Leaving for China in less than a month

[Willy The Londoner]

I just take the old notes that the bank give me, I have never had a problem, The big city banks i have been too there have been Chinese people waiting for foreigners to exchange their currency and they give a better rate than the bank does, As for trying to use my ATM card, forget it, CASH only, John.

Bank of China ATM's are OK. They all have an English version now. But you do need two cards as often one may be stopped if you are not a regular user overseas but it is an easy phone call by skype that will get in unlocked for you.

Just remember if a bank has any suspicion about the authenticity of just one note then they are more than likely to retain the whole amount and get them all checked over by head office officials. This takes some weeks. This is just not China banks that do this but many places in the World also do the same. Carrying cash is not the safest way.

Recent TV story about a women going to bank in Dubai with 3000 us dollars and 1one hundred dollar bill was suspected of being counterfeit. She ended up three days in jail and she got 2900 us dollars bank three months later but it cost her that much in legal fees.

Willy

[shaun]

Willy though my time in China has not been as extensive as your I have never needed a second ID at a BOC ATM.

If one should be asked for a second ID would your passport do or are they looking for something from the bank of origination?

[IrishGuy65]

Wow... so many different opinions.  I think that's a great idea, Chinabound... but some opposition to the idea as well.  I'm not taking that much, but I'm not going to be around for 3 months, only 2 weeks or so.  And the hotel and travelling are already paid for.  I think an account at a Chinese bank would be a good idea, though, since I do plan on going back.  I think I'll discuss this with Hongping and get her opinion.

[Willy The Londoner]

Willy though my time in China has not been as extensive as your I have never needed a second ID at a BOC ATM.

If one should be asked for a second ID would your passport do or are they looking for something from the bank of origination?

A second card is what I suggested. If the first is stopped by your bank in a security check, as it is being used in China, then a second one may well enable you to get some money from an ATM until you can call your bank and get the security stop lifted.

It is not for ID. The banks will take your passport as id if you need to open an account.
Willy

[RobertBfrom aust]

Irish , one thing you must remember to do if carrying cards , let your banks know the period you will be travelling to China plus a few days either side , I never have had problems with my Australian Bank local debit card , just as easy as down the street here , regards Sujuan and Robert .

[shaun]

Willy, I guess I misread your post.  I always notify my bank prior to leaving for China that I will be making withdrawals there.  I am good friends with the branch manager where I do my banking and always bring back a small token of my appreciation for him when I return from China.

I haven't had a problem yet except for the two or three issues at China Construction Bank I think they are called.  That was an easy fix.  BOC.

It is wise though to make sure you have the phone number and email address to the branch manager of your bank.  It also helps for him/her to know who you are by face.  Spend a little time talking to them.  They may not be interested in your venture in China but they will listen and get to know you a little better.  When I stop by he always asks me when I am going to China again.

[IrishGuy65]

Yes, I have two credit cards and I was planning on notifying my bank that I would be in China... so that should be taken care of shortly

[Willy The Londoner]

Just a reminder about banking.

Just because a bank has branches in your country and also the same bank has branches in China these work as separate banks and transfers between the two are still dealt with as international transactions.   Money transferred between them are dealt with under international law to prevent money laundering.

By transferring cash you do not get the best rate possible although it is better than changing cash at an airport bureau de change and they will also charge you for transfer.  You get the the best rates using a debit card even though you will also have to pay the ATM charge on each transaction.  But is still a far better rate than transfers or exchanging your currency at banks. The rate given by banks in china are not much better than the rate given at airports. Plus you probably have to wait at the bank for up to an hour for your number to be called.

Willy

[Willy The Londoner]

At least with the Bank of China and probably others you do not have to queue. So going to one of these do not forget to get your numbered ticket at the machine and sit back and wait, and wait and wait for your number to show up on the display.

Well Irish Guy less than a week to go so do not get too excited as we do not want you arriving with too high a blood pressure.

Willy

[Vince G]

Just thinking out loud. Are the banks in Hong Kong more accepting to US bill money then the mainland? What if a bank account was made HK instead? deposit us cash into?

[Willy The Londoner]

When I enquired about open bank account in Hong Kong I was told the following.

To open bank account in Hong Kong you need to produce Photo ID(passport) and also provide them with proof of your address in Hong Kong or Mainland China. ie Utility bill etc. It has to show your NAME and address in either China or Hong Kong.

Also you have to maintain  a balance of 1000 Hong Kong Dollars.

Willy

[IrishGuy65]

Well Irish Guy less than a week to go so do not get too excited as we do not want you arriving with too high a blood pressure.

Willy

Haha, Willy, it's too late for that   

Honestly, I wish I was busier at work, so that I could take my mind off the trip.  I'm very excited.

[IrishGuy65]

Believe me CB, I intend to enjoy the trip.  I'm afraid it will go by far too quickly, though