Wuhan-China : Directory

Money

Cash

On the whole, Wuhan is still relatively a cash society and it is advisable to always carry enough RMB with you to cover everyday expenses. There is a maximum you can withdraw each day from an ATM depending on your bank, which ranges from RMB 5,000 – 20,000; the largest banknote is RMB 100.

Opening a Bank Account

Opening a local bank account is a fairly straightforward procedure. You should take along your passport, and then fill out a form with a local mailing address followed by making a deposit as little as RMB 1. Choosing a Multi-currency bank account is suggested as it is convenient for local currency and international transactions. You will normally be issued with a bank passbook and a debit card.

Local banks do not offer joint accounts for families. It is common for one spouse to have a bank account in their name and then share the passbook or debit card with the other spouse, or to open two separate accounts. It is easy then to transfer the other party money at the ATM for your bank.Local banks do not offer monthly statements and there are only a few that offer online services in English. Your passbook will be your only proof of debits and credits. If you are planning on buying a property, your old passbooks will serve as proof of monthly bank amounts, so keep them.

All Chinese banks allow you to receive wire transfers, and many allow wire transfers of US Dollars to overseas accounts for a fee. You can open an account and conduct transactions at any branch location, but for problems and special inquiries contact the bank head offices

Credit Cards/ATM

While some upmarket hotels, restaurants and shops do accept credit cards, most small shops and convenience stores only accept cash. However, more and more restaurants and larger shops will accept a local debit card. Chinese banks will not issue credit cards to foreigners without sponsorship and an extremely large cash deposit. If you use your home country credit card at local ATMs your home bank may charge you a withdrawal fee. For a listing of Visa and MasterCard ATM locations worldwide have a look at this website:
www.visa.com/atms or www.mastercardcom/cardholderservices/atm.

International Money Transfers

While working in China it is likely you will need to transfer money back to your home country. Once your funds are converted into foreign currency, you can make transfers freely at any banks.

For overseas remittance from domestic personal foreign currency in current account, the following can be applied:

1) Overseas remittance from foreign currency savings account can be transacted in the bank with the remitter’s own passport.
2)Overseas remittance in cash foreign currency equivalent to or below USD 10,000 per day can be transacted in the bank with the remitter's own passport; amounts above USD 10, 000 should be transacted with authentic proof in current account, The Luggage Declaration Form for Passengers Entering the PRC Customs signed by the customs office, or the remitter's foreign currency withdrawal bill from the original bank of deposit

*The above is just for reference. Details refer to different banks. Please contact your bank for updated information.