Shanghai has garnered praise for its seamless financial services catering to both short-term foreign visitors and long-term expat residents, according to feedback from four expats on Oct 25.
During a discussion on cross-border financial needs in Lujiazui, Shanghai”s financial hub, four International Experience Officers from Turkiye, Singapore, Colombia and Japan explored the latest solutions designed to simplify their financial experiences in Shanghai.
At the event, Bank of China showcased a range of services, including foreign card payments, currency exchange, mobile payments, and assistance with opening and managing local bank accounts, as well as tax refund processes for international shoppers.
The bank also introduced financial services tailored for long-term residents, with a notable highlight being an online platform for convenient remittance of foreign currency salaries.
Foreign card payments
Joey Yeo from Singapore, CEO of Heal Management Group, lauded the extensive acceptance of foreign cards in Shanghai, highlighting the widespread network of ATMs and point-of-sale terminals that readily accept foreign cards. “The payment service here is no different from any major international city.”
He also noted the integration of foreign cards with popular platforms like WeChat and Alipay, enabling expats to make payments seamlessly across various establishments, from transportation to shopping malls and even street vendors.
Mobile payments
Deniz Acar from Turkiye, a student at New York University Shanghai, commended the real-time engagement, transparency, and efficiency of digital payments in Shanghai. Acar expressed hope that other regions would adopt similar efficient systems.
Fukashi Iwai, a Japanese national and vice-president at Tokio Marine & Nichido Fire Insurance Company (China), praised China’s advanced mobile payment infrastructure, noting its superiority over that of Japan.
Foreign exchange
In response to the needs of expats residing and working long-term in China, Bank of China introduced an online service for converting salaries into foreign currencies for remittance to other countries, said Chen Gang, general manager of Personal Digital Finance and Private Banking at Bank of China’s Shanghai branch.
Yeo expressed admiration for the convenience of foreign currency exchange through the Bank of China app, emphasizing the ease and seamlessness of the process.
Acar mentioned feeling more confident about transferring money to and from foreign connections following the event.
Bank of China’s initiatives
Jessika Carrascal, a Colombian representative of a Mexican catering brand, commended China’s efforts in providing valuable tools for foreigners, particularly praising Bank of China for expanding financial services for foreigners.
Carrascal, a long-term Shanghai resident, noted the significant growth in available financial services for foreigners compared to over five years ago.
Acar expressed increased confidence in navigating Shanghai’s financial landscape post-event, highlighting Bank of China’s comprehensive understanding of foreigners’ unique needs.
Chen highlighted Bank of China’s initiatives, including enabling foreign card payments in over 1,000 taxis, providing foreign card payment services to 4,600 merchants with over 10,000 payment terminals installed, and establishing numerous foreign currency exchange points and self-service machines. Additionally, the “buy-now, refund-now” service for shopping tax refunds has been extended to 16 large shopping malls citywide.
