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nyx
Squeeker
Joined: Nov 26, 2007
Posts: 11
Status: Offline
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 Posted:
Nov 29, 2007 - 11:51 PM |
 
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| Post subject: help needed from fellow SINGAPOREANS |
Dear comrades ,
Will be moving to shanghai to work on the 15 Dec. However have yet to clear some doubts.
1. If the company is paying me thru my POSB acc, how could I withdraw money in shanghai? using Cirrus? Does all banks' atm accept it? cos the last time i was in taiwan, they sure dun like my card...refused to "spit" out the money.
2. As i will only be receiving the misc allowance (in USD) by cash in shanghai,am thinking of depositing the money in a foreign currency deposit acc. Which is the best bank to do this? Whats their minimum amt to start off with?
3. How much (in cash) did you guys bring over to start off initially? Are the things expensive? Like TV, Computer, Beds (mattress, frame, sheets) etc...would bringing 5000SGD over last me for 1-2 months?
Pls help...panicking over here...thanks! |
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izzyshanghaied
Barker
Joined: Aug 03, 2007
Posts: 154
Location: XuJiaHui
Status: Offline
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Nov 30, 2007 - 12:11 AM |
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I'm not SINGAPOREAN so does that mean you won't want my advice?
Anyway;
1. No problem with local atms, just a 5% withdrawal charge
2. If you just want to have a place to hold your $$ then most of the major banks here will be fine (BoC, ICBC etc) No minimum amount unless you go for an offshore account like HSBC
3. Will your accommodation be sorted byyour company (deposits etc)? 5000SGD is plenty - afterall you can alwayd withdraw more if needed right? I doubt you'll need to buy a frame and mattress etc. most places will come furnished with appliances. You might want to consider buying a laptop in sg as they're more expensive here.
No need to panic. |
_________________
If quizzes are quizzical, what are tests? |
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nyx
Squeeker
Joined: Nov 26, 2007
Posts: 11
Status: Offline
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Nov 30, 2007 - 12:28 AM |
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No offence about the singaporean thing cause i am worried that our posb atm card that is issued here would not be able to work in shanghai. bad experience before in taiwan.
Apartment rental is handled by company. would still wan to change to a brand new mattress jus for the sake of hygeine purpose. |
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Netswimmer
Talker
Joined: Jan 12, 2006
Posts: 96
Status: Offline
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Nov 30, 2007 - 01:00 AM |
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nyx, take a paper bag, put it to your mouth and breathe... 
kidding aside, like izzy said, no need to panic.
In my case, I wire money from SG account (@ 6usd fee) to Merchant's Bank dollar/rmb account in SH then use the local bank's ATM and credit card. I'm not sure of the minimum deposit (my company opened the accounts for me). Didn't try and withdraw money using SG ATM card but I used my SG credit cards when I was new here (this isn't a problem because payments are automatically deducted from my SG account)
5000sgd that's around 25000rmb, is it enough for 1-2 months, well depends on how heavy you party.  well if you get a furnished house, that is more that enough even if you buy the nicest mattress in IKEA here.
re computer, izzy is right, it's cheaper in SG than SH. search this site for discussions in computer prices and compare it with Funan or Sim Lim's.
Welcome to Shanghai lah!
PS I'm not really Singaporean but before SH, I go there for a few weeks at a time. |
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hautumncloud
LoopKicker
Joined: Nov 04, 2006
Posts: 912
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Nov 30, 2007 - 05:53 PM |
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I am not Singaporean either....
You can always use your VISA credit cards!! Ikea and Carrefour takes international credit cards - so at least you will get your mattress and groceries in case you get short on cash. And quite a few other places accepts foreign credit cards as well, but of course cash is better  |
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nyx
Squeeker
Joined: Nov 26, 2007
Posts: 11
Status: Offline
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Nov 30, 2007 - 05:59 PM |
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thanks for all the input! Managed to find out a few facts today...BoC branch in SG actually doesn't allow overseas withdrawal from the locally issued atm card...even in CHINA, where Bank Of China originates from...geez...
Anyway, from POSB Bank in SG, seems that every atm transaction done in SH, i will be charged a flat rate of SGD5(considered high?)
So that means to cut down on the transaction fee...i prob would have to draw out a lump sum of money each time to last me thru for that month...not very constructive. Anybody else have a better way of doing things? |
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chicane
Barker
Joined: July 26, 2005
Posts: 155
Location: clueless.....
Status: Offline
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Nov 30, 2007 - 06:39 PM |
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hey nyx, yes you can use your Posb card here for withdrawal. It must be the blue posb card ya, not the old silver one. I realised that most china atms accept posb except for ICBC - no idea why. Yup, SGD5 per transaction. Maximum amnt per transaction is RMB3000, RMB20K per day - subjected to different banks. Yup its high - so its better you withdraw the max amnt per transaction to maximise the service charge.
Alternatively, you can exchange it in sgp first, bring it over here - and open an account with the local bank. Its easy - just bring your passport to any local bank to open an account.
personally, i will only use my posb card on HSBC atm as i had a recent experience with a local chinese bank where my account shows money deducted, but i didnt receive the cash. posb is having me to trace this issue, but the lack of response from the local bank here is not helping either. So wld need to wait for approx 45 working days before i can get any replies.
HSBC atms are available at most carrefours so no worries there.
As others have mentioned, get your laptop/digital cams/phone/batts from sgp -its cheaper.
If you're bringing RMB over, my suggestion will be to bring it to open an account with. And subsequently for any purchases required, you can either get it from your local bank account or withdraw it from your posb card or use your visa at carrefour or ikea.
hope this helps. |
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izzyshanghaied
Barker
Joined: Aug 03, 2007
Posts: 154
Location: XuJiaHui
Status: Offline
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Nov 30, 2007 - 10:23 PM |
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I have a DBS account, but find it's better to use my sg debit and credit cards here as there are no transaction charges and I also find the exchange rate is usually a bit better. Then I just pay my CC bill thru online banking.
Agree with chicane, try and use the international atm's, HSBC, Citibank, Standard chatered etc. you can withdraw more in one shot (in lots of 2000) and well, you just feel safer...
I guess it's personal preference but unless the matress is obviously worn and icky looking I wouldn't bother having it replaced - you'd probably be exposed to 100 times more germs/bacteria/virus stuff on a single trip on any form of public transport. But that's just me - I don't mind sleepng in beds others have slept in - and somtimes they're still there... |
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If quizzes are quizzical, what are tests? |
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frosties1
Barker
Joined: July 25, 2006
Posts: 147
Status: Offline
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Nov 30, 2007 - 11:33 PM |
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Hi NYX,
We are Singaporeans and have been living here fine. One thing about renting a place in Shanghai, you can always request for new furniture (of cos not too much). We have always been asking for a new mattress and so far no problem with the landlord.
There are plenty of us here in Shanghai. PM us if you need anything at all..
Take care and Welcome to Shanghai!! |
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nyx
Squeeker
Joined: Nov 26, 2007
Posts: 11
Status: Offline
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Dec 01, 2007 - 10:02 AM |
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[quote="chicane"]hey nyx, yes you can use your Posb card here for withdrawal. It must be the blue posb card ya, not the old silver one. I realised that most china atms accept posb except for ICBC - no idea why. Yup, SGD5 per transaction. Maximum amnt per transaction is RMB3000, RMB20K per day - subjected to different banks. Yup its high - so its better you withdraw the max amnt per transaction to maximise the service charge.[quote]
Thanks! finally i have the answer that our blue posb atm card is usable in SH. Dun really trust those bank's answer cause of last bad experience in Taiwan, but with someone who had done it before it sure made me feel a lot stable  |
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nyx
Squeeker
Joined: Nov 26, 2007
Posts: 11
Status: Offline
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Dec 01, 2007 - 10:06 AM |
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| frosties1 wrote: |
Hi NYX,
We are Singaporeans and have been living here fine. One thing about renting a place in Shanghai, you can always request for new furniture (of cos not too much). We have always been asking for a new mattress and so far no problem with the landlord.
There are plenty of us here in Shanghai. PM us if you need anything at all..
Take care and Welcome to Shanghai!! |
Company is helping me with the rental thing. I won't get to choose my accomodation neither would i know where in the world its located till the very day i am in SH  But well...it saves me the headache of having to look for a place myself.
Ermm...are u guys going to have a gathering for the upcoming festive season? Heard that x'mas is not a PH like in SG. Planning anything? |
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rolento
Raver
Joined: May 27, 2004
Posts: 379
Location: paperbag
Status: Offline
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Dec 01, 2007 - 02:43 PM |
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| Post subject: Re: help needed from fellow SINGAPOREANS |
1. i think answered by others.
2. If i am you, i will REFUSE to receive any form of payment in USD. USD against any currency is weakening. you will be losing money by the seconds if you are receiving USD. Ask for RMB, SGD or best EUROS. I know a famous brazilian model refused to get paid in USD but in EUROS.
3.Depends on how "ATAS" you want your life to be. 5000SGD can last me 2 years in shanghai including rent, food, entertainment, transport, internet etc.
| nyx wrote: |
Dear comrades ,
Will be moving to shanghai to work on the 15 Dec. However have yet to clear some doubts.
1. If the company is paying me thru my POSB acc, how could I withdraw money in shanghai? using Cirrus? Does all banks' atm accept it? cos the last time i was in taiwan, they sure dun like my card...refused to "spit" out the money.
2. As i will only be receiving the misc allowance (in USD) by cash in shanghai,am thinking of depositing the money in a foreign currency deposit acc. Which is the best bank to do this? Whats their minimum amt to start off with?
3. How much (in cash) did you guys bring over to start off initially? Are the things expensive? Like TV, Computer, Beds (mattress, frame, sheets) etc...would bringing 5000SGD over last me for 1-2 months?
Pls help...panicking over here...thanks! |
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rolento photography |
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samcy
Reacher
Joined: July 26, 2007
Posts: 245
Location: SG
Status: Offline
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| Posted:
Dec 07, 2007 - 12:50 AM |
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| Post subject: Re: help needed from fellow SINGAPOREANS |
| nyx wrote: |
1. If the company is paying me thru my POSB acc, how could I withdraw money in shanghai? using Cirrus? Does all banks' atm accept it? cos the last time i was in taiwan, they sure dun like my card...refused to "spit" out the money.
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Important sign to look for behind the ATM card:
cirrus - you can withdraw from China Construction Bank
plus - you can withdraw from ICBC |
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