Can foreigners open bank accounts in China?
Apr 1, 2007 13:13
  • KINIRA
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Since I will be traveling in China for a couple of months, I need to bring quite some money. I am just wondering if a foreigner will be able to open a bank account at a major bank in China and withdraw the money as needed in various cities.
I am preparing to bring some cash and my credit card over there, but I think the charges can accumulate to quite a lot, and I really don't want to carry a large sum of money around. I am also afraid that some places will not let me use traveler's checks or charge me to use them.
If the option of opening a bank account is out, please give me some suggestions on how to bring funds to China.
Much Thanks!!
Apr 1, 2007 14:12
#1  
  • MCLELJ
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At the Bank of China, you can use the ATM machine and withdraw funds either with your bank card or with a credit card. The rest of the banks and stores in China onlly recognize Chinese bank cards and credit cards.
Have a great trip!!!
Apr 1, 2007 16:53
#2  
  • APAULT
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Foreigners can open accounts with the Bank of China and many other banks (and I assume this includes people on tourist visas). You should not get any problems with an RMB account. However, if you open a foreign currency account you will probably NOT be able to access it outside the province the account was opened in. I recommend you try to find a local to go to the bank with you.

The other thing is that you might find some ATms that will not accept your 4 digit pin, China's standard is 6 digit. I overcame this by using 2 leading zeroes.

Apr 1, 2007 20:16
#3  
  • CALIFORNIA
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Yes,you can:-)
Apr 1, 2007 21:29
#4  
  • BETWEENUS21
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Yes a foreigner can open a bank account in China - The best is to look for the Bank of China - and together with yr passport and local rmb currency to open a savings account - and u will get your ATM card instantly, and the savings book. However though, there is one thing - which is that the bank would require a local address (which u can actually use the hotel address u r in - just the road address minus the name of the hotel). Its best that u use Bank of China as it have its branches all over China - and even some overseas branches too and is the leading Bank. But since u will be visiting, its really not a problem as the Bank will hardly sent any letters to u - and before u leave the country, you can just keep only a very small amount as balance so that u can make use of it if u chose to return to China - otherwise u can take all yr money out.
Apr 2, 2007 00:08
#5  
  • CHRISWAU...
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Absolutely. Take your passport and hotel address to the nearest branch of any bank. Your Chinese ATM card should work in any ATM or POS machine in the Mainland and Hong Kong (check for the Union Pay/银联 symbol if you have any doubt). You'll probably need to take your travellers cheques to a bank that is allowed to handle foreign exchange. Walk into the bank and ask, if that branch doesn't handle foreign exchange, they'll point you in the direction of the nearest one that does, even if it's a different bank.
Apr 2, 2007 08:45
#6  
  • KINIRA
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Thank you, everyone~ The comments are very helpful! I have called my bank (Citi), and they actually have branches in Beijing, Chengdu, and Guangzhou so I'll be able to withdraw money without charge in those cities. But I think I still will open a Chinese bank account so I will have access to money in smaller cities.
Apr 2, 2007 21:53
#7  
  • BETWEENUS21
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yes Kinra - citibank do have its branches there - however at cities like Guangzhou and Cehngdu, Citi have only one branch and 1 or 2 atm machines only in the city - so it may not be too convenient. However if yr citicard have the international "cirrus" symbol then u should be able to withdraw at most local China bank's atm machines - but on occassions the machine will not be able o do so. However like said earlier, its best if u want to open a local account - do use the Bank of China - as its the major bank there and so far have no problems using their atm from kunming to Heliongjian. There are of course other banks usually like some China Construction bank or China Agricultural bank" etc - but their atms may not always be able to withdraw due to "errors" as often stated.
Oct 24, 2008 01:34
#8  
  • WSALONGA
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My company is base in Dubai UAE and we have a branch here in Shanghai,i want to open an account here at HSBC Bank to be use by my company for sending my salary.At present i've a temporary residence visa and soon my company will arrange it so that i may having a working visa.If i'll open a personal account at HSBC BANK how much will be the initial deposit?
Nov 12, 2009 22:19
#9  
GUESTJAC... I'am a foreigner and have some business contracts with Chinese Companies in China and do need to pay them with RMB only. I want to know if there is a limit of amount if I would transfert funds (from our currency to RMB ) to my own account in China. I did have an account at Bank of China.
Dec 20, 2009 06:21
#10  
  • ELLYSE
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No, I don't think so.
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