How to Open a Bank Account in China
Instructions
1 Select a bank. The larger national banks have more
experience dealing with foreigners and can make the process easier. Three of
the biggest banks are the Bank of China, Industrial and Commercial Bank of China
(ICBC) and the Agricultural Bank of China.
2 Get a Chinese translation of the applicant's name.
Although it is not required, this can make official processes easier in the
future.
3 Obtain a residency permit before establishing a bank
account if living in Shanghai on a long-term basis. A residency permit is the
official document given by the government of China that allows foreigners to
stay in China. This is issued by the local authorities and requires a valid
passport, four passport photos and a Certificate of Health Examination.
4 Take your passport and residency permit to the bank.
Just as in American banks, there is an application form. The larger bank
branches have English speaking clerks to assist with the process, but it helps
to have a Chinese speaking person along to simplify the transaction.
5Decide if the account will be in dollars or in
Chinese Renminbi (RMB). To open a bank account with US Dollars, you need a
minimum deposit of $300 to $500. The RMB accounts can be opened with as little
as 1
RMB. The Bank of China has a "Savings Deposit
Account Passbook" that allows depositors to deposit various foreign
currencies.
6 Use ATMs for currency withdrawals (in RMB). Deposits
can also be made in this way but the account holder will have to understand the
Chinese language interface. Bank debit cards are becoming more prevalent and
many supermarkets, book stores, department stores and other retail outlets in
Shanghai accept bank cards and credit cards.
Shanghai Cheap Transportation
Shanghai Cheap Transportation
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