Getting money into China

[Saxondale]

Now i'm having to think about how to pay my tuition etc once i get into China. I'm currently not in London at the moment, so i can't pop into ICBS, but I was wondering if it would be possible to open an account here and move my money from my Natwest account into an ICBC account all in london. Does anyone have any experience with this?

I've tried searching but haven't been able to find anything specific to my question.

Thanks!

[titan]

I'm moving to china too in September and have the same problem. I'm going to ECNU in shanghai. So far my research tells me the best way to go about this is to get to the place you want to go, and then open up a bank account with a local branch. Then once this is set up, you can transfer funds from your normal account to your China bank account. But this doesn't help much when I have to register and pay for tuition fees without an address, which I will need to open up a bank account!

Are there any other methods about obtaining your own money in China?

[Matty]

But this doesn't help much when I have to register and pay for tuition fees without an address, which I will need to open up a bank account!

I think you're saying you don't have an address and hence can't open a bank account?

The answer is easy, when giving your address just write the name of your university. I've not once ever used a real address. (Usually as I never pay attention to what it is)

[imron]

Are there any other methods about obtaining your own money in China?

Back in olden times, people used things like traveller's cheques

[m000gle]

There are a few options at your disposal...

ATM Card -

If your bank in the UK is able to access the Cirrus network (or possibly others, I'll check for the logos the next time I'm at a machine), then it should function at the vast majority of ATM's in China. I've used my Canadian HSBC card here dozens of times at their own machines, Bank of China, ABC etc. The pros are its the fastest and cheapest and most convenient. The con is not being able to receive a replacement ATM card while overseas, if it gets lost, stolen or simply stops working... HSBC may advertise as "The World's Local Bank," but this is only true for Premier customers =P

Western Union -

These transfers can be done at any Agricultural Bank of China or Postal Savings Bank of China. The pro is its more-or-less instantly available once sent. The con is it does involve a bit more time spent at the bank to process it, and a Chinese address may be required to receive the cash (a university or hotel should suffice). Also, maker sure to set the payout currency to USD and

NOT CNY/renminbi

. There is a box you tick off to have the USD changed to CNY on the spot, and due to government/bank regulations only USD-CNY transfers are allowed.

Cash -

This may seem obvious, and even a bit risky if you're carrying a large sum. However, carrying enough, in a money pouch, to get you settled and pay the minimum dorm fees is certainly possible. I believe the maximum you can bring into the country without declaring is something like $10 000 USD, an amount most students can only dream of. There are booths to exchange currency at any airport, and most banks can do it too. Most major currencies are accepted, not just USD as above.

Travellers' Cheques -

These may work, but since it likely requires you to go to a bank anyway, Western Union might make more sense.

Local bank account & Wire transfer -

This can work, and does especially well when transferring large sums. However, there is usually a delay (sometimes up to a week) for transfers to clear and fees can be prohibitive.

I will post an update if I think of any other methods. Good luck!

[roddy]

I was wondering if it would be possible to open an account here and move my money from my Natwest account into an ICBC account all in london. Does anyone have any experience with this?

Not possible - an account opened in London would be with ICBC's UK subsidiary, not ICBC in China. You'd still need to go to China to open up that account. M000gle has given you a good overview of your options - carry it in, hammer your cards, or figure out how to do a bank transfer once you have a Chinese account - see if you can fax or post in the form - you can perhaps leave a partially completed one with family or friends and have them fill in your account details when you have them.

If anyone's found any advantage to opening UK / US accounts with Chinese banks I'd love to hear about it.

[Saxondale]

Thanks for the replies. I think i'm just going to bring enough cash to cover tuition and accommodation, then use my debit card for a bit whilst i try and sort out a bank account.

[roddy]

But this doesn't help much when I have to register and pay for tuition fees without an address, which I will need to open up a bank account!

As Matty says, the bank isn't looking for any proof of address - I'm not sure what you can get away with, but a friend's address, a made-up one, a hotel - something will work. They're only really bothered about having a photocopy of your passport, and they don't send you anything - you don't get posted statements, they give you the card on the spot (Chinese bank cards don't have your name embossed on them), etc. If they were giving you any kind of credit it might be different.

Best thing to do is probably go to a bank with a branch on or near campus - they'll be used to dealing with foreign students, especially near the start of the semester.

Couple of notes on bank transfers - Chinese banks DO reject transfers if anything looks even slightly wrong - even if the account numbers match, if the transfer form says Smith, John and the account is in the name of John Smith it's liable to get rejected. When the transfer arrives, it won't automatically be converted into RMB, and so it won't be visible when you check your balance at the ATM - you'll need to go in and ask (although maybe some ATMs can display other-currency balances now, I don't know) if it's there, then have it converted for withdrawal. It's worth asking for a print-out of the information you need for the international transfer (last account I opened I think they gave me this without being asked for it).

It's worth getting online banking set up while you're there - it's no hassle, maybe just needs an extra five to ten minutes. You can then do a lot of useful stuff online - paying bills, adding phone credit, etc. And opening the account really is easy - they should do all the form filling for you, you just sign your name and choose your PIN / passwords.

[imron]

if the transfer form says Smith, John and the account is in the name of John Smith it's liable to get rejected.

Worse that than, even punctuation differences will cause rejection. I know of a case where Company Pty Ltd was sent a transfer which used the name Company Pty. Ltd. (or maybe it was the other way around) and was rejected for that reason.

ATM Card....The con is not being able to receive a replacement ATM card while overseas

The other con is you can only withdraw a certain amount each day, which will certainly be less than your tuition fee.

I think i'm just going to bring enough cash to cover tuition and accommodation

That's probably a sizable chunk of cash. I would seriously consider some other more secure method. Fees for travellers cheques are likely to be lower than those charged by Western Union.

[skylee]

Do people still use travellers' cheques?

I was embarrassed about how backward I was when I talked about using travellers' cheques back in 2006 ...

[roddy]

I'd be ok with carrying the cash, as long as I knew it wasn't going to be for long - you could withdraw it before you go to the airport, fly to China, get to your hotel or dorm or wherever and then walk out to open a bank account and pay it in for later withdrawal, or convert it and go to pay your fees. A lot of university new starts will, I'd guess, be paying fees and a semester's dorm fees within 24 hours of landing.

I know of a case where Company Pty Ltd was sent a transfer which used the name Company Pty. Ltd. (or maybe it was the other way around) and was rejected for that reason.

I think Eats, Shoots & Leaves must be required reading for Chinese bank clerks.

[imron]

Do people still use travellers' cheques?

Probably not for stuff like spending money because daily expenses can be pretty easily covered by ATM withdrawals. If however you were dropping down several thousand dollars for tuition and accommodation, well, losing traveller's cheques would be far less embarrassing than say having that cash lost or stolen.

[Saxondale]

Say if i opened up an account with a bank that supports online banking, would i be able to transfer from my online natwest account into said bank? Do they just use sort codes and account numbers or is it all that swift stuff?

[roddy]

Log on to your account and look? I don't know if any UK banks do online international transfers, but neither of mine (Nationwide and the Clydesdale. The Clydesdale barely do online banking) do.

[Saxondale]

Logging onto my online account won't help at all since i don't know what information i require from a Chinese bank. I think Natwest are going to start allowing online international bank transfers very soon, so this should be pretty good news for a lot of people.

What ways can you pay universities in China?

[aspi]

There might be some limitations how much cash you can bring with you. I suggest you check from the customs what they say about bringing cash with you.

[Saxondale]

So am i able to cash in travellers cheques at any Chinese bank? Excuse my ignorance, i've never used them before.

[imron]

Possibly not in tiny branches in tiny towns, but any decent sized branch in any decent sized city should allow it - if you're worried, I'd stick to either Bank of China or ICBC to make absolutely sure. Make sure to take your passport, and make sure you signed the traveller's cheques the same as the signature in your passport.

You don't want to go to exchange them only to find that your passport is signed "John A. Citizen" but your traveller's cheques are signed "John Citizen". You'll probably be able to convince them in the end that you're the same person, but it's hassle you can do without (had this problem happen to a friend once).

[Saxondale]

Thanks. The thing is, i'm only going to have a large amount of money on me for no longer than 24 hours. I know travellers cheques are safer, but it's going to be a bit more hassle than having cash on me. I just need to pay for my tuition and 3 months accommodation when i register, so maybe i'll brave it and just stick with cash....

[Brandon-Learn Chinese]

I use Western Union every month. Its instant and reliable. I send and receive money on a regular basis and I would recommend it over the length of time and hassle of the paperwork needed to transfer money. Although I haven't done it in about 2 years I just remember that it wasn't a fun process. I go to China Post Bank but have used the ABC (Agriculture Bank of China) also for using Western Union. If you choose to send it, make sure that all of the receiver information matches yours exactly as your passport reads it. This would include your full name. I sent money from my account once when I lost my card and I didn't have enough room on the online form , so I was one letter off. It took them two hours to decide to reject the transfer and another couple days to explain it to the wonderful customer service agents from Western Union outsourced to Central America. It was a horrible experience, so just triple check all your information and try to have a family member send it so if need be they can cancel and resend it if there is a discrepancy. Hope it helps. I personally would just bring the cash, exchange it at the airport, and just keep it safe. China is generally less dangerous then other country's but if you make yourself a obvious and easy target so be it. You should be fine though with Cash. Many of the new students that have come this week have all brought cash. You will be fine. One thing about the accommodation. Bring about 5 months because if your not at a dorm you will need the deposit (one month's rent) and possibly an agent fee (one month's rent worth). If your going to Tsinghua I would be more than happy to help you as I am on the student committee and will be on campus a lot these next couple weeks.