Shanghai has received commendations for its well-integrated financial services aimed at both international tourists and expatriates who reside in the city. Feedback from four expat representatives during a gathering in Lujiazui indicated that the financial landscape in Shanghai is accommodating and efficient, particularly through offerings from the Bank of China. They discussed recent developments intended to alleviate financial concerns for those living and working in the city.
At the event, Bank of China presented various financial solutions, which included services like foreign card acceptance, currency exchanges, mobile payments, and support in setting up local bank accounts. They also introduced a significant online service that facilitates the remittance of foreign currency salaries, aimed at those who are in Shanghai for longer durations.
Joey Yeo, the CEO of Heal Management Group from Singapore, highlighted the extensive acceptance of foreign payment cards throughout Shanghai. He remarked on the convenience of access to ATMs and sales terminals that support international cards, comparing the payment experience to that of other major global cities. Moreover, he praised the integration with popular payment platforms, enabling a smooth transaction process across a variety of venues.
Deniz Acar, a student from Turkiye, remarked positively on the digital payment system in Shanghai, noting its efficiency and transparency. His comments on the engagement and functionality served as a benchmark for other regions to aim towards. Similarly, Fukashi Iwai from Japan pointed out that China's mobile payment infrastructure is far more advanced compared to that of Japan, underlining how Shanghai leads in this area.
Chen Gang, a Bank of China executive, mentioned the bank's initiatives in addressing the financial needs of long-term expatriates, especially with services that enable easy conversion of salaries into foreign currencies. After the discussion, Acar felt reassured about managing his financial transactions with the bank’s extensive options.
Jessika Carrascal from Colombia also praised the useful tools provided to foreigners by China, commending the Bank of China for their enhanced financial service offerings that have noticeably improved over the past five years. Following the event, Acar expressed greater confidence in navigating Shanghai’s financial services, noting the bank's deep understanding of expatriates' unique requirements.
Chen shared further insights into Bank of China's initiatives, which include allowing foreign card payments across more than 1,000 taxis and providing services to 4,600 merchants equipped with over 10,000 payment terminals. The bank has also expanded its currency exchange services and enhanced tax refund offerings at numerous shopping centers throughout the city.
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