Foreigners living in China need a local bank account. Opening a bank account in Beijing requires no more effort than opening a bank account in America. Most Beijing accounts issue debit cards, which can be used at many locations throughout the city.
Instructions
1. Select a bank. Bank of China, Agricultural Bank of China and ICBC are three of the best. Each of these banks has a variation of the same requirements. Opening an account with US Dollars will require between $100 and $500. You can also start an account with a low amount of RenMinBi (RMB-Chinese currency).
2. Bring a valid passport and, if available, a residence permit. Other forms of identification should not be necessary. A Chinese employer, such as a university, can set up a bank account for their foreign employees to make direct deposit payments. Having a native speaker along helps.
3. Start with the Agricultural Bank of China. The bank requires a minimum of $100 and a valid passport. Just 1 RMB is required to open an RMB account. The Agricultural Bank of China is also the official bank for Western Union in China.
4. Try the Bank of China. The Bank of China requires a passport and $500 to open an account. After completing the application form, the customer is issued a debit card for use in Bank of China ATMs all over Beijing. The Bank of China has several account types for foreigners.
5. Open an account with the Industrial and Commercial Bank of China (ICBC) with a passport, residence permit and a notarized translation into Chinese of the account holder's name. The Chinese name is required to open the account; notaries can be found by visiting the Beijing Notary Public Office at 206 Jixiangli, Chaowai Street.
