Manage Your Money in A Global Way When Living in China



WeChat and Alipay bring many conveniences to the daily life of expats living and working in China, such as shopping, splitting bills and buying train tickets. But if you want to manage money in a more global way, you will need these tools and bank accounts.


  1. A Chinese Visa / Mastercard Pre-paid Card (credit card)

Using this card allows you to use RMB to pay in any place marked “VISA” around the world, such as online shopping and paying hotel fees.


  1. International Bank Accounts

It is like a third jurisdiction (except for your home country and host country) to help you save and manage wealth safely. If you want to use other stable currencies (such as pounds and euros) to save part of your deposit to prepare for future investments (such as buying real estate overseas), applying for an international bank account is a good choice.


  1. Multi-Currency Accounts

If you don't want to be charged a high handling fee (usually 6%) when withdrawing cash at an overseas ATM, opening a multi-currency account is a good decision. Simply, when you need to convert RMB into Japanese currency while traveling in Japan, the multi-currency account will directly withdraw cash from the Japanese yen account to get a better exchange rate and avoid transaction costs.

These accounts usually have 3 (or more) major currencies, and you are allowed to load more currencies as needed.


You are able to choose the most suitable tool according to your needs. Even if you have no need for it now, knowing the available options is a good backup when you live in China.

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