What+to+do+with+your+money

Information from [|Relocating to Shangha]i.
When we arrived, we were given some of our relocation money that first day and the balance was in an account that we received access to the first day of orientation. Once you are here you will be given a Chinese bank card to access your Chinese bank account. Each month you are asked how much you would like to deposit into your Chinese account and how much you would like to have sent home to your bank account.

It is very easy to use your U.S. bank card here as well. Some ATMs are just for international cards; others are just for local cards. There is an ATM on campus. Some U.S. banks charge a service fee for international ATM withdrawals. However, I spoke to mine before I came and got mine waived. Just something to think about.

If you really want to have some RMB cash as soon as you arrive, you can use your U.S. bank card in the airport -- ATMs are conveniently located in the arrivals hall in both of the Shanghai Pudong airport terminals.

It is possible to check with school to convert money for you if you need them to. See Curt Larson, CFO.

We have a Capital One credit card because they do not charge a fee for using their credit card internationally. Some credit companies will charge a conversion fee for every transaction you make outside of the States, adding 3% to every charge! As credit cards can be used at grocery stores (Carrefour, Pines and City Supermarket), and many restaurants, it's really handy to have this [|Capital One] credit card. My research showed that there are very few credit cards that don't charge this "foreign transaction fee." (A few of the others I saw required some sort of U.S. military connection.)