How Foreigners Can Open a Bank Account in China

When you arrive in China, opening a Chinese bank account can make life much more convenient. The process of opening a Chinese bank account is actually straightforward and not the nightmare you might imagine.

The only document required to open a basic account is your passport. You don’t need proof of address or income. When you enter the bank, don’t go to the counter. Instead, head to the service desk and express your intention to open an account. They will provide you with a bilingual form. It’s best to have the service desk staff fill it out for you—they are more meticulous, and their handwriting is likely to be neater.

One thing to pay attention to in the banking hall is your name. Ensure that the name on the form matches exactly the name on your passport. Otherwise, funds may not be credited to your account, as the computer system will consider the incorrect name to belong to another account. If you want online banking or mobile banking, you can apply for them at the same time. Once the form is filled out, you can hand it in along with your first deposit, which is a minimum of 10 yuan. Some banks, such as the Industrial and Commercial Bank of China (ICBC), may charge a 15 yuan fee for the bank card. Each time you receive the card, you will be asked to set a six-digit password. When you get home, you will need to change the online banking password to one composed of numbers and letters. Don’t forget it.

Tips:

1. Many foreigners believe that although the Bank of China sounds like the most reliable bank, its customer service may not be the best. ICBC and China Merchants Bank tend to have better customer service ratings.
2. Branches located near areas with a high concentration of foreigners, such as near universities or central business districts, are more likely to offer English-language services.
3. It’s best not to go too far to find a branch because some services require you to visit the branch where you originally opened your account, such as resetting your bank account password. So, opening a bank account at a nearby branch will be more convenient.