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Banking in China


Banking in China

Opening a bank account in China is a very straightforward process. The "big four" banks in China are the Bank of China (中国银行), China Construction Bank (中国建设银行), Agricultural Bank of China (中国农业银行) and Industrial and Commercial Bank of China (中国工商银行). For locally-owned banks you only need your passport with a valid visa (tourist visas are acceptable). Some banks such as Bank of East Asia will require proof of residence, but this restriction mostly applies to banks based in Hong Kong. For long-term travel or residence, a Chinese bank account is a very good idea. Depending on the bank, the PIN and/or ID may be required for withdrawals at the counter (ask beforehand; some foreign banks only require a signature for withdrawal; if you're not comfortable with that don't open an account there) although deposits can be made no questions asked if you have the bank book or card they issued with your account. Depending on the bank, the minimum initial deposit is ¥1-100 (some multinational banks like Citibank or DBS require five-digit minimum deposits; these banks are to be avoided for the average person). You may receive a bank book in which will record all transactions and balances - including foreign currency balances. However, most banks in big cities offer card-only accounts by default; if you want a bank book you'll have to ask unless they don't issue ATM cards at all (such as Shinhan Bank or Dah Sing Bank) Banks usually charge a fee (around 1%) for depositing and withdrawing money in a different city than the one you opened your account in (if opening with Woori Bank, they offer unlimited ATM withdrawals at any ATM in China until June 2011, and Wing Hang Bank offers the same except they charge a ¥5/month maintenance fee no matter the balance). ATMs are now present in almost all towns and cities except in the most remote areas. Many ATMs accept Visa, Mastercard, AMEX, Maestro, and Plus debit and credit cards although some only accept UnionPay and Pulse, Interac, or Link ATM cards. Also, in Shanghai, most of the smaller local banks have relations with each other allowing for no-fee interbank deposits for any amount and withdrawals over ¥3000. Also, any Bank of Shanghai deposit-capable ATM can do deposits for any bank with a Shanghai-issued account. Bank of China Bank of China ATMs are occasionally the only ATMs where an international bank card will work. This bank has good international banking experience. China Construction Bank & Bank of America Bank of America and China Construction Bank have business ties, and because of this, Bank of America customers can use China Construction Bank ATM's without any fees to withdraw RMB. China Merchants Bank This bank gets best reviews from expatriates as at July 2009. Standard Chartered This bank is also very expat-friendly (it is based in the UK), however branches outside the big cities are lacking. They offer unlimited interbank ATM withdrawals within the city the card was issued in as long as the amount drawn is over ¥2000 each time and they also offer multiple foreign-currency investment products. Woori Bank It has even fewer branches than Standard Chartered, but offers the Shanghai Tourist Card, which gives discounts at assorted restaurants and half-price tickets to various attractions, as a debit card. Locally-owned banks only issue this as a credit card, which foreigners can't get, so this is the better choice if traveling to Shanghai. They also offer unlimited free ATM withdrawals anywhere in China. As a Korean bank, they typically cater to Koreans and it shows in the level of customer service. ICBC Very difficult to get complete bank statements from them. Do note that if you are employed in China, you may not get a choice: many companies and schools deposit into only one bank, and therefore you must have an account with that bank to get paid.

The Most Frequently Asked Travel Questions about China


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China Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.

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