In China, foreigners' ability to open bank accounts depends on the purpose of their stay in the country. Those with work visas or residence permits for employment usually find it easier because they have documentation proving their legal status. However, tourists or short-term visitors may face more challenges due to stricter regulations and documentation requirements.

The process is generally quick and can take as little as 20mins, though, if it is busy, the process can take in excess of an hour to two hours due to queuing time. Your account however, will be active from the moment of its opening.

If you would like to transfer foreign currency into RMB, according to the policy set by the Chinese Administration of Foreign Exchange, each person can only change USD50,000 (or equivalent foreign currency) into RMB per calendar year. There is, however, no limit on the number of transactions.

At the end of an assignment, if you want to transfer your money overseas, you will need to change the RMB amount into foreign currency first. The following documents will need to be presented to the bank for currency exchange:

1. Passport and Visa / or港澳居民来往大陆通行证 or 台胞证 (Original and copy)

2. After tax certificate – 完税证明 (Original and copy)

3. Employee letter (contract) with company seal/stamp

4. Work Permit

5. Proof of income amount (letter with company seal/stamp)

There is currently* no limit to how much can be transferred overseas, as long as you can prove that you have earned all that money in China and that you have paid tax on what you earned.

*the policies of the Foreign Exchange Administration are known to change quite often, and over night, it will be necessary to check again before actually arranging transfers in or out.

You can either choose a multi-currency bank book or debit card (ATM card) when your bank account is opened, whereby, you will receive it immediately.

China Merchants Bank (招商银行) or Bank of China （中国银行）

For personal banking services, opening hours are typically from 9am to 5pm, Monday to Friday (except public holidays). Some banks may have extended hours or offer limited services on Saturdays. Banks are usually closed on Sundays. During public holidays, banks may close or operate with reduced hours. It's advisable to check with your specific bank for their operating hours, especially during holidays.