Banking

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Havelock

Lurker

Joined: Jan 30, 2008
Posts: 33

Status: Offline

Posted: Apr 01, 2008 - 11:31 AM
Post subject: Banking

I have read the forums but am looking to consolidate the info into one thread. I will be moving from the US to Shanghai soon. I currently have Citibank here in the US. I really do not think I will need to move money from RMB into USD as I will leave enough money in my US accounts to cover any expenses while visiting the US. However, I understand that it is difficult to convert RMB into USD when leaving China. Also, would I be able to move US dollars into RMB to take advantage of the increasing value of the RMB vs. USD?? Some people have mentioned that perhaps I should have just my monthly expenses issued in RMB and the rest paid in USD (in a china based account?).
I am just trying to figure out the best way to set up bank accounts and the pros/cons of each.

Any help would be appreciated. Thanks!

Magnolia
Board Biatch

Joined: June 01, 2004
Posts: 31083

Posted: Apr 01, 2008 - 11:48 AM

a wire transfer from your us account will take care of moving greenbacks into china.

probably wouldn't advise having a portion of your china salary paid in usd with the flucuations unless you know you need the funds in the form of usd later.

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Scojay

Raver

Joined: Oct 21, 2006
Posts: 383
Location: is inconsequential....
Status: Offline

Posted: Apr 01, 2008 - 05:32 PM

Keep in mind that if you open a CB Shanghai account, it can NOT be linked with your CB USA account. Wire transfers are challenging with CB and can not be done via ATM as advertised. And here is the best part... CB USA now charges a 2% conversion fee for the pleasure of using your CB card at any CB international ATM. Their are regional banks and credit unions that do not charge or absorb the international banking fees and the same is true for some select credit cards (like Capital 1 or Commerce Visa).

Havelock

Lurker

Joined: Jan 30, 2008
Posts: 33

Status: Offline

Posted: Apr 02, 2008 - 10:16 AM

Yeah, I just got back from Shanghai and noticed that they charged me the currency fee...I am going to call though I realize it is now a losing battle.
Thanks for the info.
So if you have the proper paperwork is it getting easier to convert RMB into USD?

yu888
Board Deity

Joined: Jan 25, 2003
Posts: 18042
Location: ZhongShanParkArea SH

Posted: Apr 02, 2008 - 10:24 AM

citibank sucks. oops did i just say that. sorry, persopnal bias.

My B of A accounts in the US so far anyhow, have not charged me for use of China COnstruction Bank ATMs yet. Given the cross ownership in eachothers' banks, I hope this agreement on mutual free ATM use stays valid. :0

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