How do I register to local banks in China?

[Trang Nguyen]

Dear all,

I am going to study in Beijing this Sept and have a question in mind.

I would like to transfer to a local bank my saving or even my incomes later if im lucky enough to get a part time job when iam there instead of withdawing all the time for any expenses because the fee is very high as you all know.

What would be best to do in this case and which bank is trustworthy for its service?

Thanks and I appreciate any answer

[GaHanna]

Hello!

Well, I have recently moved and am paying over the top in fees so this question certainly was to be answered.

I am sure there are other posters who can discuss the security issue (I think being government controlled they would be highly secure).

A friend and I walked into a local Bank of China and she asked this question and was told that a passport is enough to open an account. Which I will do this week.

I am hoping others might be able to tell me some things on the service. How soon will I get a card?

[imron]

Avoid the Bank of China at all costs. They are rubbish. I would go with Industrial and Commercial (ICBC) or the China Construction Bank (CCB). ICBC also has an English website for online banking. You can basically walk into ICBC on the day with your passport and get an account with a card, plus a little flash-drive for secure internet banking. Takes about 20-30 mins, depending on how quickly you can fill in the forms.

[pandagirl]

I recommend the CMB(China Merchants Bank Ltd).

its service is very good,and the online serive is very safe and effienec.but there is few in beijing.more and more branch in the south of china,such as shenzhen,guangzhou.

any problem you can go to the local bank and asking,I think the customer serivce of bank would like to help you how to do.

[liuzhou]

Having tried most of them, I would also avoid the Bank of China.

I've been using the Agriculture Bank for several years with no significant problems apart from their bug ridden ATMs. (They do have more branches than any other bank,)

Did I mention that you should avoid the Blank of China?

[Trang Nguyen]

Thanks all for the post and advice. Will it be wise to withdraw in one go all your cash when u are there and put them in the new registered local bank and bear some high fee change or taking a risk to bring it with you, it sounds a bit silly, so pls advise me

Cheers

[imron]

Depends how much you're bringing, and whether or not you plan to spend it all. You might have difficulty exchanging any left over RMB back into the currency of your home country. It also depends on how confident you feel in keeping your money secure and the amount you are bringing. If such things worry you, you can think of the fee as buying peace of mind. It's not too expensive if you make a large withdrawal.

[pandaxiongmao]

Also depends on how much you like ATM fees. If you go to other provinces and withdraw money, you might get hit with a fee, even if you withdraw it from the same bank's ATMs in the other province.

This is certainly the case with CCB, though I didn't get hit with any transaction fees when using the ATM card to purchase from shops as a debit card.

[GaHanna]

Thanks for your useful advice, all of which I will bear in mind. Thanks Imron for the warning, and Liuzlou, is it okay to snigger?

[Trang Nguyen]

Dear all,

Yes, its been very useful, so what I need to do is to look for a good bank there. How abt putting money in, do the bank check from what source? since i presume as foreigners there u need to prove it is legal money (having a job or something like that), correct me if iam wrong.

Thanks all again

[cdn_in_bj]

How abt putting money in, do the bank check from what source? since i presume as foreigners there u need to prove it is legal money (having a job or something like that), correct me if iam wrong.

I've never needed to show proof when cashing travelers cheques or small amounts of foreign currency. If you're wiring money into an account here, they won't ask to see proof as there will be an electronic trail.

Officially, you have to declare any money that you bring with you if it exceeds a certain amount, but the customs at the airports here are quite.. lax.

Why are you concerned about this?

[roddy]

If you're bringing money into the country you won't have any trouble. Large quantities of cash might cause questions, but that's the case anywhere. If you later want to take it out, however, then you will need to show that you brought it in in the first place (ie transfer documents, exchange slips) or that you earned it legitimately and have paid tax.

[Trang Nguyen]

Dear all,

Yes, it applies to most anywhere if you bring a large amount of cash with you to a country. What I concerned was if I were not a contract empoyee there, but just do side business (for example, buying stuffs n sending back to other countries to make money) and I put my profit to my account of local bank there, would they check and ask questions of those income...

Cheers to all,

[roddy]

The bank won't care, unless you try to convert it to foreign currency, wire it out of the country, etc. If that's money you're earning from overseas importers, then it's money coming IN to the country, and that kind of money is welcome.

[imron]

If you later want to take it out, however, then you will need to show that you brought it in in the first place (ie transfer documents, exchange slips)

Although a word of caution, these are only valid for 6 months (at least they used to be last time I did this a couple of years back).

[cdn_in_bj]

If that's money you're earning from overseas importers, then it's money coming IN to the country, and that kind of money is welcome.

If money is coming from overseas and is not a small amount, I suggest setting up an off-shore account rather than depositing it all directly here. That is, unless you need access to it over here.