Q: Can foreigners (including Taiwanese) open RMB bank accounts in China, irregard of assignment period?
A: Yes, opening a personal savings account with a local bank is easy as long as you have an original passport Tai Bao Zheng (台胞证) or 港澳居民来往大陆通行证, irregard of assignment period.
Q: What is the account opening process and what fees am I likely to encounter?
A: To open a bank account all you simply need to do is bring an original passport or Tai Bao Zheng (台胞证) or 港澳居民来往大陆通行证 and fill out a simple application form that will generally only ask for an address (work or personal) a contact number (work or personal) and information that is found on your passport.
Two examples are as follows:
China Merchants Bank – no account opening fees, requires 10RMB to be deposited into account and as minimum deposit for the life of the account
Bank of China – 5RMB account opening fee, requires 1RMB to be deposited into account and as minimum deposit for the life of the account.
Q: How long does it take to open a bank account and when will my account be active?
A: 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 due to queuing time. Your account however, will be active from the moment of its opening.
Q: What is my account termination process and how can I take my money out of the country? Is there any limit on the amount I can leave the country with and/or transfer out?
A: 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.
Q: What are the bank charges/fees?
A: These tend to vary from bank to bank. Some offer free accounts while others require some charge. Please see below for two examples:
China Merchants Bank - if your saving balance is less than 10,000 RMB, they will charge 1 RMB/month as an account maintenance fee, however, if your balance is higher, it is free.
Bank of China – they charge 10 RMB/yearly with no other account maintenance fees.
Q: Will I receive an ATM card? How long will it take to receive the ATM card?
A: 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.
Q: What banks do you recommend and are most commonly used by foreigners?
A: China Merchants Bank (招商银行) or Bank of China (中国银行)
Q: What hours do banks operate?
A: For personal banking services, opening hours are normally from 9am to 5pm, Monday to Sunday (except public holidays). During public holidays, banks may close or work half days only, we recommend you check with your bank.
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A: Yes, opening a personal savings account with a local bank is easy as long as you have an original passport Tai Bao Zheng (台胞证) or 港澳居民来往大陆通行证, irregard of assignment period.
Q: What is the account opening process and what fees am I likely to encounter?
A: To open a bank account all you simply need to do is bring an original passport or Tai Bao Zheng (台胞证) or 港澳居民来往大陆通行证 and fill out a simple application form that will generally only ask for an address (work or personal) a contact number (work or personal) and information that is found on your passport.
Two examples are as follows:
China Merchants Bank – no account opening fees, requires 10RMB to be deposited into account and as minimum deposit for the life of the account
Bank of China – 5RMB account opening fee, requires 1RMB to be deposited into account and as minimum deposit for the life of the account.
Q: How long does it take to open a bank account and when will my account be active?
A: 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 due to queuing time. Your account however, will be active from the moment of its opening.
Q: What is my account termination process and how can I take my money out of the country? Is there any limit on the amount I can leave the country with and/or transfer out?
A: 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.
Q: What are the bank charges/fees?
A: These tend to vary from bank to bank. Some offer free accounts while others require some charge. Please see below for two examples:
China Merchants Bank - if your saving balance is less than 10,000 RMB, they will charge 1 RMB/month as an account maintenance fee, however, if your balance is higher, it is free.
Bank of China – they charge 10 RMB/yearly with no other account maintenance fees.
Q: Will I receive an ATM card? How long will it take to receive the ATM card?
A: 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.
Q: What banks do you recommend and are most commonly used by foreigners?
A: China Merchants Bank (招商银行) or Bank of China (中国银行)
Q: What hours do banks operate?
A: For personal banking services, opening hours are normally from 9am to 5pm, Monday to Sunday (except public holidays). During public holidays, banks may close or work half days only, we recommend you check with your bank.
Return