The writer of this article is a loyal customer for many years, who first came to China in March of this year, to open a bank account of the true experience, he knows a lot of people are keen into this topic so writing up this article means so much to the community.
Let’s take a look together ………
“ My Experience in Opening a Bank in China “
In early March, as usual I went to China to purchase goods, but this time, the tasks are different compared to the usual, which are visiting a relative and opening a bank account. It has been countless years of walking around and purchasing goods in China either through friends or even forward transferring yuan to suppliers. With increasing number of suppliers, the path has become more even more difficult. So, this article will show you the steps on how to open a Chinese bank account for yourself.
Strangely, in order to open a bank account in China, you need to have a Chinese phone card so whenever you transfer funds, you can receive a “verification code”, which usually call as TAC number. Therefore, a new mobile phone card is needed if the previous mobile phone card was terminated. The reason was that it was not recharged in time.
However, a real name authentication is required to own a phone card, which then means it is necessary to have a Chinese identity card before you are able to apply for telephone cards at the airport. I you are not having the prepaid matching card, you can go to any China Mobile’s branch office to process.
In the operating room, the customer service will inform that we have no prepaid packages. High yuan is required in order to get a full package. Considering this number, as a medium for us to receive newsletters, buying such expensive packages is seems useless to me. Hence, refuse for upgrade. After leaving, go to China Unicom business point, waiting for the experienced relevant customer to help us handle the package.
For the process of communication and customer service, he recommended one very affordable package: Unicom: Unicom King card 1 yuan 1g traffic and 0.1 yuan a minute telephone. This is great for those of us who frequently using the Internet to call, which almost pedestrian called as “wishful benefits” package.
During registration, A passport photograph is needed for real-name authentication. After running card calling, go to the bank for the bank card friends. But noted here that the representative office is not giving a real bank card, you need to go to branches or sub-branches in order to apply, but the opening hour are vary as some branches are open on Saturdays while some are close. Next, we are having a little trouble Oolong, that we have to go to the bank to open an account in China. After queuing, customer service told me, a tourist visa is not here for the opening of.
Then we went to the nearby Bank. When opening an account and online banking, the bank staff asked me to fill in a form, including China’s mobile phone number, address in China (If none, fill in the relatives’s address) etc., and then showed them the passport for verification. After they have scanned my passport, they sent a verification code will be entered at the counter for further verification. Then they will help us to activate online banking and will teach us on how to download the intimate China Bank of Communications APP and help to query as well.
Well, I have reached the main goal of this time in China . ! After binding Alipay, we will be at the nearby supermarket for trial. Just swept away Alipay and you be able to checkout, and in terms of payment password or fingerprint recognition it is very convenient.
And after the transaction is successful, the money will be deducted directly from your bank account, then the bank will send a text message to tell the transaction amount and balance left. You can check through the bank app as well. However, non-Chinese people can only demand for deposits into time deposits, but cannot invest in financial products such as funds, the balance of treasure and so on.
This experience took place in March 2018, but after coming back for a month in Malaysia, I was told by a friend that starting April 2018, most of China’s first-tier cities will increase the threshold for foreign bank accounts. So , if you want to open an account , you need to prepare the following items:
- A business visa is required and the tourist visa is not accepted(this can be done by calling a familiar supplier to make a visa recommendation letter to us. You can apply for unlimited entry and terminate business visas for one year)
- The need to have the original lease contract (tenancy agreement),proof of residency in China (this threshold is relatively high, we need to lease real-name account holders, can get help from familiar vendors or friends).
These are just my personal experience, and now the Bank of China’s tightly controlled the application. In future, it will be harder to open an account in China and this is just a desire to help others as a reference.