Beware Counterfeit Money from ATMs: It Can (Rarely!) Happen in China

Two good friends of mine were traveling in Beijing recently and took out several thousand RMB from a Bank of China ATM machine in the lobby of a popular international hotel chain with a great reputation. Later that day, when they used their cash to pay a cabbie, he checked the bill they gave him and declared it was fake. They tried several other bills and all were fake. They didn’t believe the cabbie. They later went to a restaurant and had their bills rejected. They went back to the hotel and confirmed that the bills were fake, but the hotel said it wasn’t their fault and the bank claimed that it wasn’t possible for fake bills to be issued from their machine.

I’ve read of others encountering fake bills from ATMs, usually with the insistence of the bank that it is not possible. I’m afraid it can happen, though it has never happened to me. But now when I get cash out, before I leave the ATM, I hold a few up to the light to see if they are watermarked. The fake bills my friends had were lightly printed in the watermark area so it looked like a watermark, but holding it up to the light produces a much different effect.

Check a few bills at your ATM machine to reduce the risk of getting a big wad of fakes. Just my two cents.

By |May 17th, 2015|Categories: China, Scams, Surviving, Travel tips|Tags: , , , , , , , , |Comments Off on Beware Counterfeit Money from ATMs: It Can (Rarely!) Happen in China

Renting in Shanghai: Bring Lots of Cash for Your Apartment

For newcomers to Shanghai, it’s important to know that finding apartments here can be frustrating, time-consuming, and quite expensive. Plan on using a real-estate agent to help you find a place, but realize that it will cost you 50% of your first month’s rent as a rule for the agent’s commission. Then also realize that the landlord will normally require you to pay a deposit of two-month’s rent, in addition to paying at least one month of rent up front. Some contracts (not a majority I think) require paying every two or three months instead of monthly, in which case at closing you may be expected to pay another two month’s rent up front. Depending on where you are renting, what floor you are on, and how nice the place is, a two- or three-bedroom flat around 120 to 170 square meters might cost you from 7,000 to 20,000 RMB per month or more. That’s more than many Americans pay for their mortgage on houses much bigger than the apartment. Shanghai is a very expensive place to rent, one of the more expensive cities in the world, though it can be an inexpensive place to eat.

Make sure you have enough cash on hand when you relocate here! Cash is king here. Landlords won’t take your credit card, and China banks make it hard to access your Western funds. Cash is what you are going to need. ATM cards can work. Wiring funds can work but is difficult. Bring plenty of cash.

By |June 6th, 2014|Categories: China|Tags: , , , |Comments Off on Renting in Shanghai: Bring Lots of Cash for Your Apartment