China - Opening a Bank Account

ProcedureEdit

Proper Preparation
Preparation can be broken down into two simple categories: choosing your bank and gathering the appropriate documents.
Opening the Account at the Bank
Once youve picked the bank and put your passport and cash in your pocket, set aside an hour or two and head over to the nearest bank branch.
Using Your China Bank Account
There are a few different ways you might find yourself using your new China bank account and your UnionPay card, and each might require specific actions.

Required DocumentsEdit

The only actual needed document for a basic account is your passport. You need neither proof of address nor proof of income. When you enter the bank, dont bother the counter. You can head for an information desk and express the desire to open an account. They will give you a bilingual form. But it is better for you to ask the information desk staff to fill it out for you they are more careful than you and probably have neater handwriting.

Office Locations & ContactsEdit

Bank of China
Website http://www.boc.cn/en/
Customer Service Phone Number (hotline) 95566

China Construction Bank
Website http://www.ccb.com/en/home/index.html
Customer Service Phone Number 400 120 5568

Agricultural Bank of China
Website http://www.abchina.com/en/default.htm
Customer Service Phone Number (hotline) 95599

Industrial and Commercial Bank of China
Website -http://www.icbc-ltd.com/ICBCLtd/en/
Customer Service Phone Number (hotline) 95588

EligibilityEdit

Below are the most common types of accounts opened in China

There are a number of RMB and FCY account types available to FIEs incorporated in China, including but not limited to the following accounts:

Foreign currency account types
- Capital Account (most preferable to have as a Bank)
- Settlement Account
- Foreign Debt Special Account
RMB account types
- Basic Account
- General Account

FeesEdit

They may ask you for a small deposit of 10-20 RMB and some banks might make you pay for the card they give you, so bring about 40 RMB as a precaution.

ValidityEdit

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to UseEdit

Please attach documents that can be used by people. e.g. links

Sample DocumentsEdit

Please attach sample completed documents that would help other people.

Processing TimeEdit

Please explain processing time taken in obtaining the document/certificate.

InstructionsEdit

The first place you need to stop is the information desk to speak with the staff and get a number. Tell them that you are opening a new account and often they can help you fill out the form.

Required InformationEdit

Full name
ID number and passport
Gender
Nationality
Account type
Contact address
Next of kin

Need for the DocumentEdit

Opening a Chinese bank account is actually an easy process, not a nightmare for you as you might expect. When you come to China, it will be more convenient for you if you open a Chinese bank account.

Information which might helpEdit

Union Pay Anyone that has spent time in China would notice that credit and debit cards are not accepted at most businesses. However, in recent years as the economy has rapidly expanded, bank debit cards are being accepted at more and more places. Most places that do accept cards, only accept Union Pay, not Visa or MasterCard.

Union Pay is a Chinese bank card network company that is run by the state. Union Pay in China is only available through Chinese banks and a few select international banks. It is the only card that is accepted at many business locations and web sites. That is why I believe that if you are opening a bank account as an expat it is highly advantageous for you to get a Union Pay card.

Other uses of the Document/CertificateEdit

There are various benefits for an expat should they choose to open a bank account at a Chinese bank. As an expat, having an account at a Chinese bank can allow for cheaper banking as well as the ability to purchase certain goods and services online that cannot be purchased with foreign debit and credit cards. If you decide to open an account as an expat at a Chinese bank I believe that you should make sure to do the proper prep work, bring the proper documentation, and make sure you sign up to receive a Union Pay Card.

There are a few different ways you might find yourself using your new China bank account and your UnionPay card, and each might require specific actions.

Using the ATM: This is the easiest way to utilize your account. You can withdrawal cash from the ATM and even deposit cash in some of them.
Making Purchases Online: if you think youll be buying things on Taobao or another China merchant, youre going to need to specifically ask for them to turn on Internet banking. Otherwise, the card simply wont work to purchase. (note: some shopping sites like Amazon.com are not accessible in China without a VPN)
Wire Money: each branch has its own wire instructions, so specifically ask your bank what you need. Mine provided me with a printout (in English!) describing exactly what needed to happen, including a specific intermediary bank.

External LinksEdit

Opening Bank Accounts in China

Consider an Offshore Bank Account in Mainland China

OthersEdit

One thing you should pay attention to is the name. Make sure that the name on the form matches the name on your passport exactly. Otherwise theres a chance the money wont get through for the computer system will regard the wrong name as another account. If you want internet or mobile banking, you can request these at the same time. When the forms are completed, you can hand over them and your first deposit, 10 yuan for minimum. Some banks will charge 15 yuan for the cost of the bank card, such as The Industrial and Commercial Bank of China (ICBC). Whenever you get the card, you will be asked to set a six digit pin. The password of your internet banking needs to be changed into the pin with numbers and letters on the online bank after you get home. Dont forget it.