point to why I had better having a couple of bank accounts over there (any WTC aspect I'm not yet aware of?  )
Another question: is it customary in Sh to use ATM cards to pay in shop (POS paying mode)?
Thanks |
_________________
Istruitevi, perchè avremo bisogno di tutta la vostra intelligenza... |
|
|
|
|
jzzzzzzz
SuperStar
Joined: July 07, 2006
Posts: 1390
Status: Offline
|
| Posted:
Nov 22, 2007 - 04:48 PM |
|
|
The HSBC ATMs only currently accept overseas Cirrus or VISA ATM cards. |
|
|
|
|
|
edolis
Reacher
Joined: Sep 20, 2004
Posts: 223
Location: Shanghai
Status: Offline
|
| Posted:
Nov 22, 2007 - 05:01 PM |
|
|
jeez!
thanks jzzzzzzzz -
any clue about Point Of Sale operations? |
_________________
Istruitevi, perchè avremo bisogno di tutta la vostra intelligenza... |
|
|
|
|
jzzzzzzz
SuperStar
Joined: July 07, 2006
Posts: 1390
Status: Offline
|
| Posted:
Nov 22, 2007 - 05:28 PM |
|
|
Yes the standard ATM card you get from a local bank has 'UnionPay' which is accepted as a debit card all around the city. Many shops/restaurants/etc also accept Visa/Mastercard/Amex etc. |
|
|
|
|
|
p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6297
Location: Shanghai
Status: Offline
|
| Posted:
Nov 22, 2007 - 05:32 PM |
|
|
Pit another way the card you get from ICBC is a Debit Card.
Draws off the funds you have in your bank.
Getting a locally issued ICBC Credit Card (Visa/MC) is virtually impossible......
I ahve an ICBC Account, and use my US Visa cards almost everywhere except the local markets. |
_________________
Not all chemicals are bad. Without chemicals such as hydrogen and oxygen, for example, there would be no way to make water, a vital ingredient in beer.....Dave Barry |
|
|
|
|
edolis
Reacher
Joined: Sep 20, 2004
Posts: 223
Location: Shanghai
Status: Offline
|
| Posted:
Nov 22, 2007 - 05:47 PM |
|
|
yep - what about withdrawal of money from abroad?
Is there any easy path to get the goal (since getting a credit card is an issue and Union Pay unknown in EU) (if any)??
Maybe is better forgetting it and keep local account just for use with ATM+debit card. |
_________________
Istruitevi, perchè avremo bisogno di tutta la vostra intelligenza... |
|
|
|
|
Missin
Reacher
Joined: June 22, 2007
Posts: 245
|
| Posted:
Nov 22, 2007 - 06:26 PM |
|
|
I just checked my BoC ATM card with UnionPay....and on front under the BoC label, it says "Valid Only In China". Was going to try to withdraw money from a BoC atm last time I was in Singapore, but I forgot to.
But as for UnionPay abroad, I believe I've seen stores in Australia that said they accept UnionPay cards.
Oh, and I only use the Visa credit card issued in the US. |
_________________
I am back! (sounds of crickets cricketing...) |
|
|
|
|
edolis
Reacher
Joined: Sep 20, 2004
Posts: 223
Location: Shanghai
Status: Offline
|
| Posted:
Nov 22, 2007 - 06:35 PM |
|
|
Well, a couple of weeks ago I spotted a report on TV saying that they are trying to link Union Pay to EU wirepayment network (to easy the rising amount of chinese tourist flying to EU)..
But they're just at the beginning
Well, I think that things will proceed steadily (not sure how long steadily means in this sector) |
_________________
Istruitevi, perchè avremo bisogno di tutta la vostra intelligenza... |
|
|
|
|
monkey7020
Barker
Joined: June 10, 2006
Posts: 158
Status: Offline
|
| Posted:
Nov 22, 2007 - 07:06 PM |
|
|
I've used a China construction bank atm union pay card in Thailand, Singapore and Australia without any problems.... |
|
|
|
|
|
jzzzzzzz
SuperStar
Joined: July 07, 2006
Posts: 1390
Status: Offline
|
| Posted:
Nov 23, 2007 - 11:08 AM |
|
|
| edolis wrote: |
yep - what about withdrawal of money from abroad?
Is there any easy path to get the goal (since getting a credit card is an issue and Union Pay unknown in EU) (if any)??
Maybe is better forgetting it and keep local account just for use with ATM+debit card. |
I use my UK ATM card (Cirrus network) to draw money from ATMs here. Some banks have relationships so you pay no fees. Nationwide in the UK do not charge to withdraw from any ATM worldwide.
I've also used my China Merchant Bank UnionPay card in Korea with no problem. |
|
|
|
|
|
me_myself_&_i
Reacher
Joined: Oct 15, 2007
Posts: 244
Status: Offline
|
| Posted:
Nov 23, 2007 - 11:13 AM |
|
|
first time i came in china 2001 i used my atm card from people's bank from connecticut in the states used it in shanghai and in beijing but some cash machines did not accept it.
depends the logo on th ecard some machines did not accept some logos
that was 6 years ago. |
|
|
|
|
|
Synergys
Lurker
Joined: Sep 21, 2007
Posts: 20
Location: Shanghai
Status: Offline
|
| Posted:
Nov 23, 2007 - 11:36 AM |
|
|
Sometimes when the statement is not indicating any widthdrawal charges does not mean that the bank is not charging. They might have actually incorporated the charges by giving really low exchange rate. This is the case for Natwest and I believe it is the same with Nationwide in the UK. |
|
|
|
|
|
loowk
Talker
Joined: Sep 14, 2006
Posts: 95
|
| Posted:
Nov 23, 2007 - 12:22 PM |
|
|
| Quote: |
| I've used a China construction bank atm union pay card in Thailand, Singapore and Australia without any problems.... |
| Quote: |
| I've also used my China Merchant Bank UnionPay card in Korea with no problem. |
Q : The money is deducted from RMB account or foreign currency account?
If answers are foreign currency account, anyone successful in UnionPay overseas withdrawal from RMB account? |
|
|
|
|
|
Synergys
Lurker
Joined: Sep 21, 2007
Posts: 20
Location: Shanghai
Status: Offline
|
| Posted:
Nov 23, 2007 - 01:01 PM |
|
|
I remember withdrawing from ATM in HK using ICBC Union Pay and the service fee is just 1% of the withdrawal amount. It was deducted from my RMB account.
Got this from ICBC website...Service fee for RMB cash or account disbursement at overseas ATMs - 1% of the drawn amount+￥12, and no less than ￥13 and no more than￥ 62. |
|
|
|
|
|
CaptainCook
Rocker
Joined: Mar 20, 2007
Posts: 684
Status: Offline
|
| Posted:
Nov 23, 2007 - 02:36 PM |
|
|
edolis, you should consider the local bank accounts with UnionPay like the ones mentioned above (from ICBC or BOC...etc) with internet access for you daily life in China. You can wire money from your foreign account into this account. You mentioned that your source of money is from the foreign account and you will still have all the facilities from your foreign account, why do you worry about or wanting to use your Chinese bank card outside of China.....why pay to wire money into China and use this money oversea?
Suggestion, choose the local Chinese bank that have some link with your current foreign bank so you can minimise your transaction fees. Get account with internet and a normal ATM (UnionPay) card so you don't have to carry too much cash all the time. When outside of China, use you existing foreign bank's facilities...not the Chinese bank account. |
|
|
|
|
|
jonasei
Barker
Joined: May 02, 2006
Posts: 164
Location: Shanghai
Status: Offline
|
| Posted:
Nov 23, 2007 - 03:01 PM |
|
|
I agree with the above. You should keep your foreign account open for a number of reasons outlined above. Local credit cards are not so easy to get.
Btw, I have used my Union Pay debit card from ICBC at ATMs in the US. None of the machines had UP logos, and it only works about 70% of the time so you might have to try several machines before you are able to get cash. |
|
|
|
|
|
BS
Reacher
Joined: Sep 12, 2007
Posts: 238
|
| Posted:
Nov 23, 2007 - 03:19 PM |
|
|
I have yet to find so many places in China where you cannot use any UnionPay card and have to resort to using an overseas credit card...
I posted this before but here's again what google gets you:
http://www.chinaunionpay.com/englishversion/l2menu.aspx?tid=15&menuid= 23
Scope of usage for CUP cards in Hong Kong
At the moment, CUP RMB bankcards can be accepted in Hong Kong at 2,400 ATMs and 25,000 POS with CUP logo, which by and large cover major local touring zones and shopping sites.
To inquire about ATM in Hong Kong that accept CUP cards please click ‘Cash Withdraw’
To inquire about merchants in Hong Kong that accept CUP cards please click ‘Purchase with Card’
For stores without posting CUP logo, you may also ask the sellers if CUP cards can be used.
http://en.{WeeKeePeeDeeYa DOT org}/wiki/China_UnionPay
Use abroad
Almost all UnionPay Credit Cards are also affiliated with either MasterCard or VISA, and they can be used abroad as a regular Mastercard or VISA. UnionPay Debit Cards, however, can only be used in the UnionPay network and a few other networks that have signed contracts with UnionPay. While China UnionPay cards are making great inroads outside China, they are not widely accepted as of yet. However, since 2006, China UnionPay cards can be used in over twenty further countries outside China, including the United States, Japan, Singapore, Malaysia, Thailand, Germany, Switzerland, France, and Australia.[3] UnionPay cards are also making inroads into other countries' interbank networks, with some networks, such as BancNet in the Philippines, already accepting UnionPay cards at the ATM level and the Point-of-Sale of all SM Prime Holdings, Inc.'s Department Store, Supermarket, Hypermarket, Super Sale, Watson's, Sports Central, Appliance and Toy Kingdom.
* Australia - UnionPay cards are accepted at National Australia Bank ATMs[4], and Cashcard ATMs (a First Data company).
* Japan - accepted in Japan Post's cash machines
* France - accepted in Les Printemps shops in Paris
* Germany - some Sparkassen already accept UnionPay cards at ATMs for Euro withdrawals.
* Russia - Citibank and VTB accepts UnionPay cards at ATMs.
* Thailand - Kasikorn Bank accepts UnionPay cards at ATMs (yellow in color) for Thai Bhat withdrawals as well as TMB Bank ATMs (blue and red in color)
* United States - Citibank accepts UnionPay cards at ATMs for USD withdrawal. In May 2005 Discover Network announced an alliance with China UnionPay Network. The two companies have signed a long-term agreement that allows acceptance of Discover Network brand cards at UnionPay ATMs and point-of-sale terminals in China and acceptance of China UnionPay cards on the PULSE network in the U.S.[5] As of November 1, 2007, China UnionPay cards may be accepted where Discover Network Cards are accepted in the United States, Canada, Mexico, Central America and the Caribbean.[6]
* Vietnam - East Asia Commercial Bank, Saigon Bank For Industry and Trade accepts UnionPay cards at ATMs for VND withdrawal
* Switzerland - Credit Suisse accepts UnionPay cards at ATMs.
* Singapore - accepted in ATMs displaying Network for Electronic Transfers Singapore (NETS) logos
[edit] Members
UnionPay is the primary network of the following banks listed below:
* Agricultural Bank of China
* Bank of China
* Bank of Communications
* Bank of Shanghai
* Beijing Commercial Bank
* China Construction Bank
* China Everbright Bank
* China Merchants Bank
* China Minsheng Banking Corporation
* CITIC
* Guangdong Development Bank
* Huaxia Bank
* Industrial Bank
* Industrial and Commercial Bank of China (ICBC)
* Shanghai Pudong Development Bank
* Shenzhen Development Bank
Other UnionPay-affiliated organizations include the China Postal Savings and Remittance Bureau, certain municipal commercial banks as well as rural credit cooperatives. Other financial institutions in cities that are already capable of issuing cards will issue UnionPay cards in succession. Overall, there are 165 financial institutions that issue UnionPay cards.
Outside China, UnionPay has partnerships with other ATM networks. UnionPay has a partnership with JETCO in Hong Kong and Macau, both of which are not included in the UnionPay system, although this ended as of January 1, 2006. UnionPay also has affiliations with other banks' networks: this is identified with a UnionPay sticker being displayed usually on the door of the ATM room or on the ATM itself. The sticker has the UnionPay logo and the words "Welcome to use China UnionPay cards" displayed on the bottom in English and Chinese.
UnionPay credit cards are not yet widely accepted outside mainland China; however, they are starting to gain acceptance in the United States, Western Europe, East Asia and Southeast Asia.
[edit] See also
* ATM usage fees |
|
|
|
|
|
Karu
Reacher
Joined: June 27, 2005
Posts: 298
Status: Offline
|
| Posted:
Nov 23, 2007 - 03:27 PM |
|
|
I keep using my foreign VISA here
- I have no fee neither when paying nor when withdrawing
- The maximum I can withdraw is 8000 RMB per day
I also have a BOC account with union pay card but I seldom us it. Just put a bit of money on it just in case... |
|
|
|
|
|
edolis
Reacher
Joined: Sep 20, 2004
Posts: 223
Location: Shanghai
Status: Offline
|
| Posted:
Nov 23, 2007 - 04:05 PM |
|
|
well,
reading your comments seems that the best option would be opening a local account to get the UP debit card and forget the rest.
I ask just some hints more:
a - best choice between ICBC and CConB in your experience
b - inward remittance fees (my bank account in EU is part of Unicredit group, possibly known as HVB group in Sh - that is2say:unknown) per transaction - I mean the chinese side, my current bank account one is FOC)
Thanks to you all for your precious comments |
_________________
Istruitevi, perchè avremo bisogno di tutta la vostra intelligenza... |
|
|
|
|
CaptainCook
Rocker
Joined: Mar 20, 2007
Posts: 684
Status: Offline
|
| Posted:
Nov 23, 2007 - 04:16 PM |
|
|
If transfering money from EU is going to be a regular thing, I suggest that you open an account overthere with a bank that has a strong link with one of the big four Chinese banks (big four have branches all over China....even in the small counties) so you can reduce or eliminate transaction fees. It is easy for you to transfer (internet) money from you existing (HVB..whatever ) bank to your new bank over there and likely to be without fees. Then open an account in China when you're here. |
|
|
|
|
|
|
|
Forum FAQ
Search
Preferences
Watched Topics
Log in to check your private messages
Log in
