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How much money to bring with me?

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hotshotken

Squeeker

Joined: Nov 17, 2007
Posts: 16
Location: Canada
Status: Offline

Posted: Dec 03, 2007 - 06:29 PM
Post subject: How much money to bring with me?

What's a "safe" daily budget? Trying to figure out how much money I should bring with me for the 5 wks I'll be here in Shanghai.

I'm thinking of carrying USD with me, and changing some at the airport (for transportation) and then at various banks. I want to avoid ABM service charges but I'm not sure if they're better or worse than currency exch.
- Any concerns carrying cash? (vs USD travellers' cheques) 5 wks could equal a thick wad of cash I prefer not to carry around.
- Do western restaurants/pubs take credit cards? (non-hotel). Trying to gauge how often I'll be using cash vs plastic. I'm guessing probably 9 times out of 10, I'll have to use cash.
- Does China have a limit on how much $ I can bring into the country?

sienna
Low Seater

Joined: July 17, 2006
Posts: 3440
Location: kiss my ass

Posted: Dec 03, 2007 - 06:36 PM

well, when I was in SH for 2 months (8weeks) I spent around 13000 RMB
and then i didn't pay for apartment and a most of my meals (because my relavtives lived beneath me)

so bring at least 1000 USD for leisure and shopping

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ShanghaiAdventure

Barker

Joined: May 11, 2007
Posts: 161
Location: Jing'an
Status: Offline

Posted: Dec 03, 2007 - 06:48 PM

If you use Bank of American you can withdraw RMB from Construction Bank of China fee free. Most western & nicer restaurants and major stores will accept your US Credit Card.

baileysan

Lurker

Joined: Aug 15, 2006
Posts: 20

Status: Offline

Posted: Dec 03, 2007 - 08:05 PM

if you dont have a Bank of America account, it would be worth opening up one before you leave (given you have a branch nearby). Withdrawing money from CCB will give you a slight advantage on the exchange rate. any credit card charges will be 3% minimum charge and sometimes the loal vendor here will also charge you 3%.

hotshotken

Squeeker

Joined: Nov 17, 2007
Posts: 16
Location: Canada
Status: Offline

Posted: Dec 04, 2007 - 12:03 PM

Unfortunately, I'm a Canuck up north so BoA is not an option for me.
My apartment will be all paid for, and it's likely some coworkers will take me out for meals here and there. All my daily food expenses are reimbursed so that's why I need to pay up front.
$1000 USD sounds about right. I was thinking of bringing in a little more than that just to be safe.

Thanks for the advice.

hautumncloud
LoopKicker

Joined: Nov 04, 2006
Posts: 912

Posted: Dec 04, 2007 - 05:23 PM

hotshotken wrote:

Open an account at HSBC Canada and get their debit card. You can use Canadian HSBC card to withdraw RMB here from any HSBC machine, to a max of RMB3,000 per debit card per 24 hours. If you get the most basic account, you get charged CDN6/month and you are allowed a few (can't remember how many) withdrawals each month, therefore you will escape the ATM overseeas charges - so long as you use HSBC machine here which are in quite a few prominent places which are frequented by foreigners.

FYI, exchange rates via ATM withdrawals are much much better than money exchangers especially those at the airport. Check carefulllllly....the airport exhcangers charge a service charge but it is incorporated into your exchange. You will see in your receipt. Use HSBC ATM card, that way you will just withdraw how much you need and will not have to deal with excess RMB when going home.

Hope this will help better than carrying a wad of cash.