May 18, 2019, 4:15 am
Last edit by: Deltus
As of May 2019, this thread is closing in on its 9 year anniversary. A lot has changed during the course of the past 9 years. In particular: 1. WeChat Wallet and Alipay have risen to prominence, and 2. banking related security measures have become much more intense. #2 is especially relevant to foreigners in China because many --if not most-- banks are reluctant to open accounts for people on standard tourist or business visas.
The objective of this thread is to help people navigate these waters. Please feel free to add your own data points to the Google Sheet in the following link:
https://docs.google.com/spreadsheets/d/1lBOLufpsS_YypVd4Yv75aDVNLK2K0t8GHtbV7-O9Hqw/edit?usp=sharing
For an account of using HSBC Premier in China, see post 188.
The objective of this thread is to help people navigate these waters. Please feel free to add your own data points to the Google Sheet in the following link:
https://docs.google.com/spreadsheets/d/1lBOLufpsS_YypVd4Yv75aDVNLK2K0t8GHtbV7-O9Hqw/edit?usp=sharing
For an account of using HSBC Premier in China, see post 188.
Banking and Good banks in the PRC Discussion
Nov 4, 2014, 1:05 am
#91
Join Date: Apr 2009
Location: HKG
Posts: 1,314
I am also HSBC Premier, but for China CMB is my first choice. Get the golden card by keeping a balance of 50000 RMB. The only setback with CMB is that the English online banking is absolute crap. The Chinese version works like a charm but you need to be able to read.
Very competitive rates for overseas ATM withdrawals (official Unionpay rate plus 0.5% charge, min. 10 RMB).
Very competitive rates for overseas ATM withdrawals (official Unionpay rate plus 0.5% charge, min. 10 RMB).
However, these days I would be cautious about putting too much cash in any one of these listed non-state banks (e.g., CIB or Merchant, as opposed to a big state bank like ICBC) as word is when the banking reforms finally happen the state may make an example of one of them by letting them go bust. If a bank like ICBC got into trouble they'd be printing cash without batting an eyelid.
Nov 4, 2014, 1:09 am
#92
Join Date: Apr 2009
Location: HKG
Posts: 1,314
The ability (and cost) of transferring money is not the limiting factor (for me). It's the paperwork. Some, especially expat-heavy institutions have this worked out easily. Some places (my employer) are fairly clueless, and the hassle is greater than taking chunks of cash out whenever I travel.
Nov 4, 2014, 6:39 am
#93
Join Date: Dec 2007
Location: PEK and BOS
Programs: BA - Blue
Posts: 4,530
tb
Nov 5, 2014, 1:03 am
#94
Join Date: Apr 2009
Location: HKG
Posts: 1,314
As far as I know the withdrawal limits are still per-card rather than per-passport (which you could get around if you had multiple passports).
Last edited by tauphi; Nov 5, 2014 at 1:41 am
Nov 5, 2014, 5:33 am
#95
Join Date: Dec 2007
Location: PEK and BOS
Programs: BA - Blue
Posts: 4,530
You can get the same bank to issue more debit cards to you by going to a different branch in the same city (or even different cities if you run out of branches). Of course you could also go to a different bank that offers a fee-free withdrawal card.
As far as I know the withdrawal limits are still per-card rather than per-passport (which you could get around if you had multiple passports).
As far as I know the withdrawal limits are still per-card rather than per-passport (which you could get around if you had multiple passports).
I feel a bit uncomfortable having multiple accounts at the same bank, but thank you for the suggestion.
tb
Jun 21, 2018, 9:31 am
#96
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
I think this has been the best thread of banking in China for foreigners.
My son (US citizen) is going to college in Shanghai. The school can set up local bank accounts for students. It is just daily expenses, no tuition and dorm costs since they will be paid at US side. It is about $500 to $1,000 per month and I'll need to send to him to spend at Shanghai.
We/he has bank accounts at BofA and Chase. BofA + CCB can be a good combo. I can also open a new Citi account to use Global Transfer to the China account. I researched the HSBC Premier, but I can't fork out $100,000 fund just for this purpose. We do not want to pay the fees to send or wire the $$ to bank in China. Also, want to cut ATM fees to the minimum. Care less about CC rewards etc. We also have relatives who can lend my son the ATM card etc. Even have relative working at BoC.
I enjoy the online banking in US and wish to keep it and keep the costs to the very minimum. A US or global bank solutions is preferred. Any other good solutions?
My son (US citizen) is going to college in Shanghai. The school can set up local bank accounts for students. It is just daily expenses, no tuition and dorm costs since they will be paid at US side. It is about $500 to $1,000 per month and I'll need to send to him to spend at Shanghai.
We/he has bank accounts at BofA and Chase. BofA + CCB can be a good combo. I can also open a new Citi account to use Global Transfer to the China account. I researched the HSBC Premier, but I can't fork out $100,000 fund just for this purpose. We do not want to pay the fees to send or wire the $$ to bank in China. Also, want to cut ATM fees to the minimum. Care less about CC rewards etc. We also have relatives who can lend my son the ATM card etc. Even have relative working at BoC.
I enjoy the online banking in US and wish to keep it and keep the costs to the very minimum. A US or global bank solutions is preferred. Any other good solutions?
Jun 21, 2018, 10:27 am
#97
Join Date: Oct 2014
Posts: 3,097
Dealing with banks in China is rarely pleasant or easy.
I'd strongly suggest you find a bank or credit union in the US that doesn't charge fees on overseas withdrawals, beyond passing on the ATM network charges.
Sending money by ATM is so simple and convenient. Rarely a problem unless you lose your card, so have a backup account as well.
I'd strongly suggest you find a bank or credit union in the US that doesn't charge fees on overseas withdrawals, beyond passing on the ATM network charges.
Sending money by ATM is so simple and convenient. Rarely a problem unless you lose your card, so have a backup account as well.
Jun 21, 2018, 10:57 am
#98
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Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
HSBC solution would have been ideal. But not with the high balance. If no other good solution, I may go with the BofA + CCB route. Then we can use BofA (US) ATM card at CCB ATM. We can then deposit the unused RMB at local Chinese bank (CCB or another).
Jun 21, 2018, 6:08 pm
#99
A FlyerTalk Posting Legend
Join Date: Dec 2000
Location: Shanghai
Posts: 42,028
Dealing with banks in China is rarely pleasant or easy.
I'd strongly suggest you find a bank or credit union in the US that doesn't charge fees on overseas withdrawals, beyond passing on the ATM network charges.
Sending money by ATM is so simple and convenient. Rarely a problem unless you lose your card, so have a backup account as well.
I'd strongly suggest you find a bank or credit union in the US that doesn't charge fees on overseas withdrawals, beyond passing on the ATM network charges.
Sending money by ATM is so simple and convenient. Rarely a problem unless you lose your card, so have a backup account as well.
Jun 22, 2018, 4:26 am
#100
Join Date: Oct 2014
Posts: 3,097
So?
We're talking here about how his parents can most easily fund him from the U.S. Of course he can also open a Chinese bank account and try to get Alipay and Wechat working, funding the Chinese account with ATM withdrawals from the U.S. account.
We're talking here about how his parents can most easily fund him from the U.S. Of course he can also open a Chinese bank account and try to get Alipay and Wechat working, funding the Chinese account with ATM withdrawals from the U.S. account.
Jun 22, 2018, 10:07 am
#101
A FlyerTalk Posting Legend
Join Date: Dec 2000
Location: Shanghai
Posts: 42,028
Okay. In that case, fee free ATM withdrawals would be my personal primary objective.
Jun 22, 2018, 5:13 pm
#102
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Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
AliPay and Wechat Pay won't be any problem. The school will set up the local bank account since the students are entitled for it. The college has the full local support.
The issue is to get the fund into the Chinese local bank. I do not want to wire it and pay the wiring fees. The options are BofA + CCB ATMs or other bank's ATMs. I assume the cash will be RMB, not US $.
I do not know if Citi is another solution. The good thing is that this is Shanghai and it has the most banks in China.
The issue is to get the fund into the Chinese local bank. I do not want to wire it and pay the wiring fees. The options are BofA + CCB ATMs or other bank's ATMs. I assume the cash will be RMB, not US $.
I do not know if Citi is another solution. The good thing is that this is Shanghai and it has the most banks in China.
Jun 22, 2018, 6:48 pm
#103
Join Date: Oct 2014
Posts: 3,097
ATMs in China usually work on most international networks, so there's no reason to stick with one Chinese bank for international withdrawals, unless it affects your U.S. bank fee. (Chinese banks don't add a fee for international withdrawals from their ATMs, yet.)
One point in Citibank's favor is that I've always found their ATMs very reliable, though they haven't got that many ATMs in China.
One point in Citibank's favor is that I've always found their ATMs very reliable, though they haven't got that many ATMs in China.
Jun 22, 2018, 6:49 pm
#104
A FlyerTalk Posting Legend
Join Date: Dec 2000
Location: Shanghai
Posts: 42,028
AliPay and Wechat Pay won't be any problem. The school will set up the local bank account since the students are entitled for it. The college has the full local support.
The issue is to get the fund into the Chinese local bank. I do not want to wire it and pay the wiring fees. The options are BofA + CCB ATMs or other bank's ATMs. I assume the cash will be RMB, not US $.
I do not know if Citi is another solution. The good thing is that this is Shanghai and it has the most banks in China.
The issue is to get the fund into the Chinese local bank. I do not want to wire it and pay the wiring fees. The options are BofA + CCB ATMs or other bank's ATMs. I assume the cash will be RMB, not US $.
I do not know if Citi is another solution. The good thing is that this is Shanghai and it has the most banks in China.
Jun 22, 2018, 10:43 pm
#105
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
ATMs in China usually work on most international networks, so there's no reason to stick with one Chinese bank for international withdrawals, unless it affects your U.S. bank fee. (Chinese banks don't add a fee for international withdrawals from their ATMs, yet.)
One point in Citibank's favor is that I've always found their ATMs very reliable, though they haven't got that many ATMs in China.
One point in Citibank's favor is that I've always found their ATMs very reliable, though they haven't got that many ATMs in China.
Schwab is perhaps unrivalled when it comes to pulling out money from ATMs worldwide because you can use any machine that accepts your card without worrying at all about fees. Most credit unions are also pretty good. The BOFA/CCB drill is kind of annoying because it forces you to be on the lookout for CCB ATMs or else pay obscene fees.