Canadians Retiring in China

[Mark_in_Canada]

This is something I am considering in the future, and I have a couple of questions. What is the best way to access your bank account in Canada?
I don't believe the goverment will send our pension funds to a Chinese bank, is this correct? When I was in China I had no trouble using my debit card.

The other thing I was wondering about was-Revenue Canada-do you advise them you have moved to China, or just keep a Canadian address?
What would be some of the things I should be concered about?

Thanks, in advance!!!
Mark

[Willy The Londoner]

I get my pension paid into my UK bank. I have two debit cards.  I transfer money by internet into the second card when I need to withdraw 2 x 2500 rmb in a day.

Every three months or so I get a stop on one of the cards.  I just ring my bank in London.  Using Skype and usually clear the security check and the card is then operational again.  Been doing this for 2 1/2 years and no problems.

Skype have a special system where you can ring any land line phone in Canada at no charge or cellphones at low rates to deal with these things.

Just keep a Canadian address. Relative etc

Willy

[Chong]

Open up a "Bank of China" account in Canada and in China. It's two separate entities. Make sure a relative in Canada has authority access to wire you money.

Health insurance. It can be arranged in China by buying a policy there.

[Willy The Londoner]

Wiring money internationally is expensive plus the banks give a not so good exchange rate.  I still suggest that having two debit cards are the cheapest way of receiving your money in China. You get the best possible exchange rate and only a small charge compared with the higher charges for wire transfer.  Two cards are a must as if one fails you have the second to fall back on.

As Chong said open up an account at The Bank of China.   Also Bank of China ATM are much better - you can select English on them and also they are the only bank I found in my area that allows you to take 2500 rmb a time. Most others have a 1000 limit.

Willy

[Mark_in_Canada]

Thanks Willy, that is good advice. I will do as you suggest. I notice when I transfer money to my wife's account , the bank charges about 13.00 per transaction. 
Mark

[Willy The Londoner]

Wiring is only cost effective if you are sending very large amounts. 

I go to the bank twice a week and withdraw a total of 10,000 a month regularly on two debit cards.  If we need more we go more than twice. I could go everyday if I wanted and withdraw but 10,000 is more than enough here and most gets saved.

For UK citizens it is very important to retain an address in the UK as when it is time to collect your pension the your will rise with inflation and you receive the heating allowance and christmas bonus.  Tell them you are living outside of the European Union and your pension will stay at the basic rate year on year and never rise from the first basic payment paid to you. 

Willy

[Pineau]

Willy is right. I have tried to wire money to myself. It is expensive and full of hurdles and pain getting your money. You should only use it if you are going to buy a car or house or someother big ticket item. I have tried pulling money off of credit cards which is near impossible when you are in China and it is also expensive.

What I have setteled on is this. I have multiple bank accounts in America at wells fargo. All my income is funneled into one of the accounts. I can access all of the  accounts online and do transfers between accounts and pay my bills back home in the USA. I have two debit cards that I can use to withdraw RMB from the teller machine up to 3000 RMB from each account daily. That is adequite to cover the monthly expenses living in Guangzhou.If I need more I just go to the nearest ATM and get it. The Wellsfargo debit card is honored at BOC, ABC and ICBC.

[Mark_in_Canada]

Thanks for all the reply's guys, now I know what to do!