Banking

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Banking

Opening a bank account in China - especially an RMB-only account - is a very straightforward process. You only need your passport with a valid visa (tourist visas are acceptable).

For long-term travel or residence, a Chinese bank account is a very good idea.Your ID and PIN are required for withdrawals at the counter although deposits can be made no questions asked if you have the bank book they issued with your account. Banks usually charge a fee (around 1%) for depositing and withdrawing money in a different city than the one you opened your account in.

Atms are now present in almost all towns and cities except in the most remote areas.
Many ATMs accept Visa, Mastercard, AMEX, Maestro, and Plus debit and credit cards
although some only accept Union Pay cards.

Bank of China The Bank of China is probably

the most useful bank for travellers and
foreigners living in China. Many branches
have English-speaking staff and the bank
has the authority to deal with foreign currencies, unlike many of the other banks. Almost all cities, big and small, have a
branch but not all have ATMs or currency-exchange services. However, some remote areas have no branches even in larger towns so be prepared for such situations. Opening an account with the Bank of China costs
only ¥1 and the minimum initial deposit is
only ¥1 but you will be charged ¥15 if you want a Union Pay debit card. You will recieve a bank book as standard in which will be recorded all transactions and balances - including foreign currency balances. The Bank of
China is also the best choice for sending and recieving bank transfers as it is quicker than
other banks.

Not to be confused with the Central Bank of China, the central bank of the Republic of
China (Taiwan), or the People's Bank of China, the central bank of the People's Republic of China.

Bank of China Limited (BOC) (simplified Chinese: 中国银行; traditional Chinese: 中國
銀行; pinyin: Zhōngguó Yínháng; often abbreviated as 中行) is one of the big four state-owned commercial banks of the People's Republic of China. Founded in 1912 to replace the Ta Ching Government Bank, it is the oldest bank in China.

It is the second largest lender in China
overall, and the 8th largest bank in the world by market capitalization value[2]. Once 100% owned by the central government, via Central Huijin Investment and National Council for
Social Security Fund (SSF), an IPO of its shares took place in June 2006, the free float is
at present over 26%.

It is the most international of China's banks, with branches on every major continent.
Outside of mainland China, BOC also operates in 27 countries including:

Australia, Canada, United Kingdom, France, Germany, Italy, Luxembourg, Russia, Hungary, United States, Panama, Brazil, Japan, Republic of Korea, Singapore, Taiwan, Philippines, Vietnam, Malaysia, Thailand, Indonesia, Kazakhstan, Bahrain, Zambia, South Africa and there's also another branch office in Cayman Islands.

Although it is present in the above countries/territories, its operations outside China accounted for less than 4% of the activity of the bank by both profits and assets. Mainland China accounts for 60% of the bank by profits and 76% by
assets as at December 2005.

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