I need to find a bank that i can use that will provide a bank card i can use in Shanghai and i will be living around 1882 Yan'an Road West in Shanghai. I was wondering what bank is a good pick. Are there any banks that anybody knows that are affiliated with Wellsfargo or Bank of America, where you wont be charged outrages fees for transferring money from one bank to another. I looked at Wellsfargo's website and they show that they are partnered with Agiculture Bank of China, seems to be 5 miles from the address I will be staying at. Anybody bank with that bank?

Thanks for the help and suggestions

Jens

jschubis wrote:I need to find a bank that i can use that will provide a bank card i can use in Shanghai and i will be living around 1882 Yan'an Road West in Shanghai. I was wondering what bank is a good pick. Are there any banks that anybody knows that are affiliated with Wellsfargo or Bank of America, where you wont be charged outrages fees for transferring money from one bank to another. I looked at Wellsfargo's website and they show that they are partnered with Agiculture Bank of China, seems to be 5 miles from the address I will be staying at. Anybody bank with that bank?

Thanks for the help and suggestions

Jens

China Construction Bank is affiliated with Bank of America (and I believe you won't get charged any fee for transferring money), regarding Agricultural Bank I think it is a smaller bank as I have not seen many branches around (funny I have one a block from my house).
All banks in China kinda SUCK and Chinese banking system is in the ice age so you won't find any of the services that your are accustom in the US, at the end of the day I don't think it really matters what bank you choose as they are all mediocre except the thing about getting 'no transfer fee' to US.
Another IMPORTANT thing to consider: if you are getting paid in RMB in China, many companies tell you what bank you need to have an account (which is the bank they use), it is not like in US where you give a void check to your employer and they deposit your salary in your bank/banks of choice, which means you may end up having more than one bank account.
From the top of may head, in the area you will be living (according to what I saw in google maps) I only recall that there is a large ICBC bank near you on YanAn rd and a China Communications Bank on Jiangsu Rd. (half block north of YanAn rd.).
Maybe other posters have a better memory than me

ICBC is a good choice. CCB... you get that benefit with BoA regardless of having an account there or not as the free wire deal has long since died. Merchants is good for tossing money around domestically. BoC has the best exchange rates.

Personally I would just grab up HSBC Premier over here with the 50w and then proceed to open sub-accounts in the US and HK. Move that money around instantly and for free. Once it hits HSBC China, move it to BoC for exchange. Do keep in mind that ATM withdrawals are not included in that $50k a year cap. With that Premiere account, you are not charged for ATM usage and you can suck out 2w a day in cash. Having the HK and US branches means this gets doubled to 4w a day under the radar.

Not sure why people have the opinion that banks here suck though. No stupid fees, great online access, all of it real-time the tiny fees they do have are more than reasonable and you gain direct access to trading in commodities. Having an account opened with a 身份证 gives you access to all the domestic mutual funds, bonds and high interest CDs as well. So yea.... apart from having to wait in line at popular branches (forever) on the rare occasion that you need to do something in person... um, banks here **** rock.

Good analysis above.

I find banks here quite reliable and reasonable despite language problems. Their systems are antiquated and they can't do anything without involving multiple steps and ten different forms to fill out. But they are careful with your money. heh heh. It's an old conservative system and it works. And the best part is the fees are negligible. It's one of the few areas in China you can't be subjected to a laowai tax.

They are all pretty much the same in terms of service and fees. Pick one that is convenient to you and has good hours. ICBC has perhaps the biggest reach and most atms. BOC is ok but can be the most bureaucratic of the lot. Good exchange functions though.

I have to say that of all the banking hassles I've had here, most have been with HSBC. They are run as a local shop. COMPLETELY. Despite whatever premier membership you end up with you still get jerked around with services. I find more english speakers in BOC or ICBC than HSBC here. They are pretty clueless overall. It's a Chinese incorported and run bank and bears no relationship to the overall brand.

The salary thing is annoying too. Yes absolutely correct that companies strike a deal with a certain bank. No matter what you do you can't get them to change and deposit into the bank of your choice. I'm not sure why this is - but it is maddening.

Yep, HSBC here kinda sucks and I hate them. The only reason I use them at all is for the free money moving, ATM access, ability to open local accounts everywhere I have clients and move that cash around freely outside of China. I don't use them for any of their domestic services at all.

Awesome! thank you for the great information. So, HSBC seems to be a good way to move money around. My biggest worry is that I want to move a good chunk of money from one of my banks in the U.S and I dont have a clue on how to start the process while in China. I have Wellsfargo and recently opened an account with Bank Of America. As soon as i get to Shanghai, I am going to have to make payments that will total over 1800(US dollars). I dont want there to be an issue and not have access to the money or its stuck some where in the system.
What would be the best way to go about this? Someone recommended for me to get a western union card and deposit the money and when i get to shanghai withdraw the money at a local authorized dealer.

Regarding HSBC Premier, seems this might be a good idea. @maimai83, do you have any trouble using their debit cards at any stores? or do you just pay cash.

Thanks for all the help guys

Like I said, I just use HSBC for three things:
1) Accepting payments in multiple countries easily
2) Moving around money quickly
3) Sucking out a lot of cash for free when I want to without any real limits

Other than that... I don't like their cards, I don't like their exchange rates, I don't like their services, I don't like their scammy products they try to push. But a single bank giving me accounts in India, Germany, Dubai, UK, US, HK, Aussie and China makes life really really really easy on the business dealings side of things when clients don't have to do stupid things like wire money internationally.

Dealing with anything domestic like shopping and whatnot... just get an account at one of the big 4 and you'll be set. It's not unusual at all to have a whole bunch of bank accounts spread out to take advantage of certain perks that each one offers and keep cash spread out a bit. There are not really any account minimums to deal with or overly complicated setups needed.

Yes, lots of paperwork and endless stamps when starting out, and a pain to make account changes, but this is really for your own security and ya get used to it.