Credit cards are rarely issued to foreigners in China but now change is coming. The Bank of China’s Shanghai branch is offering yuan credit cards to foreigners with Type A work permits, which are given to those at the top end of badly needed foreign professional classes. 

The Shanghai Administration of Foreign Experts Affairs recently joined hands with the bank to launch a special “fast-track” pilot program to streamline credit card applications for high-end foreign talent in the city.

The Bank of China’s Shanghai branch, located in the historical building at Bund 23, is an ideal partner for this program because it is the nation’s most international bank. 

According to spources, there are about 90,000 foreigners in Shanghai with work permits. Out of those, about 13,000 are Type A permits. 

To date, 30 foreigners have successfully used the program to obtain local credit cards.

The current pilot program has streamlined the application form to require only a valid passport, a residency permit valid for a year or more and a Type A work permit. 

The application process has also been shortened to about two weeks.

The Shanghai Administration of Foreign Experts Affairs said it, too, will track the new program and decide later whether to expand it to other banks.

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© Image | Google

 

News from Reuters that Kunlun bank, a key conduit for China’s dealings with Iran, will stop processing payments from Iran as it comes under pressure from the United States to impose sanctions on Iran

 

Kunlun bank is the main official channel for the flow of money between China and Iran. The bank has informed customers verbally that it will stop accepting RMB payments from Iran to China from November 1, four sources said. The source includes foreign loan agents and business executives with business ties to Iran. The source spoke on condition of anonymity because of the sensitivity of the matter.

 

© Image | Google

 

The bank, controlled by the financial arm of Chinese state energy group CNPC, had already quietly suspended euro-denominated payments from Iran in late August, the four sources said the four sources.

 

As of date, Bank of Kunlun has not responded to an email seeking comment and CNPC spokesman has not commented for this.

 

It is unclear how long the suspension will last and how Chinese companies that are still selling goods or services to Iran can receive payments. Nor is it clear whether the bank’s services to settle Chinese purchases of Iranian oil will be affected.

 

China is the biggest buyer of Iranian oil, and almost all of the money is paid through Kunlun bank. China buys about $1.5 billion worth of oil from Iran every month, and it did so until September. But oil industry sources say state refiners have been cutting the amount of crude they buy from Iran since October to comply with looming U.S. sanctions against Iran.

 

The previously unreported move by the bank of Kunlun underscores growing pressure on Beijing as the U.S. government begins imposing sanctions on Iran’s financial and oil industries in early November.

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Using mobile payments as a foreigner in China used to be extremely difficult but it has been changed a great deal. The only remaining challenge is figuring out how to add money to WeChat wallet.

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There are a few different ways that you can add money to WeChat on your phone:

• Link a Chinese Bank Account: you can open a bank account in China to link your China bank card to WeChat wallet. It wasn’t a simple process but it makes paying with WeChat easy from that point forward.

• Link a Foreign Credit Card: it is possible to add a foreign credit card to your WeChat wallet but it doesn’t work well actually.

• WeChat Balance Transfers: accepting balance transfers. As a foreign traveler, you can have a friend transfer you money and then use that balance to pay for things.

#But how can transfer money if you don’t know anybody in China?

“Sharing Economy” Comes 

to Currency Exchange

 

It’s a service called Swapsy which is a new process for exchanging currency and it could be described as the “Uber for currency exchange”.

It goes something like this:

 

Swapsy acts as the platform where people who need US Dollars can connect directly with people who need Chinese yuan. They facilitate the connection and also a place that theoretically takes the risk out of such exchanges.

How to Use It?

STEP 1

Choose the Amount of RMB

After you’ve set up your account and added payment methods for both US dollars (via Paypal) and Chinese yuan (WeChat), you can choose the amount for free USD to CYN currency exchange. 

 

Exchange rates are supposed to be based on the daily market rate and users have a monthly exchange limit of US$12,000.

STEP 2

Choose Payment Accounts for Currency Exchange

Swapsy gives you the options to pay US dollars using Paypal, Venmo or through direct bank transfer via Zelle and options to receive Chinese Yuan by WeChat or Alipay. 

 

Prior to the transaction, you need to make a contractual agreement.

 

STEP 3

Await Pairing & Make Exchange to WeChat

Within 24 hours, you should receive an email telling that they’ve paired you with another user who needs US dollars and is interested in making an exchange. 

Now you need to wait for your exchange partner to receive the money, connect with you on WeChat and then transfer the funds in Chinese yuan to your account.

 

This is the part that requires a bit of trust. Swapsy provides a full amount guarantee, which means that if your exchange partner defaults, they will cover the exchange amount. 

STEP 4

Confirm Receipt of Payment & Spend Your Money!

Exchange partner confirms receipt of the US dollar and then connects with you via WeChat. Once you confirm him as a “friend” he or she then transfers the agreed upon amount to you as a balance transfer.

The funds are then transferred to WeChat balance and are available for immediate use. Even if you as a traveler don’t have a bank account connected to WeChat, you can still hold a balance in your “wallet” and then use WeChat to pay for items as you travel around China.

Simple Currency Exchanges 

for Travelers

 

Obviously, this isn’t a long-term solution for somebody who is living in China. But if you are in a couple different situations like:

• You’re a traveler who wants to have money available to use while you’re traveling around China.

• You’re an expat who wants to buy something online but doesn’t have a Chinese bank account yet.

• For whatever reason, you need to convert Chinese yuan to US dollars or vice-a-versa.

In each case, this simple process allows you to make the currency conversion using peer-to-peer technology, making it practically free. Give Swapsy a try for yourself and add money to WeChat!

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Shipment on the sea face potential risks, even there are supports from modern technologies from the minute it departures port.

 

Thus, it is very necessary to track your shipment frequently and check its transport status.

 

Now, HACOS offers you a free shipment tracking service, it has two advantages over other alike services.

1. WeChat based

Different from other shipment tracking services based on PC websites, we have successfully implanted this service into the WeChat app. We do this for one major reason that WeChat is a frequently used cell phone app, it means that when you want to track your shipment you don’t have to do your tracking via browsing websites. 

By following HACOS on WeChat, you can go directly to its official Wechat account and enjoy the free shipment tracking service. And you do this time any place.

2. Multi connected

Our shipment tracking service excels in one aspect most, it is a highly integrated shipment track searching engine which incorporates different shipping companies’ shipment searching services into one. For tracking your shipments carried by different shipping companies, you have no need to go their websites respectively for the shipment tracks. What you need is HACOS shipment tracking. Input your shipment info and just one click, your shipment status results will all be presented on your mobile screen instantly.

You want your eyes on your shipment,

 

You want to know it’s status dynamically,

 

Open HACOS official WeChat account to track it.

HACOS shipment tracking, convenient, simple and powerful!

Here is the use guide for the service

 

Step 1: Select the “Tracking” button 

 

Step2: Input your shipment info and click “Go”

Step3: wait 1~2 second to get the search result 

Share to let your friends know & 

use HACOS shipment track service