How to Open a Bank Account in China

Cool Pandas in China

Cool-looking Pandas in China

China is the new destination for many foreigners. Many companies are using international assignments to fill positions and to train employees. If you find yourself being assigned to China, would you know how to open a bank account? Your hard earned salary should be easily accessible to you, and that means having a local bank account.

Opening a bank account in China is not scary. It is actually pretty easy. All you need are a few documents and you are on your way to banking in China. The best banks for foreigners are China Construction Bank, Bank of China, Industrial and Commercial Bank of China (ICBC). ICBC bank cards can easily be used in the United States. So if you are American and have to return home for a quick trip, you will not have to worry about transferring money.

Before you open a checking account, you should be aware that there are restrictions on how much money you can wire into a Chinese bank. Also, you should look for a bank that has employers who speak English fluently. If you cannot find one, bring a friend you trust that can translate for you. Having a local translate for you is the best way to have the process go more smoothly and efficiently.

Now you are ready to open your bank account. Each bank has different requirements, but, in general, you will need to show the following documents and information:

1. Your Passport

The bank will use your passport to fill out your application forms. It is best to bring a copy of your passport and not your actual passport. They might have to leave you for a moment with the passport. Some people will feel uncomfortable having such an important document out of their sight. Therefore, a copy is the best solution. Also, your passport will act as your identification.

2. Your Visa

You will only need a visa if you are inside mainland China.

3. A Chinese Address

You will need a Chinese Address, but you do not have to provide proof of this address. Just have one.

4. Additional Information

Sometimes you will need your US address, email info, and social security numbers. Some banks will not ask for these, but it is best to have this just in case you have a bank where these are required.

This is a simple process and can vary between banks. The application can take long at times. If you are wiring money from home, it will take about 6-8 weeks for it to go through.

So there you got it…how to open a bank account in China. If you are lonely and looking, be sure to check out my post on the best online dating sites in China.

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About Addison Sears-Collins

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