HIGH FINANCE IN SHANGHAI
Randy writes:
First of all I'd like to pass on that regardless of what you read below I'm alive and well, not lacking for anything.
I'd like to share my recent experiences with the banking system here in China. I had opted for a 3 bedroom apartment and notified the company of the amount needed to secure the lease, basically 3 months of rent. I was assured the money would be wired into my Bank of China in 3 to 5 days. Received confirmation the wire had been sent, went ahead signed the lease and put 5000rmb 'earnest money' to secure the apartment for one week. The 5000 from my account lowered my balance considerably but I figured the timing would work out and I'd be replenished. Meanwhile I had to make a trip to Hong Kong for Visa purposes, so I check out of the hotel that I've been at for 17 days. Go to pay the bill, glance over the billing, no movies, couple of dinners charged to the room, mini-bar here n there, so I give her the company credit card, she runs it thru, I sign for about 29,000. As she is stuffing receipts into envelope I'm doing quick calculation in my head and ask her how much the room was each night. She gasped and said the computer made an error about 10,000rmb. So she cancels the previous charge but runs the new amount thru, new amount won't go on the credit card...over the limit. I had recently purchased flights and pre-paid hotel room in Hong Kong. Takes 3 days for wrong charge to clear. So I hand her my personal credit card which she runs through no problem. Meanwhile I contact Kaumagraph and they make an immediate raise on the credit limit.
I come back from Hong Kong, check back into hotel and have to meet with the Landlord with the rest of the cash or lose the 'earnest money'. Check with the bank.....no wire transfer. I figure I'll go for plan B, I ask for a cash advance from company card for 44,000rmb. The teller says no, money not available. I ask for 38,000, no money not available...she won't tell me what is available so I take credit card to ATM to do a query on it...machine eats the card. Not wanting to lose the deposit I max out the advance limit on my personal card, take out more out of China Bank account and come out 6200 rmb short of total needed. Real estate person says that's close enough for now. As far as the lost credit card, I'm told come back tomorrow to get it. I notify Kaumagraph of status and they choose to cancel card. OK
So I know what my limit is on my personal card, I've used it to pay the hotel bill, used it in HK and need to use it to check out of the hotel I've been it for 3 nights, wow I'm pretty close to being overdrawn. I'm momentarily undecided between staying in the hotel until more money arrives or move into apartment without much cash and very little credit to furnish. Other than basic furniture there isn't any linens, bedding towels etc. I decide what the heck, I move out of the hotel and into new place. I call credit card company and have $107 usd left to charge, request for limit increase would be reviewed blah, blah, blah. I go to Parkson and buy a jar of peanut butter, small loaf of bread, a knife, cheap bottle of wine because it came with an opener, milk and a quilt/comforter type thing. Came to just over 100 usd. So first night in the new place was pretty nice, warm and comfy on the couch, couple of PB sandwiches with wine chaser watching National Geographic on the plasma TV.
Next morning (Friday) getting ready to go to work, I realize maybe I should have bought a towel instead of the wine? Oh well, an old T-shirt will dry you off sufficiently. I realize I don't have enough cash to go to Anting by taxi...it takes 135 to 200rmb depending on traffic one way. I call my Chinese counterpart he says no problem I pay for your taxi when you get here and give you some money for the weekend. Meanwhile, I've asked the company to provide a check to my wife so she can deposit into our account stateside, I'll then make a payment to clear our personal credit card while the company is working on a replacement card. That all happens on Friday stateside, the check is deposited, the credit card company is paid, I'm thinking cool...Saturday I'll be rolling in bucks again. Wrong. I head to the bank, I get this notion to call the 800 number on the back of the card to check my balance and I'm told I have 11 dollars. I said I just paid $7000 on it yesterday! She said yes, but basically it is still yesterday (Friday) in the US, payment won't show up until (Saturday).
If you are still with me there is one more moment to share, I decide since I'm so close to the bank I'll check on the missing wire transfer. I can't get anywhere with my questions because I don't have my actual passport only a copy. The relocation agency requested it last week to finalize residency status for me. I ask the bank if they would do a cash advance on a credit card without the passport..no way. I call the agency and ask when I can have my passport back, she says the government has it, a week from Monday, Dec. 18th. I explain why I need it and she says Oh you'll have an official copy from the government on Tuesday that the banks will accept.
Yes, it would be easy to blow a gasket over this but I really just have to roll with it. My company is jumping through hoops to do what they can to help out, Lifeng, my Chinese co-worker has provided some fundage for the weekend (yes I bought a towel), the landlord lady has let me off the hook so far for the remaining balance of 6200 and my Chinese friend Selina from the relocation agency has accompanied me to numerous bank trips to try and resolve the issue with the wire transfer.
Yes, my internet service is up and running now.....that's a story for another day.
First of all I'd like to pass on that regardless of what you read below I'm alive and well, not lacking for anything.
I'd like to share my recent experiences with the banking system here in China. I had opted for a 3 bedroom apartment and notified the company of the amount needed to secure the lease, basically 3 months of rent. I was assured the money would be wired into my Bank of China in 3 to 5 days. Received confirmation the wire had been sent, went ahead signed the lease and put 5000rmb 'earnest money' to secure the apartment for one week. The 5000 from my account lowered my balance considerably but I figured the timing would work out and I'd be replenished. Meanwhile I had to make a trip to Hong Kong for Visa purposes, so I check out of the hotel that I've been at for 17 days. Go to pay the bill, glance over the billing, no movies, couple of dinners charged to the room, mini-bar here n there, so I give her the company credit card, she runs it thru, I sign for about 29,000. As she is stuffing receipts into envelope I'm doing quick calculation in my head and ask her how much the room was each night. She gasped and said the computer made an error about 10,000rmb. So she cancels the previous charge but runs the new amount thru, new amount won't go on the credit card...over the limit. I had recently purchased flights and pre-paid hotel room in Hong Kong. Takes 3 days for wrong charge to clear. So I hand her my personal credit card which she runs through no problem. Meanwhile I contact Kaumagraph and they make an immediate raise on the credit limit.
I come back from Hong Kong, check back into hotel and have to meet with the Landlord with the rest of the cash or lose the 'earnest money'. Check with the bank.....no wire transfer. I figure I'll go for plan B, I ask for a cash advance from company card for 44,000rmb. The teller says no, money not available. I ask for 38,000, no money not available...she won't tell me what is available so I take credit card to ATM to do a query on it...machine eats the card. Not wanting to lose the deposit I max out the advance limit on my personal card, take out more out of China Bank account and come out 6200 rmb short of total needed. Real estate person says that's close enough for now. As far as the lost credit card, I'm told come back tomorrow to get it. I notify Kaumagraph of status and they choose to cancel card. OK
So I know what my limit is on my personal card, I've used it to pay the hotel bill, used it in HK and need to use it to check out of the hotel I've been it for 3 nights, wow I'm pretty close to being overdrawn. I'm momentarily undecided between staying in the hotel until more money arrives or move into apartment without much cash and very little credit to furnish. Other than basic furniture there isn't any linens, bedding towels etc. I decide what the heck, I move out of the hotel and into new place. I call credit card company and have $107 usd left to charge, request for limit increase would be reviewed blah, blah, blah. I go to Parkson and buy a jar of peanut butter, small loaf of bread, a knife, cheap bottle of wine because it came with an opener, milk and a quilt/comforter type thing. Came to just over 100 usd. So first night in the new place was pretty nice, warm and comfy on the couch, couple of PB sandwiches with wine chaser watching National Geographic on the plasma TV.
Next morning (Friday) getting ready to go to work, I realize maybe I should have bought a towel instead of the wine? Oh well, an old T-shirt will dry you off sufficiently. I realize I don't have enough cash to go to Anting by taxi...it takes 135 to 200rmb depending on traffic one way. I call my Chinese counterpart he says no problem I pay for your taxi when you get here and give you some money for the weekend. Meanwhile, I've asked the company to provide a check to my wife so she can deposit into our account stateside, I'll then make a payment to clear our personal credit card while the company is working on a replacement card. That all happens on Friday stateside, the check is deposited, the credit card company is paid, I'm thinking cool...Saturday I'll be rolling in bucks again. Wrong. I head to the bank, I get this notion to call the 800 number on the back of the card to check my balance and I'm told I have 11 dollars. I said I just paid $7000 on it yesterday! She said yes, but basically it is still yesterday (Friday) in the US, payment won't show up until (Saturday).
If you are still with me there is one more moment to share, I decide since I'm so close to the bank I'll check on the missing wire transfer. I can't get anywhere with my questions because I don't have my actual passport only a copy. The relocation agency requested it last week to finalize residency status for me. I ask the bank if they would do a cash advance on a credit card without the passport..no way. I call the agency and ask when I can have my passport back, she says the government has it, a week from Monday, Dec. 18th. I explain why I need it and she says Oh you'll have an official copy from the government on Tuesday that the banks will accept.
Yes, it would be easy to blow a gasket over this but I really just have to roll with it. My company is jumping through hoops to do what they can to help out, Lifeng, my Chinese co-worker has provided some fundage for the weekend (yes I bought a towel), the landlord lady has let me off the hook so far for the remaining balance of 6200 and my Chinese friend Selina from the relocation agency has accompanied me to numerous bank trips to try and resolve the issue with the wire transfer.
Yes, my internet service is up and running now.....that's a story for another day.
posted by Roxanne Gillett at
6:27 AM
|
1 comments
