BANKING IN CHINA
Date Modified: 01.16.2007
Content: Bank Accounts in China - Banking in China
Can foreigners open an account in China?
can easily open a savings account at most banks in China.
What do foreigners need to open a bank account in China?
At most banks you
will only need your passport to open a bank account in China.
Will I get an ATM card?
Yes. When you sign up for a savings
account you will be given an ATM card.
Are ATMs readily available in China?
Yes. It is not hard to
find an ATM machine in Chinese cities but in mountain villages
and other remote areas ATMs are few and far between.
Can I use my ATM card from home to with withdraw money?
Yes. As long as your ATM card has the
Cirrus or Plus sign on it and the ATM machine in China also
displays the same symbol you should be able to withdraw money
from your home account. You will receive funds in RMB of course.
Are ATMs available 24 hours a day?
Yes. Most ATM machines
are available 24 hours a day.
Can I get a Chinese credit card?
Most likely not. It is very
difficult if not impossible to get a Chinese credit card.
Can I use my credit card in China?
Yes. Most international
credit cards are accepted in China. However, credit cards are only
accepted at large hotels, department stores, large chain restaurants, etc. The most readily accepted credit cards in China are
Visa, MasterCard, American Express, Diner's Club, and the
JCB card of Japan.
Can I bring Chinese currency, RMB, into China?
Yes. You may
bring up to 20,000 RMB without declaration at customs. Any
amount higher than 20,000 RMB will have to be declared at
Where can I exchange currencies, US dollars to Chinese Yuan (RMB)?
You have several options to exchange money
into RMB. The first one is at the bank. You will most likely
get a better exchange rate at a Chinese bank compared to a
bank in your home country. However, you will get less RMB
at the bank than through other money exchange channels in
China. The second place you can exchange money is on the street.
Here you will get better rates and receive more RMB for you
currency, especially US dollars. If you plan on exchanging
money on the street make sure you know the current exchange
rates at the bank and exactly how much RMB you will receive
for your money. Guesthouses or hostels are good places to find
someone to help you setup a money exchange. Just be careful.
Most importantly this is ILLEGAL and some people will try
and cheat you with high rates or even counterfeit notes so
make sure you know what you are doing. The third is wire transfers.
You will get the most RMB for your money this way and you
won't have to worry about being cheated with high exchange
rates or counterfeit notes.
Can I send or wire money overseas?
Yes. You can wire money
to your home country through a bank. But there is a limit.
You are not permitted to send more than your salary home each
month. This may be lower than you think. Check your actual
salary amount with your employer. Your employer may only report
a portion of your pay as salary and report the remaining portion
as housing allowance. You save money on taxes this way but
if you need to send certain amounts of money home each month
it is best to make these "reports" clear at the
time of contract negotiations.
What are the bank note denominations in mainland China?
Bank Notes: 100 yuan, 50 yuan, 20 yuan, 1 yuan, 5 yuan, 2
yuan, 1 yuan, 5 jiao, 2 jiao and 1 jiao. Chinese Coins: 1
yuan, 5 jiao, 1 jiao NOTE: Yuan may also be called kuai. Jiao
may also be called mao.
BANKS IN CHINA
Agricultural Bank of China
Agricultural Development Bank of China
Bank of Beijing
Bank of China
Bank of Communications
Bank of Shanghai
China Construction Bank
China Development Bank
China Everbright Bank
China Merchants Bank
China Minsheng Banking Corp. LTD
Guangdong Development Bank(Chinese version)
Huaxia Bank(Chinese version)
Industrial and Commercial Bank of China
Industrial Bank Co. LTD
Shanghai Pudong Development Bank
Shenzhen Development Bank
The Export-Import Bank of China
Xiamen International Bank