Travel Reference
In-Depth Information
It can be extraordinarily tedious to get a Chinese credit card as a foreigner, and most for-
eigners simply give up altogether, opting for a standard debit card. Requirements differ
slightly from bank to bank, but in general, to get a credit card, you will need to show your
residence permit, passport, proof of salary, and work permit. Other supporting documents
that are not essential but helpful include proof of local house or vehicle ownership, and a
debit card with the same bank and three months of transactions. If approved, you should
receive your card within 15-30 days. Given the complexity of applying for a credit card, it
can smooth the process if you can get your company to assist you.
International credit cards are widely accepted in Beijing, although you shouldn't rely on
smaller shops and restaurants or businesses being able to use them. When they are accep-
ted, there is often an additional transaction fee of 3-4 percent, which would not be charged
if you paid in cash or with a UnionPay card.
There are various ways to get money out of the country. If you are legitimately working
in the country and paying taxes, then there is no daily or annual limit, and it can be done
without too much difficulty. If you are accumulating money earned on the side, however,
and wish to take this out of the country, then you will encounter obstacles for large amounts.
The country needs to control how much money leaves and enters the country, so it imposes
strict rules on free-flowing cash.
Converting
rénmínbì
into dollars can be done at almost any bank. Each bank varies
slightly in its rules for how it can be done, so it's best to call ahead to check what you need
to do. Generally, if you don't have official work status here, you are limited to exchanging
up to US$500 per day. All you need is your passport to do this. If you do have a work per-
mit, however, you are limited only by the amount you have earned. You should take your
passport, a tax statement showing income of at least the amount you want to change, and
your work contract, and then you should be able to change any amount you like.
Exchange rates are generally fixed, so shopping around for the best price won't yield
significant benefits. Many hotels can also exchange cash for you, but their commission is
slightly higher than those at banks.
Wire transfers can be done at the bank, although it can be an arduous experience. Not
high on the customer service priority list, this process can take an hour or two to achieve. If
you don't have proof of valid income and tax, you'll be limited to US$500 per day. If you
have a good Chinese friend, however, you could have them transfer up to US$2,000 per day
