With the right preparations, the process of opening a Chinese bank account can go buttery smooth. The following will help make the process efficient and easy.
About Chinese bank account
With the right preparations, the process of opening a Chinese bank account can go buttery smooth. The following will help make the process efficient and easy.
Photo: Taizhou
1、Choosing your Chinese bank
There are four banks that are considered the Big Four in China, mainly because of their reputation and size:
- Bank of China (BOC)
- Industrial and Commercial Bank of China (ICBC)
- Agricultural Bank of China (ABC)
- China Construction Bank (CCB)
Other banks have their own reputation and advantages.
- Agricultural Bank of China(ABC)↑: Has by far the largest number of branches and ATMs, especially in rural areas.
- Industrial and Commercial Bank of China(ICBC)↑: Known for having good English-speaking services, good online banking services, and a large overseas presence.
- China Construction Bank(CCB)↑: One of the big four, with branches nationwide. Less international than ICBC and BOC, but still expanding internationally.
- Bank of China(BOC)↑: Has the largest overseas presence of any Chinese bank, a large benefit for those involved in wiring money in and out of China.
- China Merchants Bank(CMB)↑: Smaller bank known for its excellent service. Popular bank amongst expats.
- Bank of Communications(BOCom)↑: Known for good online banking, and a large network for not being part of the “Big Four”.
2、Finding the right branch
The branch you open your account at is the branch you will need to go for any additional services, so make sure you have a branch near where you live.
Required documents:
- Passport or Chinese alien permanent registration card.
- A valid visa for China.
- Housing registration form (In certain cases).
3、Opening the account
To open the account you will have to make a first deposit. Bank of China for example only requires a 1 RMB deposit.
Besides a first deposit, some banks will require you to pay for the opening of the new account; generally this will be around 20 RMB.
When all these steps have been taken you will be given a debit card for your new account. You will then have to set a 6-digit digital pin for the card.
Now you have successfully set up your account and activated your debit card.
4、Using your debit card
You are now able to use your new debit card to withdraw cash at ATMs or pay at stores and most restaurants (Note: Withdrawals from ATMs not owned by your bank will involve extra fees).
Your new debit card will be issued by UnionPay. Currently UnionPay is accepted everywhere in China as well as at banks in over 120 countries overseas.
You will now also be able to connect your card and account to services like Wechat Wallet and Alipay. These online services will allow you to pay and transfer money only using your phone.
In conclusion, good preparation is key to making the process of opening a Chinese bank account go smoothly.
A Chinese bank account unlocks a large array of services and products that you will now be able to enjoy.
