Banking in China

[Jadelette]

Hi,
I will be moving to Taizhou in China at the beginning of October, to begin my first ever TEFL teaching job! I will be paid a monthly wage in RMB, but am concerned about the prospect of opening a Chinese bank account. Can anyone give any advice on a good bank to choose, what I will need to open this or the cost of transferring funds back to my UK account to cover existing direct debits?

Any advice will be warmly welcomed!

Thank you!
Jade

[pokedmund]

I'm working in Hong Kong, but since you haven't had any posts I thought I'd make an attempt to give you some advice. Bear in mind that Although Hong Kong is in China, the regulations and way they work are different.

The bank that comes to mind is the Bank of China. Try and look for a HSBC though. Those two are the most "well-known".

Bear in mind that they might pay you with a cheque.

Unfortunately, I have no clue about sending money back to the UK. Maybe you should check up on Western Unions and whether they exist in China (and whether they are TRUSTWORTHY?)

[Mikedt]

I know this is an old thread, and the OP is now most likely working in China. But I thought I would provide some information about banking in mainland China, in case anyone else is asking the same questions. BTW I'm from the UK but have been teaching in China for over a year now, both at a private training school and state middle schools.

Opening an account with a Chinese bank is actually quite simple, fill out the form which is in Chinese and provide passport ID. The bank teller will open your account while you wait, and give you an ATM card straight away, usually takes around 10-15 minutes. Most schools pay RMB directly into your account. I've never heard of schools paying by cheque. I suggest going with one of the bigger banks, e.g. Bank of China, Bank of Communications, Agricultural Bank of China or China Construction Bank. These are the banks with most branches in just about all cities.

HSBC despite it's name (Hongkong and Shanghai Banking Corp.) is not in fact a Chinese bank, it's a London bank. There are actually very few HSBC branches within mainland China.

[Peter Easton]

ICBC have the best internet banking service. China Merchants Bank provide good all-round service but their internet banking is hopeless and their interest rate is miniscule.

[bankerguy]

In all honesty you would be better off banking with citibank they are the closest your going to get to a decent peoples bank and it fits all the needs for what your looking for.

I run a banking webpage and know alot about the many banks.

banktellerjobdescription.org

[Peter Easton]

^ In China? Don't think so. A Chinese company is not going to pay your salary into a foreign bank. You have to use a local one.

[RobertD]

My recollections of transferring money from China via China Construction Bank are that you will need to provide copies of your contract, passport, Foreign Experts Certificate, Tax receipt for the period you are transferring from, the actual transfer form, and perhaps some more bank forms. Triplicate them and take to the bank and be prepared for a very long wait. Your FAO might be able to advise you on the requirements.