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Financial Info and Estimated Costs
Time: 2019-11-01
Publisher: 卜凯
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Financial Information

(1) Local Bank Accounts

You can open a local foreign currency/RMB account at the Bank of China (with traveler’s checks) and can withdraw funds using a passbook and/or an ATM card for the account issued in Xuzhou. When traveling, use the ATM card to withdraw funds. You should always carry sufficient money in cash to cover emergencies.

Upon arrival on campus, you need to first get a local sim card and use the local phone number to open a bank account.

You can open an account with eithe of following banksr:

Agricultural Bank of China, Xuzhou Branch

Address: No.66, West Huaihai Road, Xuzhou, Jiangsu Province, China, 221006.

Swift Code: ABOCCNBJ100

Website: www.abchina.com

Bank of China, Xuzhou Branch

No.99, West Huaihai Road, Xuzhou, Jiangsu Province, China, 221006.

Swift code: BKCHCNBJ940

Website: www.boc.cn

Requirements for a bank card:

a. Passport   b. photocopy of admission notice   c.student certificate

Working Hours: 9:00 am ~ 5:00 pm.

 

(2) ATM/Bank Cards

Automatic teller machines are available on campus. Most of them provide access to international bank cards (Visa, Master, Diners club, JCB, American express etc). Usual withdrawal limit of Chinese ATM machinese is around 2000 to 3500 per transaction. And daily withdrawal limit depends on your card.

 

(3) Credit Cards

Five international credit cards, that is, Master card, Visa card, Diners card, American express card and JCB card are accepted by major hotels and restaurants, and large department stores in China, but few other businesses. Most businesses operate on a cash-only basis. Please note that International debit cards are not accepted by merchants POS machines to swipe.

 

(4) Travele’s Check

Bank of China can cash traveler’s checks of international commercial banks and traveler’s checks companies of many countries and regions, such as USA, UK, Canada, Australia, Japan, France, Germany, Switzerland and Hong Kong etc..  However, traveler’s check is among the most useless things in other businesses in China.

 

(5) Exchanging Money

You will find several establishments in China where money-changing services are offered. Banks are the best places, offering the official rate and charging a reasonable commission. There also money-changing services at major hotels and international airports. A passport is required to change money. When changing money at an ATM with credit or bank cards, it is not always possible to check the rate you are being offered or to establish if there is a commission fee accessed (some may be higher or lower). Check your receipt carefully and avoid that machine in the future if rates are excessive. It is a good idea to familiarize yourself with the current exchange rates before you go abroad.

 

(6) Safety Reminders

Remember to keep your receipts safely for all foreign currencies exchanged into RMB.

Government regulations allow only 50% of the original amount to be changed back into foreign currencies and require proof of the initial exchange. (For example, if you change $100 to RMB you can only change back half of the RMB to dollars, $50 worth, and must provide the original exchange receipt). The RMB to dollar exchange must be made at the main branch of the Bank of China in the city.

Do not change money outside of the official exchange services.

Unofficial exchanges usually result in losing your money. The practice is illegal and you could also face charges of breaking foreign  exchange laws.

Safety

Do not keep large sums of cash in your dorm(room). Buy a travelers’money belt and beware of pickpocketters in crowds and on public transports.

 

(7)Transfer / Payment of Fees

Before you come to China, please make all necessary arrangements to pay your tuition fees. You are required to pay off fees upon arriva 30 days. Delay in payment of fees may delay your registration and residence permit. Ideal options to carry money by the students are Traveler's Check or WESTERN UNION money transfers on student’s name. Most international debit/credit cards offer cash withdrawals at Chinese ATMs. (In all these options, student make the transaction from home and receive money in China through respective institutions).

Two ways to complete payment

 

A. Transfer directly to school account.

If you wish to transfer the tuition to university account, please note that we do not take responsibility for any delays or transaction in the remittance. We only consider the date on which the amount arrives to our account. Please note that any wrong input will cause failure of the transaction. We request you to take special attention on our account details (given below).

TO MAKE WIRE-TRANSFERS FROM YOUR COUNTRY:

Beneficiary: Xuzhou Medical University

Name of Bank:

Agricultural Bank of China, Xuzhou South Minzhu Road Branch (US Dollar)

Agricultural Bank of China, Xuzhou Fengchu Branch (RMB )

 

Account No. : 10247314040000638 (US Dollar)/235401040008879 (RMB )

Swift Code: ABOCCNBJ100

 

Transfer directly to school account.

 

Beneficiary: Xuzhou Medical University

Name of Bank:

Agricultural Bank of China, Xuzhou South Minzhu Road Branch (US Dollar)

Agricultural Bank of China, Xuzhou Fengchu Branch (RMB )

 

Account No. : 10247314040000638 (US Dollar)/235401040008879 (RMB )

Swift Code: ABOCCNBJ100

 

B. Transfer directly to your personal account and then transfer to the school’s account.

 

P.S.

 1) Please ask your family to write down your full passport name, passport no., batch no. (and students’ ID no. if you have) when sending money to university account).

2) Western Union is recommended by Agricultural Bank of China for efficiency.

https://www.westernunion.com/cn/en/home.html

3) DO NOT MAKE TRANSFERS FROM INTERNET/MOBILE BUT FROM BANKING OR ATMs. If you are transfering money with-in China, make the transaction from the bank counter only.

 

 

 

Estimated Costs

Fees

1. Tuition Fees  ( CNY/ Academic Year)

Please check your admission notice for the tuition fee details. You are required to pay off the tuition fees and other fees upon  arrival (WITHIN 10 WORKING DAYS). Delay in payment of fees  may delay your registration and residence permit process. It is important you make all the necessary arrangements before travelling to China. You can remit/transfer your tuition fees to the University US Dollar Account from abroad. Please DO NOT transfer money to the university account from ATMs! If you wish to transfer the tuition fees to the University account from your country, please note that we do not take responsibility for any delays in the remittance. If you do your transfer through the bank/financial institutions, kindly obtain a telex copy/proof of transfer. However,we only consider the date on which the transferred amount reflects in the University account.

Please note that any wrong input will cause transaction failure and strongly request that you take special attention toour account detail (http://oec.ujs.edu.cn/en/pages?cid=169&id=104).

New Students are advised not to transfer their tuition fees through agents and other unauthorized channels. We do not accept liability for any issues that might arise from such private arrangements.

Most international debit/credit cards offer cash withdrawals at Chinese ATMs, some charges and daily limits are applicable. In all these options, students are advised to use the most secure methods of transaction from home-county that would enable you receive money in China through respective institutions.

 2. Accommodation Fee

There are 2 accommodation options available to new students depending on the program study duration.

Type1: Long-term Programs

 4,600 Yuan per person per academic year (Double-room) (payable upon arrival 30 days).

Type2: Short-term Programs

2,300 per person per academic year (Double-room) (payable upon arrival 30 days).

3. Other Fees

 Following expenses are for first year only

Registration Fees: 400 CNY

Deposit for Dormitory: 100 CNY

Bedding Items: 425 CNY (pillow, bed sheet, blanket, mattress etc.) (Optional)

Physical Examination: 400 CNY (to be paid to Entry-Exit Inspection & Quarantine Bureau)

 

Annual Expenses from first year to last year:

Medical Insurance Fee: 600 CNY/ year (to be paid to the life insurance company)

Resident Permit: 400 CNY (to be paid to Public Security Bureau by candidate)

Books: Flexible, about 600 CNY/year

Living expenses: Approximately 1,500 CNY/month (Depends on your personal budget)


All rights reserved @2019 School of International Education of Xuzhou Medical University