After you prepared all the documents and chosen a bank it’s time to actually open the bank account. Step 2: Opening the Account at the Chinese Bank Once you’ve picked the bank and put your passport and cash in your pocket, set aside an hour or two and head over to the nearest bank branch. If you have a local Chinese friend that can accompany you, this might help speed up the process. It’s not necessary, however. The first place you need to stop is the information desk to speak with the staff and get a wait number. Tell them that you are opening a new account and often they can help you fill out the form. I would like to open a new account: 我想开一个银行账户 (wǒ xiǎng kāi yīgè yínháng zhànghù) Sometimes the bank account application form they give you is in both English and Chinese, but that’s not always the case. Either way, unless you’re confident can write your address and information in Chinese characters, the staff is usually able to help you. They’ll also likely go make a copy of your passport and visa that you’ll need later. When your number is called, provide them with your passport and the form. They’ll have you sign a few other documents, tell you how much money is required for deposit and hand a new UnionPay Bank Card. At some point during the process a small keypad next to you will light up and scream at you to input a password. All China bank passwords are 6 digits long and you’ll probably have to input it a few times while you’re there. That’s it! You should walk away immediately with a new card (it won’t have your name on it) and a lot of stamped paperwork. Step 3: Using Your China Bank Account There are a few different ways you might find yourself using your new China bank account and your UnionPay card, and each might require specific actions. Using the Chinese ATM: This is the easiest way to utilize your account. You can withdrawal cash from the ATM and even deposit cash in some of them. Making Purchases Online: If you think you’ll be buying things on Taobao or another China merchant, you’re going to need to specifically ask your bank to turn on Internet banking. Otherwise, the card simply won’t work to purchase. Set up WeChat or Alipay: Perhaps the most popular reason that many expats and business people open a bank account in China is the option to use mobile payment systems like WeChat or Alipay. In modern Chinese society, very few people use cash and credit cards still aren’t normal. Instead, Chinese people use their phones to pay for almost everything. Having a Chinese UnionPay card (along with Chinese mobile phone service) will make this possible. |
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