Money in China

[owenkrout]

Yes it is. That is the point. Up until now, you could only get a Visa or Mastercard that was good only in China and only in RMB. The issue was that they government wanted to strictly control the conversion of RMB to dollars. The latest Peoples Congress changed some of the banking laws to satisfy WTO agreements.

[Eric&Yuhui]

Yes it is.  That is the point.  Up until now, you could only get a Visa or Mastercard that was good only in China and only in RMB.  The issue was that they government wanted to strictly control the conversion of RMB to dollars.  The latest Peoples Congress changed some of the banking laws to satisfy WTO agreements.

VISA and MC Are an int'l consortium/ clearing house.... A card worth only in China is not a VISA/MC by any means... Although they might harbor the logo.

The USD/CNY Forex has been under control for many years.. 8.27 to the dollar or so.

[owenkrout]

Yea, yea, I know. I think that was a marketing ploy by Visa to get themselves established in the Chinese market prior to being allowed to issue the real thing. Remember, this is China, not the rest of the world.

[Eric&Yuhui]

snip>>

 

 

Also, the somewhat new Euro group (primarily UK) is balking on this same issue and both networks have agreed to reduce the transzation fees to merchants.

 

-Don H

Don, the GBP ( UK ) is not part of the Euro group in any forms, color or shape. Neither is the DKK ( Denmark )

Brits ALWAYS wanted to do things differently.

[Eric&Yuhui]

snip>>

 

 

Also, the somewhat new Euro group (primarily UK) is balking on this same issue and both networks have agreed to reduce the transzation fees to merchants.

 

-Don H

Don, the GBP ( UK ) is not part of the Euro group in any forms, color or shape. Neither is the DKK ( Denmark )

Brits ALWAYS wanted to do things differently.

Look up....see the "memory serves" bit? I read the article about a month ago and don't specifically recall if it was UK bankers or the Euro group based in Belgium.

 

I'm up to my ears in an e-commerce project and read too much to keep track of it all. It's all I can do to remember that Visa and Master are being challenged on several fronts. They have had undisputed authority up to now, but times are a changing on them.

 

FACTS: In the US as most everywhere else;

 

A merchant must charge the same price to a card customer as a cash customer.

 

A merchant can not set a minimum purchase to use a credit card.

 

The merchant disount fee is based upon the type of card (purchase program, credit, debit) and based on the type of merchant. An online jewlery or electronics merchant pays higher discount fees than your local pharmacy with a card-swipe machine. Discount fees range from about 1.2% ~ 4.0%.

 

Finally, a merchant CAN NOT request other identification unless they receive the appropriate response code when they do the authorization. They must rely on a visual comparison of the signature on the card adn the signed sales slip. NOTE: this is often ignored at the risk of losing their merchant account.

 

Just a few of the highlights.....I got more.

 

Oh...American Express and NOVA (Discover) are different networks and merchant agreements.

Don 4 words for you

You need a wife :-)

[Eric&Yuhui]

NO S%^*^&*(^(   

I could tell by the babbling non-sense on credit card.. Man, you do need help :-)

[tonado]

As long as we are on the topic of credit cards, Visa and Master are having an absolute hissy with Australia. New banking law allows retailers to ADD a processing surcharge on customer's tabs for using them. If memory serves (usually poorly) Visa has filed suit and Master is still thinking about it. They are scard to death that this will catch on in other countries.

 

In NYC Chinatown, if you use credit card to buy CDs/DVDs, they will add the 10% sale tax. If you pay by cash, they won't charge you tax. Cash is king.

[owenkrout]

 

Now, in Turkey...LOL

Now, I'm not kidding on this one.. I was in Istanbul last year in May on a Friday... The rate was 1 USD for 650,000 TRL... That Saturday, the Gov'nt devaluated that day... 1 USD = 1,200,000 TRL ( no kidding..1. 2 MILLIONS per..)

My hotel bills for 4 days was 756,000,000 Turkish liras !

Too funny..I didn't catch the face of the lady in our accounting department trying to figure out that expense report.

On that saturday, there were 2 miles long lines in front of ATM's to get USD and German DEM's.... Actually, in Turkey, that was the first time I saw an ATM offering you another currency that the local money.

I gotta ask. What kind of denominations do they use?

[Eric&Yuhui]

 

Now, in Turkey...LOL

Now, I'm not kidding on this one.. I was in Istanbul last year in May on a Friday... The rate was 1 USD for 650,000 TRL... That Saturday, the Gov'nt devaluated that day... 1 USD = 1,200,000 TRL ( no kidding..1. 2 MILLIONS per..)

My hotel bills for 4 days was 756,000,000 Turkish liras !

Too funny..I didn't catch the face of the lady in our accounting department trying to figure out that expense report.

On that saturday, there were 2 miles long lines in front of ATM's to get USD and German DEM's.... Actually, in Turkey, that was the first time I saw an ATM offering you another currency that the local money.

I gotta ask. What kind of denominations do they use?

I used 10 Millions liras notes. They also have 1/2 Mil coins. No joke

[OrionM31]

I used 10 Millions liras notes. They also have 1/2 Mil coins. No joke

How big were the coins? Horse pill size? Gotta be to put all them zeros on that coin.

 

Phil

[Eric&Yuhui]

How big were the coins? Horse pill size? Gotta be to put all them zeros on that coin.

 

Phil

Quarter size. Somehow they got all the zeroes on.

Actually, my mistake.. the largest coin is 100,000 TRL.. The largest note 20 Mils Liras.. See the pic at http://www.banknotes.com/TR214.JPG

Go there. Very interesting http://www.banknotes.com