Opening a Bank Account
Opening a bank account in China is simple.
Foreigners can bring their passport to the bank to ask for the service directly. You do not need to provide proof of residence nor proof of income.
There are several points that you have to pay attention to:
– Make sure the name you provided for bank account matches the name on your passport EXACTLY. Otherwise you will have the risk of having to rectify in the future which is a waste of time.
– An initial deposit is required when opening a new account. Different banks have different requirement, e.g. RMB50 to RMB100.
– You should request in advance for any Debit Card, Credit Card, Internet banking or Mobile banking while you are opening the bank account. Charges are
required for these services. The charges can range from RMB10 to RMB20 varied from different banks.
– Please approach the bank which is nearest to your home or office location. Some bank services require you to go back to the branch after you open the account, such as resetting the password.
– Bank of China, Industrial and Commercial Bank of China, China Construction Bankand Agricultural Bank of China are the most popular banks for local people and foreigners.
There are foreign currency control in China, foreigners bring cash and exchange RMB atbanks in China with some limitations.
– You can change USD to RMB (inbound) freely in China, but the reverse change from RMB to USD (outbound) is limited. Always keep the original exchange memo whenever you do the inbound exchange. When you attempt to exchange RMB to other currency, the bank may request the previous memo.
– If you exchange your foreign currency to RMB in China, you will have inbound exchange memo. When you have surplus RMB and wish to do inbound
exchange when you leave, the total amount converted by individual per day shall not exceed the amount equivalent to USD500. If you do it within the Customs area, said airport, the limit can be up to USD1,000. Of course, original the inbound exchange memo is required.
– Please do your foreign exchange with the bank:
– They can offer more varieties of foreign currencies. The small Exchange shop may have a risk of giving counterfeit banknotes.
– You can also wire money from other countries to China by paying relative high transferal fee.
One of the indirect ways that you can deposit the money in foreign accounts and withdraw it from that account via ATMs in China.
Money transfer is not complicated itself, you can wire the money through T/T or D/D.
Commissions and Telegraph charge will be imposed.
If you wish to transfer your money from China to other countries, you can bring along your passport and bankbook for the service. Sometime some banks may require your original salary receipt (after tax) before making the transaction. They wish to make sure you have paid the tax. For detail arrangements, please kindly enquire with your Bank.
There are no limitations for you to transfer foreign currency to another country through bank account. If you wish to transfer foreign cash to another country,
the limitation is USD10, 000 per person per day.
You cannot transfer RMB out of China as per China Monetary Regulation. What you can do is to exchange the RMB to foreign currency first and then transfer to foreign account in other country. However, there is limitation. Each person can only exchange RMB50,000 to other currency per year.
Here are the major banks in China: