Opening bank account - US checks accepted?

[davin]

May be a dumb question, but does anyone know if Chinese banks will accept US personal checks, both to open a new account and later to add money into the account? If so, how does the cost compare to wire transfers? I realize they would likely place a several week hold on the check while it cleared, but if this worked it seems the easiest way to open and fund a new account; just carry over some personal checks.

I'll be heading to Beijing in Dec and will likely be opening an account at BOC, based on recommendations on these forums.

Thanks for any help!

ps - not sure if everyone has seen this, but some US banks are increasing their foreign transaction fees (incl. for non-US ATM withdrawls). For example, on Dec 4th Citibank's fee will increase from 1% of the transaction total to 3%.

[gato]

You should consider opening a Bank of America account if you don't already have one. You can use your BofA ATM for free at China Construction Bank ATMs.

See http://www.chinese-forums.com/index.php?/topic/9395-bank-of-america-and-china-construction-bank-free-atm-charge&highlight=bank

If you really want to deposit a personal check, it is best to do it at Bank of China branches. It usually takes about 40 calendar days for the check to clear. When cleared, your deposited check will initially be in a foreign currency (e.g. US dollars). It take an additional trip the the bank to convert it into Renminbi.

See http://www.chinese-forums.com/showthread.php?p=81255#post81255

[imron]

I would advise against opening an account with the Bank of China. I don't know if things have changed recently, but previously, Bank of China accounts were always limited to the province/region where you opened them. Which is a real pain when travelling. This is not true of some of the other banks (e.g. China construction bank, where I have my account).

If you're coming over to China, and already have the money in your US account, why not just get traveller's cheques (or even cash) and convert them when you arrive.

[billiardsmike]

Everybody makes a good point. I used travelers checks to open a BOC account in August. Much simpler. Immediate posting of funds, and they were posted in RMB. No extra trips required. BofA account sounds good for ATM transactions. If you're bringing money over, changing US banks may not be worth the hassle though. I'm putting a substantial amount into my BOC account to avoid ATM fees and the falling exchange rate. If I go out of the area, my Wachovia card is fine for short term use. I'll live with a couple of fees if I didn't plan my trip well.

[davin]

Thanks for the replies; it sounds like travelers checks are the way to go. Didn't realize it would take 40 calendar days for the personal check to clear!

Gato, I like your BofA idea; unfortunately I am beginning my travel in a few days so I won't have time to set up the new account. Maybe next time though.