Getting a Bank Account

According to the banking laws of the People's Republic of China, foreigners are officially allowed to open a personal bank account in China. There are a few major banks which offer such services to foreigners, and they are the Bank of China, China Industrial & Commercial Bank, China Construction Bank and China Agricultural Bank. Most travelers to China, whether for business or pleasure, choose to open their personal accounts with Bank of China, the oldest and most established bank in the country.

Bank of China was founded in 1912 and had figured significantly in the financial history of China throughout the years. To date, it is the leading commercial bank in China, with more than 10,000 branches in China, offering a full range of personal and corporate services. Being the most internationalized Chinese bank, it has established very close networking with foreign banks, with 600 branches in 27 different countries.

Banking hours at Bank of China vary from branch to branch, but usually they are open between 9am to 4pm from Mondays to Fridays, and do take note that some branches close between 12pm and 1pm for lunch. Upon your arrival in China, try to find out about a Bank of China location around you. It is best for foreigners to open a bank account in the larger cities because many travelers reported that the bank employees in smaller towns often have trouble providing the information and services they need due to language barrier.

Apart from the money that you need to deposit, you only need to bring your passport as proof of identity. If you are depositing foreign currency, you should apply for a B-type Foreign Currency account which is a banking facility specially made for all foreigners. There is a minimum deposit required for opening an account, which is RMB100 (or the equivalent in foreign currency). Types of foreign currencies acceptable for direct deposit into this account-type are US dollar, Euro, Pound Sterling, Japanese Yen and Hong Kong dollar. The procedures for opening a B-type Foreign Currency account are very simple. All you have to do is complete an application form, present your passport for identification and make the desired deposit. With this, you should be presented with a pass book within the same day, and an ATM card will also be given so that you can withdraw money from ATM machines located all over mainland China.

Currencies not listed above can still be used to open an account, however it requires an additional currency conversion step before you are able to access your money (in RMB) via other bank branches or ATMs.

There are certain limitations of the banking system in China that you should be aware of. Depending on the efficiency of the staff, which differs from branch to branch, it might take a longer time to process your demands than you expect, especially during busy hours. Moreover, if you need to withdraw amounts of US$5000 or more, you have to notify the bank at least 24 hours beforehand, and it might require a few weeks' time to cash a bank draft if it is issued by a foreign bank.

Still, the Bank of China offers the most effective banking services for foreigners in China, and with its network of branches all over the country, you can be certain that your banking needs are met wherever your travel takes you.