The Bank of China and CITIC Industrial Bank provide personal and corporate banking facilities for expatriates in China, as do the main foreign banks, HSBC (London), Standard Chartered Bank (London), and Citibank (New York). These banks offer multicurrency accounts, renminbi accounts, foreign exchange, credit cards, ATMs, loans, and even mortgages. The main branches of China’s other banks may also provide such services, but their banking facilities are likely to be more limited.
To open a current (checking) or savings account you usually just need to complete a signature card, show your passport as identification, and make the appropriate deposit (varies depending on bank and type of account). The Chinese economy still runs primarily on cash despite all of China’s strides toward modernization; checks and credit cards are not likely to be accepted in many places other than high-end tourist hotels and large shopping centers.
The banking system in China is slow and there are some restrictions on the services available. For example, 24 hours notice is needed to withdraw the equivalent of USD 5,000 or more (Bank of China) or USD 10,000 or more (CITIC). It takes several weeks to cash a bank draft drawn on a foreign bank.
There is a wide network of ATMs throughout China’s main cities. HSBC and the Commercial Bank of China’s networks are now linked in Guangzhou and Shanghai, so customers can use the ATM of either bank. ATM facilities include cash withdrawals, transfers, balance enquiries and checkbook or statement requests. Most ATMs have a per-transaction limit of 1,000-3,000 Œ³ ($125-375), but some will allow multiple transactions.
Employment contracts specify what percentage of an expatriate’s salary can be changed to foreign currency.
Bank of China
8 Yabao Lu, Chaoyang District
Beijing 100020, China
Standard Chartered Bank
12/F, Tower W2, The Towers, Oriental Plaza
No.1, East Chang An Ave., Dong Cheng District
Beijing, 100738, P.R. China
G/F, Block A, Beijing COFCO Plaza
No 8 Jianguomennei Dajie
People’s Republic of China
Citibank, N.A. Beijing Branch
16/F, Bright China Chang An Building,
7 Jiangguomennei Dajie,
Beijing 100005, P.R. China