The recent census in china shows that 600,000 ex-pats are living at this moment. Cities like Shanghai and Beijing have3 large communities based in the southern Guangdong province. All across China, there are new and greatly growing business opportunities that have drawn foreigners from around the world. China is a diverse and expansive country and can also prove a challenge for the ex-pats looking to settle here. With a sense of adventure and also a little patience, vibrant Chinese culture can give a unique experience.
But how to open a bank in China? Let's get to know
The essential documents needed to open a bank account in China?
Opening your basic bank account in China is a very simple process, especially for permanent ex-pats. It is worth noticing that the process can become complex if you wish to open an investment or a corporate account. A few products offered to foreigners are limited compared to the regular bank accounts.
To open the basic account in china, you will need the following:
- Valid passport
- Proof of residence
- An initial opening deposit
- Employment pass, work permit, or student pass
The exact document that you will be asked for will mainly depend on the individual banks. Typically, banks list out a range of additional documents that the staff is entitled to ask you if they think this is necessary. It may get difficult to have a credit card being a foreigner in china, although the debit cards are mostly provided without any issue. When you choose a bank, you present the passport to the local branch's information desk for a few account services in the long term. You may be asked to visit the branch in person, so pick the ones that near you.
Application forms are mostly provided in Chinese and English, but if you belong to a large international community, the staff may be more familiar with the whole process of opening the account for outsiders. This may make the process run more smoothly.
Can I open a bank account from abroad?
Yes, you can open a Chinese bank account from abroad. But how easy this will depend on where you are situated in the world. If you in the UK, then you may open an RMB account with the Bank of China, but you will have to call their branch in London, Birmingham, Manchester, or Glasgow. The same services are offered in a few other countries, but you will have to visit their branch to complete the application process.
Can I open a bank account being a nonresident?
Many Chinese banks have written online that you can, but a few people traveling in-country may face difficulty. It is ideal for checking the bank's website that you are interested in or call them for confirmation. If you can, you will need to offer them a valid passport at a local branch to begin.