Open a bank account in China

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inbeijing
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Open a bank account in China

Postby inbeijing » Sat Oct 10, 2015 6:36 pm

It is not difficult to open a bank account in China. You will, however, need a deposit of some $100.

Foreigners can easily open bank accounts in China. If you intend to open a bank account in the country, select a bank, bring your passport, evidence of residence in China (optional) and make a first deposit varying from $ 100 to $ 500 depending on the banks. The residence permit and (or) your visa with an official translation in Chinese might also be requested. Bear in mind that Chinese staff do not usually speak English. Try to find a Chinese speaker able to help and assist you with your administrative matters.

Debit card
A debit card is generally delivered without much difficulty in China. Upon opening your bank account, you should also receive a bank book. Debit cards in China allow you to withdraw cash from ATM’s and are accepted in most Chinese shops. If you have a debit card from your domestic bank account abroad, you can withdraw money in China in ATM’S bearing the "Plus" or "Cirrus" logos. Make sure your debit card is compatible!

Given the high number of credit cards in circulation in China, and fraud arising from them, it is very difficult, if not impossible for foreigners to get one. However, international credit cards are usually accepted in department stores, restaurant chains, international hotels and airports.

Money transfers
If you opt for the Bank of China, you will be in a position to easily proceed to electronic money transfers from your domestic bank account abroad to your bank account in China (via IBAN and SWIFT money transfers). However, money transfers from your local bank account in China to your domestic bank account abroad are strictly controlled. In order to proceed with a money transfer from china to another country, an authorization from the Chinese authorities is requested. You have to give evidence that the money transfer amount is inferior to your monthly salary.

Before opening a bank account in China, check with your domestic bank to get information about partnerships that could exist between your bank and Chinese banks.

Useful links:

Bank of China www.boc.cn
HSBC – China www.hsbc.com.cn
Bank of Beijing www.bankofbeijing.com.cn
China Postal Bank www.chinapost.com.cn
Hua Xia Bank www.hxb.com.cn

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