Moving to Shanghai
Money Matters
- Many places in China accept cash only. Because of this, you may want to take out your daily maximum amount on your ATM card in order to purchase larger one- time purchases when first arriving. Many stores and service providers do accept credit and debit cards. However when they advertise the acceptance of cards, it may only be for local Chinese Bank cards and not foreign credit cards. So remember to check first.
- At the ATM machine, there is no choice of bill denomination, and while having stacks of hundred RMB may feel uncomfortable, it will more than likely prove very useful.
- Many restaurants, especially foreign ones will accept credit cards. Carrefour, Pines and City Shop are grocery/necessity stores that also accept foreign credit cards.
- Opening an account at a local Chinese bank account requires you to bring your passport. To avoid long waits, you can have your company arrange with the bank a designated time. Many times a secretary or assistant from your company will be most helpful and willing to assist you in these matters.
- Think about having some money either wire transferred to this account or having your reimbursements, hardship allowance, etc deposited into it too.
- Cash is the acceptable way of paying for utility bills, the maid’s/ayi’s daily shopping and her salary. A cash bonus, in the form of a `Hong Bao’ (red packet), is expected by your driver and maid/ayi during the Chinese Lunar New Year.
