Disclaimer: This information is put together to help others moving to Chongqing. This document is a compilation of information gathered from other expats based on their experiences. It by no means is intended to be the gospel but to provide some background information to hopefully make your transition smoother. Chongqing is a rapidly changing city so this document is a living document that may need to be updated as Chongqing and China grow and change. Please forward any updates, recommendations and/or corrections to Deborah Brown, grosseilebrown2@aol.com.
BANKING:
During your pre-trip you will likely open an account in Chongqing. FCO HR recommended China Construction Bank, but you have the option to select the Chinese bank of your choice. The real estate company hired during your pre-assignment should be able to help you open the account. Generally most expats set it up at China Construction Bank due to the large number of ATMs and locations, the affiliation with Bank of America.
When you set up your account it is very important to make sure the Bank has your correct name and spelling. You will need to have this if you want to transfer monies between your US account and your China account. For instance if the China Construction Bank opens your account and your paperwork states you name is “JohnFred Smith” , when you conduct a wire transfer you need to make sure you enter the name exactly as the bank has (not “John Fred Smith) otherwise they will reject the transfer and you will be out the transfer fees. Or you may have to sign an affidavit to confirm that you are the proper person as did Jim Lenson. (Example: In my situation, I don't usually transfer money from Canada to China, but one lesson I learned is to make sure your home bank uses the exact name as the one the China bank has on file i.e. your full passport name. I had an issue once, and had to sign an affidavit at the China Construction Bank to confirm that I was the same person i.e. Jim Lenson vs. James Ronald Lenson showing on my passport before they deposited the money into my Chinese bank account)
o Money Transfers - It not that simple but with a little patience you shouldn't have any problems.
Money transfers from home to China are much simpler than the other way around.
You will need:
§ Name the China account was set up under
§ China bank address
§ China bank institution number
§ China bank swift code number
Money transfers from China to back home are a little more difficult but not impossible, as the Chinese like to regulate money leaving the country. As I said it's a little more of a process and you need a little more patience.
When completing the money transfer application form at a China bank, you will also need several documents:
o Passport
o Labor contract
o Income certificate
o Copy of a monthly China income tax statement
o Name the account was set up under
o Bank address, bank institution number and bank swift code number for both your home and China banks
These documents are intended to show the source of the money in your China bank account, and that you have paid your appropriate taxes before being allowed to transfer the money out of the country
FCO HR (Kevin Dai) will be able to help provide items 2 & 3. Make sure you always keep the original Labor contract and Income certificate, and the China bank can make copies each time you are making a money transfer out of China. A copy of Item 4 can be retrieved from the CFMA Finance department each time you want to make a money transfer out of China.
In addition, an account will only be given one Debit Card, so if you think you may need to have two cards one for you and one for your spouse. You will have to open up two separate accounts and transfer/deposit money into the second account.
Bank of America and Construction Bank are partners. Therefore, you can transfer money from your Bank of America account in the US via Construction Bank's ATM machine without any fees. There is a $2000 RMB limit per 24 hours that you can withdraw from your NA/US Bank of America account (or any foreign bank account) via a China Construction ATM. Tip: You can open multiple Bank of America accounts with debit cards for both couples to overcome this constraint.
o Credit Cards…..Chinese Credit Cards???? Does anyone know if and how an Expat can get a China Construction or other Chines credit card for in country transactions?
Capitol One is one credit card that does not charge its own foreign transaction fee.
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