When you put money in a fixed deposit, you need to know three things:
The rates are the same country-wide, whichever bank you are with.
How to take it out: Let’s use an example here to understand better. Two years back, if you had put in 1000rmb for a one year Fixed Deposit (定期存款), you’d get 2.25% [...]
It will cost:
one rmb to transfer to another bank in the same city
max. 15.50 rmb to transfer to another bank in another city.
This is late 2007
I had problems when I first arrived. I didn’t know which bank to choose, how to open a bank account, or how much money I could draw from the ATM machine?
After that, it took me some time to find out how to exchange a foreign currency into renminbi. It’s all covered here, including a primer [...]
If for some reason or other, you want to set up a bank account, what should have before going to the bank to set it up?
1. First you need some form of an address.
2. Next, remember to bring your passport and use the name on your passport to set up the account. You will have [...]
There are several ways to change money. The most common is at the bank. This is because they have alot of different kinds of money.
I found this set of numbers at a local bank, and took a long time to make sense of it:
Question 1:
Let’s imagine you walk the streets of Nanjing and pick [...]
How much can I earn putting my non-yuan money into the banks here?
After some pondering, I found some answers at a bank:
(The rectangular-looking shapes were added to aid my explanation.)
Let’s say you have 100 Euros. And you want to put the money in the bank so that it earns you some interest 利率 [li4lv4]. One [...]
How much can you draw from an ATM machine at one go? This is an important question especially if you have not opened a bank account here and require a large sum of money, e.g. to pay for the rent. Even if you have a bank account, it’s good to know.
In any case, let’s just [...]
When you first arrive in China, which bank do you open an account with?
The four big banks are:
1. Bank of China (BoC)
2. Industrial and Commercial Bank of China (ICBC)
3. Agricultural Bank of China (ABC)
4. China Construction Bank (CCB)
Other banks you may see include:
1. Shanghai Pudong Development Bank
2. Huaxia Bank
3. China Minsheng
4. Bank of Communications
Which one [...]