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Accessing Credit Cards and Personal Checks

Joint accounts not permitted in Chinese banks. No Chinese bank offers joint bank accounts for
couples though new western banks are starting to enter the market. Most international banks
require a large deposit (HSBC 100,000) for personal banking. This partly due to the undeveloped
virtually non-existent credit history system.

Contents

* Credit Cards
* Checks
  o Personal Checks
  o Cashier's Check

[top]Credit Cards

One Bank account may be able to have two credit cards linked to that bank account. Most Chinese
credit cards work like western debit cards where Chinese customers must first deposit a set amount
of money the minimum is usually 6,000 Yuan and then the credit card can withdraw from from that
account. You still need to pay back money to return the level to 6,000 yuan each month or you will
pay interest on the difference.
Credit cards usually have a pin number that you will need to input. The exception to this in the
Merchant's Bank, which simply requires the signature.
Credit cards are usually can be used in large supermarkets, upscale restaurants or hotels.Some big
department stores also accept them.

[top]Checks

[top]Personal Checks

Personal checks are very rare and hardly used. In the case where you want to write a check to
yourself and cash it at the bank. It will take at least one month to get the cash. The check must
be authenticated by phone and then it is sent to the US bank. The US back then send the money to
the the Chinese bank with processed check. The Chinese bank will call you to fill out some final
forms and deposit the cash in your account. The same fees for exchanging money plus some banks
have Check processing fees.

[top]Cashier's Check

Cashiers Checks are sometimes used to pay for big items such as cars and conferences. There are
occassions when people use suitcases to carry cash to the dealerships to pay for the cars as well.
Cash counting machines are common in banks to deal with the number of paper bills they highest
denomination being the 100 yuan note.

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Contributors: muyongshi, simonlaing
Created by simonlaing, 31st October 2007 at 03:43 PM
Last edited by muyongshi, 31st October 2007 at 03:48 PM
1 Comments , 687 Views

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