Education & Training

Expat Guide to Chinese BankingOpening a bank account in China as a foreigner is not as difficult a process as you might first assume. There are various benefits for an expat should they choose to open a bank account at a Chinese bank. As an expat, having an account at a Chinese bank can allow for cheaper banking as well as the ability to purchase certain goods and services online that cannot be purchased with foreign debit and credit cards. If you decide to open an account as an expat at a Chinese bank I believe that you should make sure to do the proper prep work, bring the proper documentation, and make sure you sign up to receive a Union Pay Card. Also, it is important to be aware of several implications to having a bank account in a country like China.The BIG FOURThere are four banks in China, often referred as & quot;The Big Four& quot;, that are significantly larger than others in terms of size and scale of operation. They are Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Bank of China (BOC) and Agricultural Bank of China, respectively. These four banks offer reliable, and convenient services within all regions of China. Especially, if you are looking for English services, these banks are also likely to have English speaking employees. But to be safe, it is advised that you make a call first to make an appointment. What’s more, the Big Four all have English websites which make online banking easier.?PROPER PREPARATIONFirst, I would not recommend opening a bank account in China to a foreigner that is only staying in China temporarily; it is primarily beneficial to those that are going to be residing in China for a relatively long period of time.The language barrier will be the biggest obstacle that a foreigner will face when trying to open an account at a bank in China. The best way to combat this obstacle is to bring a trusted friend that can speak and read Chinese fluently. However, this is not necessarily a possibility for many people. S