China :

Life in China
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Banking in China

 If you plan to send money home during your contract period in China, it is best to open a bank account. While China is still largely a cash society, with limited acceptance of credit cards and bank cards, having an account will allow you to safely store your money. As with most contracts and official communications in China we would advise that you have a Chinese workmate with you while you conduct your banking.

 

If you plan to open an account, you can do this at any bank with a passport. You do not need to have your permanent visa to do this. Make sure that you understand the fees and documentation necessary to wire money home. This is often a hurdle for first time teachers in China and is likely to be more difficult than in the other countries.

 

You can wire money home a couple of different ways. Many teachers prefer Western Union for its security, even though the prices may be slightly higher than normal banks. You can also keep your money in the bank till it is time to leave and then bring some cash home, and exchange it for your currency at your home airport.

 

As China develops into a banking society, you will see increasing flexibility in the nation’s laws for foreigners in regards to overseas remittances. The best way to find out the best ways to send money from your area, is to talk to other foreigners from the same country as you.



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