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taylor04

Newbie

Joined: June 28, 2008
Posts: 9

Status: Offline

Posted: Aug 03, 2008 - 08:18 AM
Post subject: debit cards

I'm moving to hangzhou later this month, I'll be studying for the next year. Is it better to start a bank account in America and just use debit cards(and which bank) or to start an account in China?(which bank). I wont be making any deposits, so I should only need a debit card to withdrawl, which would be the best route? thanks

Last edited by taylor04 on Aug 03, 2008 - 08:40 PM; edited 1 time in total

hi5china

Barker

Joined: July 28, 2008
Posts: 136
Location: shhai/zhejiang trader
Status: Offline

Posted: Aug 03, 2008 - 08:52 AM

debit card?
you are realy in China for Some time ,Right?
If you have the bank account in China somewhere,
you can keep it...

Bank of China, China Agricultural Bank and China Industrial and Commercial Bank
are three giants in China with national and international service.

Citibank or HSBC, are international bank in China and very popular.
Is that available for foreignors to apply for credit card in China?
and also tnere are other many other international/local banks in major cities
with more optional package for investment

Welcome to Hangzhou

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beiaixi

Barker

Joined: Jan 30, 2005
Posts: 145
Location: shanghai, hongqiao
Status: Offline

Posted: Aug 03, 2008 - 09:02 AM

Hi,

The best is to open a bank account in Hangzhou if you were to stay in this city.
Here the bank system is very weird if you were to have a bank account in Hangzhou and pay in Shanghai you would have to pay charges...

hautumncloud
LoopKicker

Joined: Nov 04, 2006
Posts: 911

Posted: Aug 03, 2008 - 10:02 AM

beiaixi wrote:

We have a ICBC bank account in Beijing which we did not bother changing. We found out that if we pay purchases via the debit card, we don't get charged but if we withdraw cash even with ICBC ATM here in Shanghai, we get charged 1% ie RMB25 for withdrawing RMB2,500. So, better to open a local bank account wherever you are.

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9887
Location: EOA Seminar

Posted: Aug 03, 2008 - 01:27 PM
Post subject: Re: debit cards

taylor04 wrote:

I'm moving to hangzhou later this month, I'll be studying for the next year. Is it better to start a bank account in America and just use debit cards(and which bank) or to start an account in China?(which bank). I wont be making any deposits, so I should only need a credit card to withdrawl, which would be the best route? thanks

If you never make any deposit, WTF will you be able to withdraw?

CoffeeHawk_0
Board Buddha

Joined: July 14, 2005
Posts: 14444

Posted: Aug 03, 2008 - 01:35 PM

Quote:

so I should only need a credit card to withdrawl

CoffeeHawk_0
Board Buddha

Joined: July 14, 2005
Posts: 14444

Posted: Aug 03, 2008 - 01:35 PM

.......which is even worse

leidelaohu

Wonder Wit

Joined: June 11, 2007
Posts: 3777

Status: Offline

Posted: Aug 03, 2008 - 01:51 PM
Post subject: Re: debit cards

taylor04 wrote:

I'm moving to hangzhou later this month, I'll be studying for the next year. Is it better to start a bank account in America and just use debit cards(and which bank) or to start an account in China?(which bank). I wont be making any deposits, so I should only need a credit card to withdrawl, which would be the best route? thanks

Open a B of A account in the US and get an ATM card. (Not the same as a debit card, China doesn't really have debit cards, they use the PIN number all the time.)

You can use that card at Construction Bank ATM's to withdraw money in RMB from your US BofA account with no fees except for the currency exchange.

If you feel you need a local account, then according to rumour you can open a Construction Bank account and transfer between the two (if they are in the same name) with the same rules and charges. Can't personally attest to this tho. It's easy to open an account in a bank here but pretty useless.

That's probably your simplest solution. Banking in China sucks. The list of what's wrong with it would be too long for here. Simplest to avoid it.

Queencav

Lurker

Joined: June 26, 2006
Posts: 37

Status: Offline

Posted: Aug 03, 2008 - 03:06 PM

best to open an account in China and transfer what you need to live on into that account. Given the forever increasing strength of RMB, it will cost you more if you convert money over time ie now the exchange rate is around 6.9RMB to USD.. I wouldn't be surprised if it goes down to 6.5 or 6.0 while you are here. Also there will be international withdrawal fees from your american account, if you use chose to just use your american account.

taylor04

Newbie

Joined: June 28, 2008
Posts: 9

Status: Offline

Posted: Aug 03, 2008 - 08:39 PM
Post subject: Re: debit cards

underh20 wrote:

taylor04 wrote:

I'm moving to hangzhou later this month, I'll be studying for the next year. Is it better to start a bank account in America and just use debit cards(and which bank) or to start an account in China?(which bank). I wont be making any deposits, so I should only need a credit card to withdrawl, which would be the best route? thanks

If you never make any deposit, WTF will you be able to withdraw?

I'll make the initial deposit, but I won't be depositing weekly like a worker

aLeGna

Reacher

Joined: June 12, 2008
Posts: 233
Location: under the SUN
Status: Offline

Posted: Aug 03, 2008 - 09:43 PM

Quote:

the exchange rate is around 6.9RMB to USD.. I wouldn't be surprised if it goes down to 6.5 or 6.0

Last time I exchanged USD to RMB in BoC, it was 6.76. That was last Wednesday; it's .01 higher (if it changes a lot) than the previous week. Mid-market rate as of the very minute is 6.843 (as per www.xe.com).

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taylor04

Newbie

Joined: June 28, 2008
Posts: 9

Status: Offline

Posted: Aug 04, 2008 - 12:30 AM

So do people think it would be a good idea to start an account with bank of america, get the debit card, and then just withdrawl from china construction bank? or should i start an account with china construction bank(or a different bank)

leidelaohu

Wonder Wit

Joined: June 11, 2007
Posts: 3777

Status: Offline

Posted: Aug 04, 2008 - 01:50 AM

taylor04 wrote:

So do people think it would be a good idea to start an account with bank of america, get the debit card, and then just withdrawl from china construction bank?

I've done small sums this way for a year or so and it's pretty painless. Only hassle is the per-day limit on ATM's. For our account that's about $700. Just have to plan ahead a little.

Ymmv. Probably depends on your needs. I am happy with cash so no big thing for us.

hautumncloud
LoopKicker

Joined: Nov 04, 2006
Posts: 911

Posted: Aug 04, 2008 - 08:11 AM

taylor04 wrote:

For the purpose you stated, I think this seem the easiest and no hassle.

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9887
Location: EOA Seminar

Posted: Aug 12, 2008 - 11:41 AM

leidelaohu wrote:

taylor04 wrote:

So do people think it would be a good idea to start an account with bank of america, get the debit card, and then just withdrawl from china construction bank?

Us? As in you and Nutalie?

leidelaohu

Wonder Wit

Joined: June 11, 2007
Posts: 3777

Status: Offline

Posted: Aug 12, 2008 - 12:49 PM

underh20 wrote:

Us? As in you and Nutalie?

Got a mouse in my pocket Smile

hc would never let nuts go that easily ...

while on the sujet, can mr finance here clear something up for me ? my understanding of the term debit card is where you sign for purchases just like a credit card. what they use here is actually an atm card. yes / no ?

(sorry, nuts spilled orange juice on my keyboard last time she was ... errr .... visiting. blew the shift key to kingdom come)

Hangzhou

Seeker

Joined: July 17, 2008
Posts: 54

Status: Offline

Posted: Aug 12, 2008 - 02:01 PM

the signing or using a pin is irrelevant - the definition of a debit card is that the amount is debited directly from your account - ie if you don't have the cash in your account you can't generally make the transaction. As opposed to a credit card where you pay for something with the banks money and then pay it at the end of the month. They do have debit cards here - the one I have is a unionpay card and it comes directly out of the bank account. If they were just ATM cards you wouldn't be able to pay for things in shops with it. In the UK (and I think Europe too) it's all done by pin only now - no signature - is supposed to be safer from fraud that way.

Still don't understand why they need a pin and a signature here but hey ho!

jeffreylubowski

Seeker

Joined: July 04, 2007
Posts: 57

Status: Offline

Posted: Aug 12, 2008 - 02:09 PM

I got a debit card with China Construction Bank, when all others told me to fcuk off. I could only get an ATm card with CMB. Its a gold card too, so stick it up your jacksies CMB, HSBC and Standard Chartered! Long live the construction!

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9887
Location: EOA Seminar

Posted: Aug 12, 2008 - 02:21 PM

leidelaohu wrote:

underh20 wrote:

Us? As in you and Nutalie?

Got a mouse in my pocket Smile

You're right. A traditional debit card is a MasterCard / Visa branded product that can be used internationally just like a credit card but the money you spend is not borrowed from the bank.

In China they use a glorified ATM card.

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9887
Location: EOA Seminar

Posted: Aug 12, 2008 - 02:23 PM

jeffreylubowski wrote:

Coherent thoughts hard to come by these days?

What kind of debit card did CCD give you that other banks cannot also give anybody who can breathe?

jeffreylubowski

Seeker

Joined: July 04, 2007
Posts: 57

Status: Offline

Posted: Aug 12, 2008 - 02:29 PM

Nothing special I guess, a regular Visa. But other banks never offered that to me even when I asked for it, they didn't seem to understand that I wanted a debit card. Maybe it was my Chinese speaking friend who messed up when asking these banks for the debit card for me. Maybe not being white doesnt get me far with banks but thats my lot and I'm not complaining.

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9887
Location: EOA Seminar

Posted: Aug 12, 2008 - 02:35 PM

So you are saying CCB gave you a credit card, right? Is it a Visa card that you can use to buy things and pay the bank back a month or so later or is it a Visa card that you first need to deposit your own money into?

Actually, anybody who isn't yellow (Chinese terminology here) usually has problems with banks so don't feel like the Lone Ranger.

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jeffreylubowski

Seeker

Joined: July 04, 2007
Posts: 57

Status: Offline

Posted: Aug 12, 2008 - 02:41 PM

Visa card that you first need to deposit your own money into. A secured credit card in the US sense.

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9887
Location: EOA Seminar

Posted: Aug 12, 2008 - 02:52 PM

Secured credit cards are easy to come by at those few banks in China that actually issue them.

HSBC and Standard Chartered do not even have that type of card and CMB makes you open an account with at least 50k RMB before you can have their debit card.

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jeffreylubowski

Seeker

Joined: July 04, 2007
Posts: 57

Status: Offline

Posted: Aug 12, 2008 - 02:58 PM

France don't even have proper credit cards only Debit at best, I had an Amex in France with 30 day delay before the money came out of my bank. The states just never gave me a chance, credit rating was never good enough. Only place I had a real credit card was UK I ripped it up after I paid off the debt I got myself into with it. So China is actually not so bad all things considered.