Travel Reference
In-Depth Information
Opening a standard bank account is extremely easy and—queuing aside—relatively quick.
In most cases all you need is your passport and visa, and occasionally your residence cer-
tificate. Most companies will help you set up a bank account when you start work, usu-
ally with the bank that they already have a relationship with. Doing it yourself, however, is
simple. When you walk into the bank, say to the front desk:
“W
ǒ
xi
ǎ
ng k
ā
i ge zhànghù”
(“I
want to open an account,”
我想开个账户
). If you need to open a business account this is a
completely different ballgame, which takes hours, multiple trips, extensive documentation,
and a whole lot of patience.
The major branches of the different banks usually have someone who speaks enough
English to get you through this simple exercise. It will be helpful if you have your address
and other personal details written down in Chinese so that they can write them on the forms
for you. Be ready with your phone number, email address, local phone number, residential
address, and a next of kin and their phone number. When you give your name it should
match your passport exactly; however, be sure to note down precisely how they record your
name—for example, if they put your family name first, use all capitals, or push your giv-
en name and middle names together to form a single word. This is exactly how you will
need to use it in the future with any transactions, such as with online shopping. One letter
or space out and it won't work.
Most basic
rénmínbì
accounts simply require a deposit of RMB1 to open. You will also
be asked to select a six-digit PIN. The account will be processed immediately and you will
walk away with the card in your hand. Major banks offer foreign currency accounts, time-
deposit accounts, and checking accounts. All have different requirements, so check with the
individual bank as to what will be needed.
It's recommended that you simultaneously have the bank open mobile phone, telephone,
and Internet banking in order to avoid having to come back into the bank to do this at a
later time. They all require paperwork and more
chop
stamps, so this can't be done inde-
pendently or over the phone. Having a Chinese-speaking friend with you for this will be
extraordinarily helpful as there will be lots of questions and instructions. Be aware that not
all banks provide good online service for all computer types, especially Apples. So if us-
ing online banking is important for you, this should be a major factor to investigate when
choosing your bank.
