China Bank Account Opening Service
Hotline: 86-755-82143348 Email: anitayao@citilinkia.com
Opening bank account in China as a foreigner is not as difficult a process as you might first assume. There are various benefits for an expat should they choose to open a bank account at a China bank. As an expat, having an account at a China bank can allow for cheaper banking as well as the ability to purchase certain goods and services online that cannot be purchased with foreign debit and credit cards.
If you decide to open an account as an expat at a China bank I believe that you should make sure to do the proper prep work, bring the proper documentation, and make sure you sign up to receive a Union Pay Card. Also, it is important to be aware of several implications to having a bank account in a country like China.
Proper Preparation before China Bank Account Opening
Opening a bank account in China is primarily beneficial to those that are going to be residing in China for a relatively long period of time.
The language barrier will be the biggest obstacle that a foreigner will face when trying to open an account at a bank in China. The best way to combat this obstacle is to bring a trusted friend that can speak and read Chinese fluently. However, this is not necessarily a possibility for many people. So if you do not have a Chinese speaking friend, you can open a bank account at one of the “Big Four Banks.”
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Proper Documentation for Bank Account Opening in China
There is not much needed paperwork wise. The only thing that you will need to bring with you when you open up a bank account is your passport. This is essential and you will not be able to open up a bank account in China without your passport. You should not need any other documents besides your passport nut just bring another form of identification with you just in case. There should be no reason for you to leave your passport or any other identification documentation at the bank for an extended period of time.
Inflation in China
The China government’s economic policy entails them controlling the rate at which their currency is traded with other foreign currency. Because of this regulation and control, there is a less likely chance of a significant appreciation/depreciation of the Chinese Renminbi (Yuan) in a short amount of time.In addition, the Chinese Renminbi has shown a trend of appreciating over the past several years and it is very possible that it will gain value over the currency used in your native country in the years to come.
Contact us
For further queries, please do not hesitate to contact ATAHK at anytime, anywhere by simply calling China hotline at 86-755-82143422, 86-755-82143512, or emailing to anitayao@citilinkia.com.