For International students who want to stay in China for a long term education, it is wise to open a Chinese bank account.
Here are the advantages to have a Chinese bank account:
Chinese bank cards are accepted throughout the country and cash can be withdrawn without a fee.
If you lose your card or there is a problem with your account you can fix the issue efficient by yourself rather than having
to make an International phone to your families.
Your parents can transfer money to your Chinese account (if you have opened the International service). Meanwhile you
can also withdraw a big amount of money in RMB directly from your Chinese account, if you have made an appointment
in advance with the bank. However, the Chinese bank may have problems with an International card to withdraw the RMB
directly if there is foreign currency in your account.
Generally speaking, there are two types of banks in China. Firstly, the state-owned commercial bank such as theBank of
China (BOC), the China Construction Bank (CCB), the Agricultural Bank of China (ABC), and the Industrial and Commercial
Bank of China (ICBC) etc. City commercial banks are founded on the basis of urban credit cooperatives. Secondly, there
are increasing numbers of foreign banks open branches in China nowadays, namely, the HSBC, Citibank and Standard
Chartered Bank are most common ones.
Opening a bank account in China—especially a Chinese Yuan-only account—is a very straightforward process.Banks like
the Bank of China, China Construction Bank and the Industrial and Commercial Bank of China have branches all over the
country. Just go to the bank you’d like to get an account with and present your valid passport and fill out an application
form. The entire process takes about 30 minutes.