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Money & Cost in China (3)

(People's Daily Online)

13:33, June 15, 2012

Bank Account
Can foreigners open a bank account in China? If yes, how?
Foreigners can open bank accounts in most banks in China. The process is fairly straight forward. A passport is required at whichever bank you choose. In addition, different banks may require different amounts of deposits when opening an account, which can be 100 CNY to 300 CNY. When you successfully open an account, a savings passbook is given, as well as a bank card. You can use the bank card to withdraw money from the ATMs.

There are many kinds of deposit, which one should I choose?
Generally speaking, there are two common ways for deposit: Savings Deposit and Time Deposit.

Savings Deposit: There are no limits on the amount and time of your deposit as well as withdrawal. A bank book with a bank card is issued after opening Saving Deposit. You can deposit or withdraw money in the Bank outlets or the ATM.

Time Deposit: There is a settled time and you can only withdraw your money on the date of maturity. The interest rate of Time Deposit is higher than Savings Deposit. There is no bank card for this kind of deposit.

If you are going to live in China for several years and the money you deposit is not in urgent need, you can choose Time Deposit, otherwise choose Savings Deposit.

when you open a new account, a certain amount of money will be needed to deposit in your account. It varies according to the bank and deposit you choose.

What are the major banks in China?
Here we list the service number and official website of some major banks. If you have any problem, you can call for help!
Bank of China: http://www.boc.cn/en/index.html(Service number: 95566)
Agriculture Bank of China: http://www.abchina.com/en/hq/index.jsp/lang=en/index.html (Service number: 95599)
Industrial and Commercial Bank of China:http://www.icbc.com.cn/icbc/sy/
(Service number: 95588)
Usually, in the big branches of these banks, English service is available.

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