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Banking in Beijing

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cbalg

7/27/2009 11:12 EST

Any suggestions with how to deal with the Chinese banks? I've heard horror stories, but will be living in China for at least a year and so feel that I should attempt to open an account there. Any suggestions welcome. Thanks!

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minimconsulting

From: United Kingdom

7/28/2009 04:27 EST

Such horror stories should no longer apply to the main branches of Chinese banks in the centre of Beijing; though they might still to the local branches in the rural suburbs (e.g. Shunyi). We had no problems 10 years ago!

You should have a primary account with a US or UK bank, for the purpose of transfering funds from/to home and your local account.

The only inconvenience we found was there being no denomination larger than RMB 100, which can mean that handling cash takes longer than at home.

China is not leading the economic recovery for nothing!

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cbalg

7/28/2009 10:57 EST

Thanks for the information! That's great to know and I look forward to discovering all the differences and advancements. Thanks also for your reply to the electricity question.

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