I Love China

Last Wednesday I tried to withdraw 2000 rmb from a China Construction Bank ATM machine.  After a very long wait, I got an error message on the screen telling me to check with my bank or something like that, but I did get the ATM card back and a receipt.  It’s happened before so I wasn’t alarmed, but then a couple of days later I checked my account online, and to my horror I saw that they had deducted 2000 rmb from my already minuscule, financial tsunami battered bank balance.

Gripped with panic, I called the bank and they said they would investigate and get back to me in 5 working days.

Lots of what if thoughts flashed through my mind.  Specifically, what if they respond by saying there’s no trace of an error.  Basically there’s absolutely nothing I can do to prove I didn’t get the money.  I was screwed right proper.

Still, I decided to cling to the hope that when they added up the cash in the machine, they would find they were over by 2000 rmb and correct the mistake automatically.  My faith may have been misguided but I was once charged twice for a debit card transaction and it did correct itself after a couple of weeks of sweating on my part.

So imagine my delight a week later when I noticed the full 2000 rmb was credited back to my account.  I think I’m going to run to the bank and withdraw the money before they change their minds and deduct it again.  If it ain’t there, they can’t deduct it!

It wasn’t long ago that cash was the main method of payment in retail outlets across China, but that’s changing rapidly with an explosion of credit card services from all the major banks. It’s not uncommon to see people here paying for a 25 rmb cup of coffee with a credit card now, although it’s equally not unusual for someone buying a 15,000 rmb LCD TV to pay for it in cash.

Well, despite many foreigners having difficulties, WoAi has successfully applied for a Chinese credit card at the first attempt. Why is that important some of you may ask? Well, there’s no big benefit to foreigners paid in their home countries, but I get paid entirely in Chinese currency which is not officially traded internationally, which means it’s not easy to convert to dollars or pounds or to transfer money to England. Previously when I’ve been back home, I have had to spend money from my English bank account with no way to easily deposit the money back, so the balance just goes lower and lower. But none of that matters now, as I can just bring my Chinese credit card with me when I go home to London, put everything on the card and pay in RMB when I get back.

China Merchants Bank, I’ve heard, is by far the easiest for foreigners. All you need is your Chinese employment contract, proof of income and some Chinese tax receipts, oh and your passport of course. The forms are all in Chinese, so bring a local friend. The statements and the online website is also all in Chinese, so that could make things a bit tricky when you want to check your balance, but again, get a friend to help. I submitted the application 2 weeks ago and yesterday the card arrived, just like that.

You need to choose which partner you want to be associated with from a fairly long list that includes Vogue Magazine (Chinese edition), Air China and Ctrip. This is because you accumulate points for every yuan spent, and I assume you can then use those points to exchange for benefits. None of them really appealed to me, but at least with Ctrip I guess I can book a free ticket or hotel when the time comes.

Oh, and you get a little text message every time you use the card to tell you how much you just spent which is a great fraud prevention mechanism which also helps you keep track of your spending and best of all is, the card is entirely free of any fees (unless of course you don’t pay on time).

So for all of you in a similar position, I suggest you head down to your nearest China Merchants Bank and fill out an application form. Just tell them WoAi sent you for instant approval!