Expat Advice: Financial Issues in Shanghai, China

What is the name of the city or town that you are reporting on?

Shanghai

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

Yes. I switched to HSBC, which together with their Premier service allowed me to easily transfer my salary to and from my UK bank accounts. This also made it easier applying for a mortgage locally. Once coming to China I also engaged with a local-foreign owned firm to assist with my personal finances. They gave me much insight into the local market and enabled me to invest RMB into local funds. A risky endeavour for some but with currency appreciation against the USD I'm set to make at least 2%pa in interest alone. Incidently the fund returned 7% last year.

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Traveling Mailbox serves thousands of travelers, expats, digital nomads, businesses, individuals and others in over 47 Countries by scanning their postal mail so they can view it online anywhere in the world. They provide customer service 7 days a week so if you need assistance, it is just a phone call away. Traveling Mailbox works with Evernote, Bill.com and Dropbox. And, there are Traveling Mailbox apps available for iOS and Android devices.
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What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

Always speak with a local banker first and organise them to set-up a meeting with one of their branches in your next location. Research your home countries Tax treaties so you better understnad when you leave. Speak with professionals about the local market and seek out investment opportunities in your new home country. Especially in China.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

Understanding the local restrictions on currency exchange in China and Tax implications on various investments.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

Shop around like you would back home.

http://www.hsbc.com.cn/cn/ (my bankers)

www.polarisam.com (my investment managers)

www.dezshira.com (my accountant)

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

My investment manager introduced a local tax agent to assist. They also employ plenty of registered foreign accountants and didn't charge too much for their service.

What advice could you offer others about doing your taxes as an expat?

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