How to make money going to china

As long as you don’t plan on buying many souvenirs, we recommend that you bring RMB per day per person. What are they? I feel like I may have picked the wrong industry to work finance and instead should have focused on real estate in the regions mentioned in your infographic above!

Best Ways to Make Money Online Fast

When I was younger, travelers checks were the way to go. You kept the little numbers separate from the checks themselves and you didn’t have to worry. You could spend them anywhere — even after you arrived back home if you didn’t use them during your trip. These days, with the global network, ATMs and credit cards, travelers checks are no longer a necessity. You need some cash but you don’t know how. You don’t know if you should change some at the airport.

What is Chinese money worth compared to other currencies?

This means I will be covering Chinese bank accounts, accessing and transferring money across borders, and more. Drop me a note in the comments for other items that I should cover. I may not have fully or correctly represented everything below. Keep also in mind that regulations are constantly changing in China. What is correct today may be outdated tomorrow. Feel free to scroll down to read or use the following links to jump to the appropriate question about expat banking in China:. In China, cash used to rule for everyday life.

1. Mind the (generation) gap.

This means I will be covering Chinese bank accounts, accessing and transferring money across borders, and. Drop me a note in the comments for other items that I should cover. I may not have fully or correctly represented everything. Keep also in mind that regulations are constantly changing in China.

What is correct today may be outdated tomorrow. Feel free to scroll down to read or use the following links to jump to the appropriate question about expat banking in China:. In China, cash used to rule for everyday life.

Everybody had cash, everybody was paid in cash and all stores accepted cash. However, in recent years WeChat Pay has been taking. More and more people use this mobile payment feature of the hugely popular Chinese messaging app to pay by simply scanning a QR code. As an expat in China, you can use WeChat pay only if you open a Chinese bank account more on this.

Visa and Mastercard are better than American Express, but all three of these have a relatively low acceptance rate throughout the country. The problem is that Chinese bank cards are harder to get but not impossible. Other Reminbi notes are 50, 20, 10, 5 and 1 RMB. In some cities such as Shanghaithe 1 RMB coin is used quite. As mentioned above, UnionPay is the preferred network in China over other global brands like Visa or Mastercard.

There are two primary methods:. If you come from another country that issues UnionPay cards i. One thing is for sure: make sure you know your card PIN number before you come out to China. If you receive your salary from a Chinese company, then you likely need a Chinese account. Another big reason to open a Chinese bank account is the increase of apps and in-app features for mobile payment, like WeChat Wallet or Didi Chuxing for taxis in China.

To use those apps you must have a verified local bank account. Note: Getting money into a Chinese bank account is easy. You can deposit the money, wire money, transfer money. However, it is much, much harder to get money out of a Chinese bank account. Keep this in mind as you do your banking. The formalities to open a bank account in China used to be very easy.

You only had to bring your passport and make a minimal required deposit. However, earlier this year the rules changed. Banks now require that you have a one year visa in order to open an account. How to make money going to china your visa is for a shorter time period than one full year, the bank will likely deny your application. Persistence often pays off in China. Chinese Banks are mostly owned by the central or a local government.

Big and common central banks include:. There are so many different banks in China — so which one to choose? Here are some points to consider:. Do your research, ask around, make a choice…and then stick with it! In order to open a Chinese bank account, you must bring your passport with a valid visa of at least 1 full year and an initial deposit usually something as small as RMB. The bank employee will help you fill out the needed forms, but keep in mind that not all branches have employees that speak English.

You will receive your bank card right away and can set your PIN. You will only get one bank card for a regular account. Joint accounts for couples are uncommon and often impossible. For example Citibank in the US, Sparkasse in Germany, even some stores accept payment with this card. In most cases, you can keep both RMB and foreign currency in your account. Make note that you cannot access the foreign currency in your account via ATM. You must go to the teller and probably pay a small fee.

Each ATM limits how much you can withdraw per transaction. Other fees, e. If you have enough money, you may qualify for a VIP account, where some fees are waived. There seems to be no minimum amount for using a Chinese bank card at places that accept. The maximum spending depends on your account status with your bank. Some banks have internet banking available but the English interface is usually somewhat limited, although this has been improving.

You may need a certain type of account — not every account type is eligible for online banking. Be sure to mention internet banking when opening your new bank account. Also worth noting is that some internet banking requires a physical key to use — a key that you insert into your computer. As always, this may change in the near future. Supposedly many retail banks offer telephone banking with an English service option.

I have never tried that but still wanted to mention it. Often times, fees for services done through e-banking or mobile banking are lower than at the bank counter. A popular method to make a payment for those doing expat banking in China is an account-to-account transfer.

Many people use it to pay rent to the landlord. You need the name, branch name, bank account number and name of the recipient. There is usually no charge for account-to-account transfers if both parties use the same bank in the same city, and a small charge.

You can even make recurring payments via text message once you set it up. You can do a wire transfer of foreign currency from your home bank into your new Chinese account without restrictions or limits.

China loves it when you bring foreign currency into China! Quick Tip: Using a service like Transferwiseyou can avoid bank wire fees and have your money converted and delivered to your Chinese bank account as Renminbi instead of foreign currency. I recommend you give this a try. If you transfer foreign currency, it will remain as foreign currency in your Chinese account until you go to the bank and convert it to RMB. There is a limit on how much you can convert into RMB per person each year but it is rather high.

To transfer money out of China is a bit more tricky. You can transfer out as much money as you want, as long as you can prove that it is earned income and you paid all taxes on itor it is part of funds that your originally transferred into China from overseas.

If this sounds complicated…it is. Be careful. In order to do that you need some paperwork, and you will probably get at least three red stamps on every paper by the time you finish the process.

Again, unnecessarily complicated. Here is what you probably need I say probably because these requirements may change. Best to confirm with your bank ahead of time :. Can you convert RMB to foreign currency without all this paperwork? Just with your passport, you may be able to convert up to USD from RMB per day, but this rule can be interpreted differently by different banks or tellers.

So you may not be able to convert any money without documentation. But, as I mentioned earlier, you can use your Chinese bank card to withdraw foreign currency from your Chinese account when traveling to other countries. Hopefully this FAQ answer a lot of your questions about expat banking in China. It really all boils down to a few important points to consider as you plan your banking strategy overseas:.

First, do you open a Chinese bank account or not? Second, how much money do you bring into China? This can be done in a number of different ways, including wiring from your bank, using TransferWise or even pulling cash from the eCard US citizens.

My daughter has recently moved from UK to China for 1 year as part of exchange program from her university. I am being told that I cannot send money to an account held by foreigner. Is it your bank saying you cannot send money to an account held by a foreigner?

Is the wire transfer being returned to you with an error message or are you not even initiating the transfer? Hi Many thanks for your reply. I transferred through xoom and the money got returned with same message. I am in Beijing on training and my travel money is finished. I went to BOC post and savings, then Bank of china business office and they said because I only have a one month visa I will not be able to receive it because I have to open aa bank account.

Do you know any other bank I can use? You need to find a primary bank branch that is an authorized Western Union member WU might even have a list on their website. This has happened to me as. I have been to three separate banks including Bank of China and Postal Bank and all have said I need an account with them or they will provide no western union or Moneygram service, even though I am traveling on a 60 day visa which means I cannot open an account .

Tools & Resources to Thrive as an Expat in China

Many more opportunities open up. Many here feel culturally distinct from mainland chinese. Can I use mobile payment? Most Popular. You do not need a special skill to grab this opportunity. Chinese chuna like Alibaba and Tencent advertise from the bottom demographic up, unlike Western companies that tend to advertise from the top. However, a Brandlab study used by Landor showed that Chinese millennials think differently. An overnight room in a 3-star hotel usually costs about yuan.