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Moving 2 Shanghai Next Month - Money Questions

Shanghai Expat Forum Index » City Living Forums » Relocation and Moving

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doubleR

Squeeker

Joined: Jan 26, 2009
Posts: 11

Status: Offline

Posted: Jan 26, 2009 - 12:04 PM
Post subject: Moving 2 Shanghai Next Month - Money Questions

Hello All,

I'll be moving to Shanghai next month for my job and was hoping someone could help answer some questions. 80% of my salary will be paid in US Dollar and the other 20% paid in RMB.

1) For this USD portion I opened an regular HSBC checking account in the USA. My Question is, will I be charged an international fee on using HSBC ATM's, or are the HSBC ATM's exempt from international ATM fees when using an HSBC card?

2) Credit Cards. What is the best route to go here? My current credit cards get charged an international fee when being used, and I want to find ones that don't charge that. Does anyone have any suggestions?

Does MasterCard or Visa offer any international credit cards that do not charge an international fee?

Also, how are the Chinese Credit cards? I assume I can get one with my local Chinese bank that 20% of my salary will go into?

Your help to these questions is appreciated.

marcusleach

Seeker

Joined: Oct 16, 2008
Posts: 58

Status: Offline

Posted: Jan 26, 2009 - 01:17 PM

I was with HSBC and Citibank (both are everywhere in China). But the fees were getting very very very expensive -- then I switched back to Bank of America and found out I can use it at all China Construction Banks (everywhere) and pay no fees. Some type of grandfather/sisterbank relationship. Very satisfied now.

seanryan471

Reacher

Joined: Aug 08, 2008
Posts: 307

Status: Offline

Posted: Jan 26, 2009 - 02:47 PM

For the credit card, look into Capital One cards. Not only do they not charge any international or foreign currency transaction fees, but their rewards are some of the best in the industry.

Chinese credit cards are not as easy to get as in the US. The chances of you getting an unsecured credit card without having any credit history here could be slim. Do a search for credit cards on this site, there are many useful threads.

p1atl10

Shanghai Royalty

Joined: Mar 18, 2005
Posts: 9064
Location: Shanghai
Status: Offline

Posted: Jan 26, 2009 - 06:45 PM

marcusleach wrote:

Double check the CCB free ATM thing...BoA just sold their interest in the bank.

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seanryan471

Reacher

Joined: Aug 08, 2008
Posts: 307

Status: Offline

Posted: Jan 26, 2009 - 07:53 PM

^ I saw that BoA sold their interest in CCB and I wasn't very happy about it. However, they haven't changed their no fee policy at the CCB banks yet. I withdrew money a week ago and they didn't charge me. Not sure if or when the policy will change.

medaman

Talker

Joined: Sep 13, 2008
Posts: 118

Status: Offline

Posted: Jan 27, 2009 - 08:09 AM

p1atl10 wrote:

marcusleach wrote:

Double check the CCB free ATM thing...BoA just sold their interest in the bank.

Bank of America sold roughly 2.5% of their 19% stake in CCB. They still hold a bit more than 16% of CCB.

http://www.reuters.com/article/marketsNews/idINHKG895720090107?rpc=44

kacphil

Talker

Joined: Sep 12, 2006
Posts: 90
Location: Shanghai
Status: Offline

Posted: Jan 27, 2009 - 10:34 AM

International ATM (HSBC) to be use inside China will be charge 20rmb per transaction, each transaction is 3000rmb max withdrawal. That is about 2yrs ago. It may go up already.

Best is to get a local ATM (debitCard) through your RMB Salary

Having a local Credit Card is almost impossible for foreigners. But you might strike gold once you have the right connections.

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aoki

Talker

Joined: Nov 15, 2006
Posts: 103
Location: Shanghai
Status: Offline

Posted: Jan 27, 2009 - 11:27 AM

I endorse the Capital One comment. I did a bit of research before I cam ehere and got a CapOne.
Been very happy with that choice. Easy to use, good benefits (points) and easy on-line access.

_________________
If I should venture into the slipstream, between the Viaduct and your dreams...

doubleR

Squeeker

Joined: Jan 26, 2009
Posts: 11

Status: Offline

Posted: Jan 27, 2009 - 10:21 PM

Thank you everyone for your input, it is very helpful.

I'm kind of disappointed with HSBC. They told me no fees on HSBC ATM's and i specifically asked them about international....

Thanks everyone.

CJT7818

Newbie

Joined: Jan 28, 2009
Posts: 7

Status: Offline

Posted: Jan 31, 2009 - 12:22 AM

I was able to get a local credit card through China merchant bank with no problem. Have one of your chinese colleagues fill out the application for you and submit it at the bank. You need to show your business card and an income verification letter from HR. The process took about 2 weeks and then I got the credit card in the mail. I also setup a bank acct there so the credit card payments can be automatically deducted each month.

Another great thing about the credit card is that they send me a notification text on my cell everytime after I use it.

zoe0166

Newbie

Joined: Sep 16, 2008
Posts: 9

Status: Offline

Posted: Jan 31, 2009 - 04:45 AM

You will pay International Transaction Fees for every single purchase made with your Bank of America Credit Card / Visa. It's good for cash at a bank, but the fee's would add up if using for daily purchases. Just be aware and budget for. It's 1% of ea. transaction.

mswp

LoopKicker

Joined: Mar 06, 2005
Posts: 822

Status: Offline

Posted: Jan 31, 2009 - 05:27 AM

When you open a local account, you'll have the option to get a debit card -- you won't get checks. You should be able to use this anywhere you would use a credit card. Depending on the lifestyle you choose, there's a good possibility you will frequent places that don't accept foreign credit cards.