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Hi friends! I am looking for advice on how to set up a bank account here in Chengdu. I get paid in cash so at the very least, I’d like to be able to make deposits, but a credit card would be great, too. I understand you need one to use a lot of the online services here.
I’ve thought about looking into depositing my pay into my U.S. bank account. Is that even possible? Does it even make sense? I know the ATM fees are a little ridiculous, so it might not be worth it.
My boyfriend will be banking with China Construction because that’s the bank his company works with. Does it make sense for me to also open an account there so we can transfer funds between our accounts if we need to? Or could I open an account elsewhere and do that just as easily? I’ve heard Merchant’s Bank is good.
So basically, if anyone can recommend good banks and step me through the process of opening an account, or reply to any of my above musings, that would be fantastic! Thanks for your input.
Hi,
It’s really easy, just go to Construction Bank with your passport. I don’t think you need anything else, just some rmb to deposit into the new account (the limit is low, something like 200 rmb.
Getting a credit card can be a major hassle (involves proving employment, ownership of property, etc) but getting a debit card is easy and will come with the account that you open. You can optionally enable online payments, which you will want to do.
Moving money to a US bank account can be done through a bank transfer, but you’re limited in the amount you can transfer. If you search on the forum, there’s a lot of information about which banks to use, how to set up credit cards, move money, etc. Here are a few of those:
- Paypal & Bank Cards
- What Bank and How to Apply for Visa Card?
- Money Transfer to a Foreign Bank Account
Good luck!
If you need to turn RMBs into USDs, there are also several individuals (like myself and others that I know) that occasionally are looking for a currency swap and will do US bank transfers for RMB in cash.
Obviously you should exercise caution and only go through trustworthy individuals (like me! we met at the AmCham office, AmCham would vouch for me). You stand to save on transaction fees and time.
Just for the record, you can use US ATM cards to withdraw cash at CCB ATMs (2.9% fee per 2500RMB), but not at others like China Merchants. I’ve had a good experience with a China Merchant’s Bank account though. They have a decent mobile app, however CCB has many more branches and ATMs than Merchants.
Thanks for the helpful info, guys!
Do you think I’ll have trouble opening a bank account if I only have a tourist visa?
Also, is it difficult to transfer funds between Chinese banks?
And finally, what is the advantage of having a bank card with a Visa logo on it? Is that something I should try hard to get, or does something like UnionPay work well for most things? Thanks again for your input!
– Audrey
Do you think I’ll have trouble opening a bank account if I only have a tourist visa?
No, I don’t think you’ll have trouble
Also, is it difficult to transfer funds between Chinese banks?
No, it’s very easy
And finally, what is the advantage of having a bank card with a Visa logo on it? Is that something I should try hard to get, or does something like UnionPay work well for most things?
The Visa logo means you can use the card with merchants that accept Visa (which is basically everywhere internationally). Unionpay is generally restricted to China, a few other places in Asia, and certain ATMs overseas.
Get ICBC, makes life easier. Also make sure you can make online purchases of over 1500 RMB, so you can transfer money infront of your computer.
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