Advice on opening a Chinese bank account?

[Paul Todd]

As I'm living in China I'm thinking about opening a local bank account. I read that opening a bank account here requires no more effort than opening a bank account anywhere else. Most accounts issue debit cards, but I also read to be careful if you want to access to your money in other cities as not every card allows this (even if its from a major bank) and if you have a card that lets you do this it will incur a rather expensive fee!!  Anyone of the brothers had any experience with this? I would sure like to hear about it. How about being able to transfer money in and out of the country using an account here? Any financial advisers out there!:fi_lone_ranger:
This is a bit of a summary of what I've leaned so far!
 Bank of China, Agricultural Bank of China and ICBC are three of the best. Each of these banks has a variation of the same requirements. Opening an account with US Dollars will require between $100 and $500. You can also start an account with a low amount of RenMinBi.

Bring a valid passport and, if available, a residence permit. Other forms of identification should not be necessary. A Chinese employer, such as a university, can set up a bank account for their foreign employees to make direct deposit payments. Having a native speaker along would help.:icon_biggrin:

Agricultural Bank of China. The bank requires a minimum of $100 and a valid passport. Just 1 RMB is required to open an RMB account. The Agricultural Bank of China is also the official bank for Western Union in China.

The Bank of China requires a passport and $500 to open an account. After completing the application form, the customer is issued a debit card for use in Bank of China ATMs  
Bank of China have just introduced a Multi-Currency Account for Expats and it is called the "Savings Deposit Account Passbook" whereby you can deposit a certain amount of major currencies. This can be done on presentation of your passport and a fee of 5 RMB to set up the account

Industrial and Commercial Bank of China (ICBC) with a passport, residence permit and a notarized translation into Chinese of the account holder's name. The Chinese name is required to open the account; notaries can be found by visiting the Beijing Notary Public Office at 206 Jixiangli, Chaowai Street.

Last but by no means least ask the brothers for advice!:icon_cheesygrin:

[maxx]

I used to transfer money to my wife's account in China.From the states.What I needed was the account holder name phone number.Name and adress of the bank in China routing number and account number.

WHen my wife would go to withdraw the money.I think the bank was giving her U.S. dollares then they would convert it for her to RMB.I will ask her in the mourning after she wakes up.I do know my bank did charge me a fee it wasnt to expensive.

I have heard rumor that yes a foriegnor can have a Chinese bank account.And that it was no problems.But I remind you it is just a rumor as far as I know.

[Willy The Londoner]

Hi Paul

I have two accounts with the Bank of China.  

I opened the first with a deposit of 2000 rmb the second was opened with just a deposit of 50 rmb.  Just turned up and found an English speaking teller and she completed the application form - showed them my passport for each application.

It was very easy to do and took no more thean 15 minutes on both occasions.   And I received my bank card straight away to withdraw money with.

You only have to deposit a nominal 1 rmb to open the account.

These accounts are at the Zhuhai branch.   I have never drawn money from either account since moving to Zhongshan but will find out tomorrow if there will be a problem in withdrawing from cities other than the one you open the account in.

Willy

[jeffm]

I opened an account at HSBC account in Beijing.  I am in Beijing now to set my PIN.  I was told that I can use the card in the U.S. too, but only at Union Pay machines in the U.S..  So far I think they are far and few between.  Does anyone else know about how to find the Union Pay machines.  I'm having trouble locating it on the internet.  Thanks.

I also set up an account in Shenzhen earlier this year with the Bank of China, but the ATM was only good in China and couldn't be used in the U.S. too.  I would have to apply for their international account, which is a credit card account and you have to have a residency permit to get this.  This  was my understand as the branch in Shekou  Nan-Shan district weren't the best communicators.  Maddening.

[Chong]

I just opened an Bank of China savings account today in Kaiping. All I needed was my passport. They gave me a bank card ( admin fee of 15 RMB ). However they wouldn't give me a credit card.

[Oiler1]

This is a great idea to prevent carrying wads of cash around and also to give your lady access to money more easily than through Western Union.

From reading these posts, you can open a Bank of China amount with a minimum fee. What is the minimum initial deposit in RMB? Can you deposit in US or Canadian cash?  What's the minimum you must leave in your account?
Do you get a free debit card? If so, wha tis the charge each time you withdraw money? Can you withdraw money in RMB anywhere in China? Is there a fee for this?

[brett]

I also think this is a nice idea in theory, as it could be an easy way to get money to my lady. I am sceptical it would work that easily though. In Yichang it took me an hour to get sterling changed into RMB, and that excludes walking around trying to find a bank that would change forex. Goodness knows what would happen if the only foreigner in Yichang decided to open a bank account :fi_lone_ranger:.

[Irishman]

Can you get a visa debit card there if they don't give out credit cards?
Are the cards they give out only good in that banks atms?
I was thinking it would be useful to have a Chinese account and not have to carry around so much cash all the time, or find places in the hotel room to hide it.

[kenny]

When i was in Shenyang in August they had ATM machines every where but none would accept my debit card. Thank god i took enough cash to get by. We went to bank and they would not take any debit card. When i came back i brought all the information from Linda's account and set up transfer acct with my bank. I just call 800 number and tell them how much to transfer to her account and it is done. Takes 3 or 4 days to show up there. I am going back in Februray and will transfer money before i go and she can access it before she picks me up. With all the problems she has had since i left she has not been able to work so i have transfered a few times now and it has worked great.

She has ATM card for her account so when i am there we will use her's. Of course this requires allot of trust and i would never had done this till we had met and been together for a week and knew she was the one.

[Buzz]

When i was in Shenyang in August they had ATM machines every where but none would accept my debit card.

Kenny pack extra pairs of long underware.  It is -3C this mornning with a fierce wind.  I can see this is a nice place to see in the spring and summer, but winter is COLD.  Leavng today for Anshan, and will open an account there with my lady tomorrow.   buzz

[David5o]

I've always had a ''Bank of China'' ATM account, it was opened by the company for me when i first arrived in China. I've never had trouble withdrawing cash anywhere I've been in China.

There was one guy that did have a problem getting cash from the ATM in another Province, but that got sorted out on his return to where we were living at the time. Seems you have to ask for a ''roving'' ATM card, he never had a problem after that.

So when you go to open your account, make it known that you want your ATM card valid in all provinces, i guess the best way of doing that is to take your wife with you, and let her explain.

I have never tried withdrawing money from my Chinese account overseas, although i know that i can if i wished. I know that Lucy often uses her company Chinese ATM card to withdraw money, which she often does in Eastern Europe and in Germany too, so i guess she can in UK too...  

David....

[Willy The Londoner]

This is my experience with the banking system in China.

Before leaving UK I ensured that I had the right telephone numbers for my banks.

It does not matter how often you tell your bank that you are going to spend time in China they tell me that the chances of your card being stopped is very high as the computer cannot be programme until after a card has been stopped  .  My card is stopped automatically every 30 days and I have to ring the bank in the UK to unlock it.  For that reason I have three debit cards with me.

I also have two bank accounts with the Bank of China for which I have debit cards.   I have the Swift Code for both accounts and when I am in the UK I arrange transfers into those accounts from my UK accounts.

When In China I also withdraw extra cash from my UK accounts via the ATM and put that into my China Accounts.

That way there is little chance of being left short of money in an emergency.
 
As I understand it RMB cannot be withdrawn from any Bank anywhere outside of China.

I find that only the Bank Of China ATMs have English instructions as well as Chinese.  

The debit cards from Bank of China have the Maestro symbol.  Not seen a Visa card.

A typical charge to withdraw say 2500 rmb is about £3.50 GBP but at present you are getting around 11rmb to each 1 GBPound  

If you transfer money from a UK account directly into a Chinese Account and have it converted into Rmb then the charge is about £20 - so depending on how much you are sending to your lady then this may not bethe most cost effective method but probably the fastest and most secure.   Your lady can provide the Swift code for her bank and also make sure that you have the name and address of her bank.

Willy

[jeffm]

I'm in Beijing now, and just got back from setting my PIN at ISBC, and then went next door to the ICBC to gather information.  These two are at the World Trade Center.  The ISBC is one of two in Beijing that are called the premier banks they can set up all accounts including business.  Have to go to one of these two.  This is what I found out:

ISBC - You cannot open more then one personal account there.  Need a passport and a residency address, but if you know someone, as I do then you can use their address to have your mail sent. Your ATM card can be used anywhere in China, and it can be used in the U.S. only at Union Pay machines.  Maximum withdrawal per day is 20,000 RMB.  That's nice.  Presently they don't offer ATM credit cards.  You can wire money in and out no problem.  

ICBC -  Personal account again you need a passport, and I can't recall if you need a residency permit, as my sole purpose was to find out what their requirements are for an ATM credit card.  I was surprised to find out that all I need to produce is proof of income from the U.S., passport, and residency permit.  This dispelled the myth that you needed to show an income in China to get this.  This card can be used in all visa/mc machines in the U.S., and at all ATM credit card machines in China.

Hope this helps

[Willy The Londoner]

It will be even more useful if you gave the full names of the banks and not just the intials (ISBC and ICBC) then those who are interested in them may be able find the information they need.

I live in China and have no idea which banks you are refering to.

Willy

[jeffm]

Sorry about that. Here it is.

HSBC = The Hongkong and Shanghai Banking Corporation Limited.
http://www.hsbc.com.cn/1/2/hsbc-china

ICBC =  Industrial and Commercial Bank of China
www.icbc-ltd.com/icbcltd/en/