An Overview of How to Open a Bank Account in China
China is a superpower country. It is the fastest-growing economy in the world. The fastest-growing economy in the world has always attracted global attention. As China is growing economically, more and more foreigners or foreign businesses are willing to open a bank account in China. Credit cards, as well as cash, is available for purchases in China. Transfer services such as international wire transfer or exchange currency are available for transferring money to and from China. For a foreigner, specific additional rules and regulations are applicable. Some extra fees are applicable on international money transfers. Additional costs are incurred for sending and receiving funds from another country.
Having a bank account makes it easier for people to move to China. However, some requirements must be met to open a bank account in China. Let’s look at the requirements to open a bank account in China.
What are the Documents required to open a Bank account in China?
The documents required to open a bank account in China may vary from bank to bank; however, these are some of the essential documents which are required to open a bank account in China:
- Duly filled application form
- A Valid Passport
- Proof of address
- A Chinese phone number
- A work visa or a student ID
- Employer Note
What are the Types of Bank Accounts a Foreigner can open in China?
- Savings Accounts: A savings account is the most common bank account for foreigners in China. It is easy to open and requires less documentation.
- Checking Accounts: A checking account allows the account holder to write checks and move money around. However, this type of account may require more paperwork.
- Current Accounts: A current account is used to store money and use it to pay for things. Almost every business has one current account, but one has to deposit more funds to openit.
- Foreign Currency Account: This account is ideal for those with a credit history and other overseas financial assets. Such accounts also come with online banking services in China, making it easy to manage accounts from any corner of the world.
Process of Opening a Chinese Bank Account
If you’re not a resident of China, then you need to know the following things to open a bank account:
- Prepare a copy of all the documents required
Banks need to see your documents before opening a bank account. You must show them your name, where you live and how much money you make. You need to show your proof of identity and show them a valid id card such as your passport and residence permit.
- Choose the right bank.
There are different options available when it comes to banking in China. Some prefer opening a bank account in a large international bank, whereas some prefer a small local bank. Those who are going to spend a short time in China consider opening an account in an international bank such as HSBC or Citibank.
- Visit the chosen bank in person.
The bank representative will verify your documents when you visit the bank in person.
- Complete your bank account interview.
China has rules about exchanging money, so the bank representative will ask questions about your travel plan and the purpose of opening a bank account.
- Open a bank account based on your needs.
After being satisfied with the documents and interview, the bank representative will open a bank account per your needs. Banks offer different accounts. You can select the best option as per your needs.
- Make the initial deposit.
After completing all the steps, the last step is to make the initial deposit. The initial deposit varies from bank to bank. After that, you can use your account.