If I understand the system requirements correctly, I have to have a Chinese bank account (one of the 5 largest banks) if I want to purchase items on the Tmall or Taobao. If it's really the case, which bank is the best for it?
My needs are basically only:
1) To be able to purchase items on those sites.
2) Easy money handling - just go with RMB cash to the bank, give them the cash and be able to use it on the Internet. Or withdraw it at the ATM counter again.
3) To not have too high monthly charges because when I leave China next year, I don't want to cancel the account. I would like to leave, say, 1000 RMB on it in order to simply have some money in China, and, if I return to China again in a year or two (or three :) ), to have a Chinese bank account still ready to use.
Thank you!
My BOC account has only a 10 RMB per year service fee. That's pretty reasonable. I can make all my deposits at the ATM so no need to deal with the tellers and wait time.
Being able to use the account on-line is an option so you need to request that when the account is opened.
I would presume other banks have similar offerings.
I use China Construction Bank - thieving BOC charges me for foreign currency wires 1-2%, CCB is FREE.
"Wires" - what does that mean?
But I guess I won't be dealing with any currencies other than RMB...
@denlee
Wires = international bank to bank money transfer - sent electronically - hence the moniker "wires". Also known as "international wire transfer".
@laotou, when you say you get charged !-2% on wires, do you mean wire in to China or wire out from China? or both ways? Thank you!
@laotou, are you wiring to a Bank of America account? Just curious if it's general CCB policy or a result of BOA owning a minority stake in CCB. Not sure if it's still in effect since BOA sold off part of their share, but it used to be that international ATM fees were waived for BOA cardholders withdrawing from a CCB machine in China.
I can understand waiving an ATM fee, as you are the person processing the transaction.
I've already opened an account, but I've encountered another problem concerning TaoBao.
During the registration process, it requires me to enter the 15, or 18-digit Identity Card (身份证) number. But as a foreigner, I don't have any. It won't accept my passport number, by the way.
Do you know what should I do? I don't want to buy via somebody, I would like to buy things by myself there.
Thank you!
