How to Open a Bank Account in China. As a foreigner in China, one of the important things to consider is opening a bank account to help with various financial matters. However, many expatriates have no idea how to open a bank account in China within one day.
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Since there is not much information available to guide the expatriates on performing this activity. To help to give a preliminary overview of this activity, the following paragraphs will help to give some information steps by steps to open a bank account in China.
Selecting Suitable Bank
Before deciding to have a new bank account in China, the first thing to think of is selecting a suitable bank to create the account. Many local banks in China operate and can receive foreigners as their clients. However, not all banks are giving suitable services as expected. Therefore, one of the main things before selecting the proper bank is to make sure that their service is various and the bank has many branches around China.
Furthermore, it is also necessary to make sure that the bank has a good reputation and healthy financial reports. So that in the future, it can be stable and you will not risk your saving in the wrong account. Therefore, getting enough information is important before deciding the best banks to select. Some of the reputed banks in China are ICBC (Industrial and Commercial Bank of China), ABC (Agricultural Bank of China), China Construction Bank, and some more.
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Another important thing that needs to pay for attention to is the types of services provided by the bank. Not every bank will have a complete service as needed. Therefore, make sure to get sufficient information related to the services. Such as online services, mobile banking, debit card, and many more. Don’t forget to check the fee for each transaction so that you can select a proper bank with a suitable charge of fees.
Document to Prepare
Not quite different from opening a bank account in other countries, when you plan to open a bank account in China, then you have to prepare some related documents. Mainly if you are a foreigner and require a local bank account for any purposes such as job assignment or business.
You need to prepare some important documents that will be slightly different compared with a local person. If you are a foreigner, then you shall prepare the following documents.
• Passport is the main document that needs to be provided whenever performing any administration in other countries including to make a new bank account.
• A Chinese address and phone number. It is necessary to have these two data since all of China’s bank account shall relate to them. Therefore, make sure to prepare accordingly and make sure this is your temporary address and phone number while you staying in China.
• Work permit or student ID. Some banks will require this document to make sure that you are liable to have the account. Therefore, make sure to bring this document and prepare a copy as necessary.
Steps to Open a Bank Account in China
After completing all the necessary documents above, it is now a turn to come and get the bank account. The best time is to come in the morning so that you can get the first service to open the bank account. Follow the below steps to manage to create your new bank account in China bank.
• Ask the officer or the customer service of the bank on how to open a bank account in the bank. Usually, they will lead you to get a suitable form to fill in.
• Once you get the form then write all necessary information as requested in the form. Make sure that you fill the form with inline data according to your documentation. Otherwise, the bank will be able to reject your request to open a bank account.
• After that pass the form to the officer and wait until further information. Usually, the officer will give some questions related to your data to make sure that all the data has been written properly.
• Then the officer will process the bank account and print your bank book. Don’t forget that you will need to put some investment as a minimum according to the request from the bank. Therefore, make sure to provide some cash accordingly.
• After that, usually, the officer will offer some services such as debit cards, credit cards, or online banking. Choose a service that matches your requirement and proceed further.
• Once all services have been able to use and work properly, it means that your bank account is ready to use. You can do any financial transaction, transfer, or get paid from a local China bank.
Those are all some short information related to how to open a bank account in China. It is not as difficult as it thought and even better, since it only takes a few hours to get a new bank account in China. Therefore, in case you plan to stay for some time in China, the best is to try to open a bank account so that your financial transaction will experience no issues anymore.