Banking

We suggest retaining an account in your home country for employer deposits, even though getting money out of China is difficult; the RMB is still not a universally accepted currency like the Euro or the USD. Within Shanghai, though, it is advisable to always carry around RMB, as China is still predominantly a cash society.

It is still best not to rely on major credit cards from outside of China, but they can be used at some locations, such as Carrefour. However, transaction fees can be quite expensive, every time you use them internationally. The major international banks in Shanghai are Citigroup, HSBC and Standard Chartered.

At the same time, opening an account at a local Chinese bank is extremely useful; many local shops and restaurants accept the local Chinese bank account debit cards. The process of opening an account is fairly easy and quick; all that is needed to apply for an account is a passport and a small amount of RMB (in general RMB 20) to make an initial deposit. English speaking tellers are not easy to find in local banks, therefore, difficult banking needs are best dealt with using the assistance of a local, such as a secretary or friend.

Foreign transfers of money do take time, and poor routing is not unheard of. Fortunately, there is a way to back-track deposits in case of problems. Foreign currency exchange in general is a bit inconvenient in China because of the nature of the RMB on the world market. Wiring medium to large amounts of money out of China, while not impossible, involves some paperwork and reporting. The prime consideration always being that the money comes from a verifiable source and the relevant tax has been paid.

Entertainment

A diverse array of entertainment options is available in Shanghai; there are cultural experiences, festivals, artistic performances, recreational activities and elegant restaurants. Nightlife is widely known to be of high quality, diverse, and fascinating with the full range of options available to the single expatriate or the entire family.

Museums, the Aquarium, Century Park, Yu Garden, Chinese acrobatic demonstrations, theatre, and a diverse venue of live performances are just a few of the activities and entertainment available. Swimming, golf, polo, Go-Karts, movies, bowling, indoor skiing and even horseback riding are all available to families.

By picking up local magazine guides like “That’s Shanghai” and “City Weekend” to be found at many coffee houses, restaurants and shops popular with expatriates, you can see what is currently going on, what is coming to Shanghai, and where to get tickets. These magazines also have many restaurants listed by type of cuisine for easy reference and restaurant reviews.