Settling In 113It is very easy to open a bank account in China, all that
is required is your passport and a small amount for initial
deposit. Since full implementation of WTO, your choice of
bank has expanded dramatically. Foreign banks like HSBC,
Standard Chartered and Citibank have established a credible
national presence. You can open multiple currency accounts
in foreign banks, which is a convenience in moving money
between countries.
The Bank of China still has the largest national presence
and can provide the broadest range of services. If you need
a cash advance from your credit card or to cash a personal
check using an American Express credit card as backup, you
have to go to the Bank of China.
If you have an ATM card that is part of the international
networks, you can use it at Bank of China ATMs or those of any
of the foreign banks. It is the easiest way of drawing cash out
of your foreign bank account. Most banks charge a small fee
for this transaction. Domestic banks issue ATM cards and debit
cards. Some have just begun issuing Rmb credit cards.
It is better to use the banks to change money than the black
market moneychangers. There is an abundance of fake currency
circulating in China. Banks are meticulous about checking
currency. You are far less likely to end up with fake Rmb from
a bank than you are from a black market moneychanger.
GETTING AROUND
Ask people in the 1980s who came to China what their initial
impression was and they will say dark streets, no Coca Cola
and bicycles everywhere. In 20 years, China has come a long
way in transportation. It is the fastest growing car market
in the world. There are now more Volkswagons, Buicks and
Citroens on the road than there are bicycles.
China has nearly 500 airports, a train system that is the
backbone of travel in the country, as well as buses, taxis,
subways, light rail and private cars. The government has
made heavy investment in the highway system, and paved
roads connect every provincial capital in China.
A majority of Chinese travel by train or bus long distance.
They use the more affordable buses and subways within