You are here: Forum > Living in Asia > China > Beijing > Bank > "Chinese or off-shore bank account?"
  Register and reply  

"Chinese or off-shore bank account?"


#1  2011-06-10 15:45:47

SkydivingGirl
New member
From: Beijing
Registered: 2011-06-10
Posts: 6

"Chinese or off-shore bank account?"

I will be moving to Beijing for 3 months, starting in September and was wondering if I should set up a chinese bank account or keep using my american one?  What are the advantages/issues with each method?  How hard is it as a foreigner to get a chinese bank account?

I appreciate any advice you all can give.




 
 
 

  • Offline

#2  2011-06-11 06:26:06

markhoward
New member
markhoward
From: Xiamen
Registered: 2011-04-16
Posts: 8

Re: "Chinese or off-shore bank account?"

Hi,

Really very easy to open a Chinese bank account (at least, in Xaimen it is, and presume Beijing is the same).

Just go along with your passport to the branch of any major bank, such as Bank of China, Agricultural Bank of China, etc, etc, and a personal current account can be opened straight away (takes about half an hour of form-filling).   You'll be issued with a debit card that can be used in any ATM, or for purchases in most places, together with a security token for on-line banking. 

If you are transferring foreign currency to the account for conversion to RMB, there is a USD 50,000 limit per annum per person.

Hope that helps, and good luck in Beijing.




 
 
 

  • Offline

#3  2011-06-20 21:08:16

SkydivingGirl
New member
From: Beijing
Registered: 2011-06-10
Posts: 6

Re: "Chinese or off-shore bank account?"

Thanks!  Is it necessary to have a chinese bank account or can I get along alright with a US one?




 
 
 

  • Offline

#4  2011-06-23 06:39:58

TinTurtle
Member
TinTurtle
From: Beijing
Registered: 2011-06-22
Posts: 20

Re: "Chinese or off-shore bank account?"

It kind of depends on if you will have to pay any living expenses (utility bills etc) in your name with a Chinese card.  For 3 months I wouldn't bother with it if you don't have to.  I have a U.S. Citibank account and my debit card works fine here, plus I don't have to pay fees.  The downside is you can't use your card at the grocery store etc, but just pay cash.




 
 
 

  • Offline

#5  2011-06-23 09:47:24

Harmonie
ViP
Harmonie
From: Mauritius/Ile Maurice
Registered: 2011-06-13
Posts: 19273

Re: "Chinese or off-shore bank account?"

Hello SkydivingGirl!

I may recommend you this article > Open a bank account in China, who knows!

It may help. wink

Regards,
Harmonie.




 

  • Offline

#6  2011-06-24 05:57:56

BeijingDaniel
New member
BeijingDaniel
From: Beijing
Registered: 2011-06-24
Posts: 4

Re: "Chinese or off-shore bank account?"

Would definitely recommend getting a Chinese bank account if only to save some money- you'll get charged by the Chinese banks everytime you withdraw with a foreign card. Best to have a foreign credit card though in case of emergencies. Also good to have a foreign savings account because they usually have better interest rates compared to the Chinese banks in my experience.




 
 
 

  • Offline

#7  2011-07-01 05:39:23

jsbmeb
Member
From: Beijing
Registered: 2011-07-01
Posts: 21

Re: "Chinese or off-shore bank account?"

Hi
I lived in China 2 years and never needed to open a bank account. I used my atm card at a reputable atm when ever I needed to withdraw $$, whiuch was rare. I just notified my US bank that I would be abroad and never had a problem.




 
 
 

  • Offline

#8  2012-07-05 07:56:23

cherryu
New member
cherryu
From: Beijing
Registered: 2012-07-05
Posts: 2

Re: "Chinese or off-shore bank account?"

here a chinese bank card is very convinient , but if you stay only three month, maybe you do not need to bother to apply one, you can take some cash




 

  • Offline
Like this topic? Share it with your friends!


Expatriate health insurance Beijing

Free advice and quotation service to choose an expat health insurance in Beijing.
>> Click here

Moving to Beijing

A few tips from professionals about moving to Beijing.
>> Click here

Expat banking Beijing

Discover the benefits of expat banking for people living and working abroad.
>> Click here

Businesses and services in Beijing

Find the professionals in Beijing in the Expat blog directory.
>> Click here

Luggage shipping Beijing

Useful information about luggage shipping to Beijing.
>> Click here

Travel insurance Beijing

Don't worry and travel happy across Beijing.
>> Click here

To
Subject *
Message *
   You are here: Forum > Living in Asia > China > Beijing > Bank > "Chinese or off-shore bank account?"