Banking in China

Opening an account

Requirements: - Passport. - Residence permit (for foreigners). - Chinese mobile phone number. - Sometimes: a copy of the rental contract or employer's letter.

Bring all of the above, walk into a branch, ask for an 储蓄账户 (savings account). Process takes 30–60 minutes. You leave with: - A passbook (still issued by some banks). - A debit card (UnionPay). - An online-banking USB key (in some banks). - An app login.

Most major banks now welcome foreign customers; some smaller branches may decline.

Major banks

• ICBC (Industrial and Commercial Bank of China) — largest in the world by assets. Reliable English app.
• Bank of China (BOC) — the most foreign-friendly historically; international branch network.
• China Construction Bank (CCB) — large.
• Agricultural Bank of China (ABC) — large, more rural reach.
• Communications Bank (BoComm).
• HSBC China — mainland operation, English service. Higher minimum balance for the top-balance tier.

Internet banking

The bank app lets you: - Pay utilities, mobile bills. - Transfer to other accounts (instant via UnionPay). - Buy investments, fixed-term deposits. - Pay credit card. - Now in some banks: open a digital-yuan wallet.

Most apps are Chinese-only. ICBC, BOC and HSBC have decent English modes.

UnionPay debit card

Your debit card works: - Across all Chinese ATMs. - At all merchants accepting UnionPay (essentially every merchant). - Internationally at UnionPay-enabled ATMs (most major countries).

UnionPay credit cards are also available but require Chinese residency.

International transfers

• Wise (TransferWise) is the standard expat tool — cheaper than bank wires for transfers in or out. Supports CNY in/out.
• Western Union for cash transfers.
• SWIFT wire through your Chinese bank — slower, more expensive, more paperwork.
• For sending money out, the limit is USD $50,000 equivalent per year per person under the standard quota; above this requires documentation (employment contract, tax certificate, etc.).

Linking to Alipay and WeChat Pay

Once you have a Chinese debit card, you link it to Alipay and WeChat Pay through the standard 'add card' flow. After that, every QR code in China just works.