Opening bank account in China on working visa

Hey guys ,
So I’m moving to China Shanghai in Z visa and will be working there for notebooks than a year and I was wondering what is the process of opening bank account there is it complicated ? And which banks do you recommend for foreigners

Hello, very easy to open a bank account. I recommend Bank of China. Better go with someone who can speak Mandarin and assist you with the formalities. I guess you need passport and some documents from your company. You will be able to transfer money abroad if needed. You won't get a credit card (almost impossible for foreigners) but a Union Pay debit card usable in many Asia countries.

Thanks So much for the info

Hi, after opening a bank account, it is also recommended for you to open the wechat pay or alipay (could link the app with debit / credit card), then your life will get much easier just using phone for paying.

The process is very simple. Though, you should go with a native Chinese person, and have them help you. They will make it go smoothly and effortlessly.

Afterwards, buy them a dinner as a thank you. China is all about friendships. Cultivate them, and having someone help you is a fantastic way to make some new friends.

Thank guys for your feedback it’s very helpful

Opening my BoC account was like pulling teeth out, I had to go back and forth two or three times. But that was in a small town and none of us knew what we were doing - everyone was nice and enjoyed the novelty though.

A couple of months later I was in the provincial capital Hefei for meetings, and walking past a branch of merchants bank, I dropped in and opened an account in about 5 minutes.

So now I have two accounts BoC for salary and MBoC for my walking around money linked to Wechat and Alipay.

The union pay card is ok in China but isn't much use outside. A lot of shopping destinations will take it eg Harrods and Selfridges (it is in their interests to convenience R2G visitors); but normal shops and services not so much. To get around this you can link your card to Paypal and Applepay. But you are going to want to keep some funds in a western account with a visa or mastercard.

Sending money home requires that you get a verified tax statement to show that you have earned the funds in a legal way and have paid income tax; you will need some help to get this document as there is a bit of running around required.

hope that helps

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