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China  Chinese banking

Setting up an account

1. Diplomats & Foreign Companies Representatives

Diplomats and foreign company’s representatives who want to open a private account inside China have to first go to the Bank of China (BOC), Head Office at the second floor, (counter 4) for application. All the applicants are required to submit the following documents to the Bank for approval :

  • Residence card
  • Representative working card
  • Valid passport
  • Application form (that can be picked up at the Bank)
  • Signature specimen cards (issued by the Bank as well)


Once granted by the Bank, the applicants could choose one of the following two ways of opening their private account :

  • One is bankbooks. The minimum deposit requires USD 20, or RMB 200 or the equivalent of this amount in other foreign currencies.
  • The other is chequebooks. The minimum deposit requires USD 200, or RMB 2,000 or the equivalent of this amount in other foreign currencies.


2 - Expatriates

Expatriates who are not diplomats or foreign company’s representative should go to the BOC Beijing Branch (located at Yabaolu) for all the formalities.

NB : The expatriates are only allowed to open their private accounts in bankbooks.

The procedure is very simple, just provide the valid passport and minimum bank deposit of USD 20.

  • Credit cards : Cash withdrawal

CASH CAN BE WITHDRAWED WITH THE ABOVE MENTIONED CARDS AT THE FOLLOWING BANKS :

  • American Express
  • Bank of China Beijing Branch
  • Bank of China Head office
  • Bank of Communications Beijing Branch
  • CITIC Industrial Bank
  • CITIC Industrial Bank in Capital Mansion
  • Credit cards : Chinese

GREAT WALL CARD

How to subscribe to the Great Wall credit card in Beijing?

If a foreigner wants to subscribe to the China Great Wall credit card, he should first go to Bank of China, Beijing Branch (counter No 23) :

  • The applicant should provide his Passport + Resident card.
  • He also should provide a guarantor who has a permenant job in Beijing with monthly fixed income.
  • Then, the applicant should make the minimum deposit of RMB 40,000 to the Bank for opening his credit card as per request.


NB : Since the Great Wall credit card joined the VISA International network, all the foreigners who hold their visa cards when travelling inside China can draw cash in Chinese currency in some designated Banks.

The major chinese banks

The pricipal Chinese banks with branches troughout China are Bank of China and CITIC Bank.

These banks offer the best service for expatriates.