Banking

It is rapid and simple to open a personal bank account in China, which just requires that you show your passport to the bank and fill out a simple form there in 10 minutes. Similar to Hong Kong, you do not need to show a residence permit or any letter of introduction to open an account. There is no requirement for minimum deposit and or any service charge. You will receive a bank book and an ATM card (with a trivial charge).

Different currencies (such as USD, HKD, EUR, AUD & YEN) are acceptable. You can transfer foreign currencies (but not Renminbi) from abroad to China, which usually take 3-5 days.

Banks in China offer e-banking services in a limited manner. You can check the balance, and in some cases pay telephone bills and make online transfers. Most branches are open 09:00-17:00, 7 days a week. Please note that joint-accounts or private checking accounts will not be acceptable at Chinese banks. Except travelers’ checks, common foreign checks are not cashable. HSBC, Citi and Standard Chartered have retail banking outlets in China. Most foreign credit cards are acceptable by ATM in cities. Before withdrawing a large sum, you should ask about limits to daily or monthly withdrawal.

We recommend you open an account with Industrial and Commercial Bank of China (ICBC) and use ATM so as to avoid queuing.

You’d better go to the bank in early morning. Long queues are common on Mondays and Fridays, and at the end of the month.