Banking experience for foreigners
Bank of Communications (BoCom) is historically one of China's most commercially minded state banks and has long-standing ties with HSBC, which holds a significant minority stake. For foreigners, BoCom offers a straightforward account-opening process: passport plus residence permit or long-stay visa, Chinese mobile number. The HSBC association has historically made BoCom branches in Shanghai and Beijing somewhat more practised in handling foreign-customer requirements.
BoCom's foreign exchange service is reliable; the bank handles standard currency pairs and competitive rates. International remittance via SWIFT is processed in-branch. The bank's debit cards are UnionPay; an international credit card (primarily for domestic applicants with sufficient credit history) is also available.
For business customers, BoCom's trade finance and letters of credit service is well-regarded, reflecting the bank's roots in supporting commercial activity between cities.
Key services
BoCom provides retail banking, wealth management (理财), fixed deposits, personal loans, mortgages, foreign exchange, remittance, and trade finance. The bank has particular strength in corporate banking for companies involved in inter-city and international trade. Fund investment products are available through the bank's wealth management arm.
Mobile app and digital banking
BoCom's mobile app (交通银行) supports English for core functions. UnionPay QR payment is functional. NFC payment is available on compatible Android devices.
Where to find branches
BoCom's branch network is concentrated in eastern China but covers all provinces. Shanghai — where the bank was founded — has the densest branch presence. International-service capability is strongest in Shanghai, Beijing, and Guangzhou branches.