Opening a Bank Account and Getting a Chinese Debit Card

If you intend to work or study in Hainan, opening a local bank account and getting a Chinese debit card is essential.

Firstly, a local bank card makes it easier to make deposits and withdrawals.

Secondly, Chinese UnionPay debit cards are much more widely accepted in the Chinese mainland than overseas bank cards.

Account opening eligibility requirements vary between banks and even different branches of the same bank. It’s best to call ahead of time (or have a Chinese friend/employer/colleague call for you) to check specific requirements.

If you are working in Hainan, your employer will usually help you to open a bank account at the bank branch where they do their own banking. If you are studying and receiving a scholarship, your school will also help you to open a bank account at the relevant bank.

If you intend to open a bank account by yourself, here is a general guide on how to do so:

Overview

Foreign nationals can open bank accounts at most major Chinese banks. However, it's important to note that each bank may have different requirements and restrictions on how you can use your account.

Therefore, you should consult with various banks to understand their specific eligibility criteria before opening an account. In general, it is better to opt for larger banks with a wider network of branches and convenient services.

You can also check the fees and charges for using your bank card, such as ATM withdrawal fees, currency conversion fees, or transfer fees. Some banks may offer lower fees or free services for foreign customers.

Here are the customer service hotlines of some major banks, which you can contact for inquiries:

Industrial and Commercial Bank of China (ICBC): 95588

Agricultural Bank of China: 95599

Bank of China: 95566

China Construction Bank: 95533

China Merchants Bank: 95555

Bank of Hainan: 96566

These hotlines can provide you with information regarding the specific requirements and procedures for foreign nationals opening bank accounts in different branches. Please note that these service numbers are subject to change.

Documentation Needed to Open an Account

Foreigners opening a debit card account in China need to provide at least the following materials:

1. Identification documents

A valid passport or a foreign permanent resident ID Card.

Please ensure that your passport is valid when opening an account. When using a foreign permanent resident ID card, ensure that there is at least one month of remaining validity on the card.

2. Mobile phone number (Chinese or overseas)

This is to serve as the bank's reserved contact information which will be used to send verification codes to you when registering for certain services or confirming transactions. The number should be one registered under your name.

3. Others

Some banks may require additional documents. These may include:

·Proof of employment or study in China

·Your employment contract

·Your Chinese and overseas tax identification numbers

·Proof of address in China: This can usually be provided using your property rental contract or your registration voucher of residence for visitors from overseas.

Again, please note that specific document requirements may vary from bank to bank. It is advisable to inquire directly with the branch where you plan to open the debit card bank account to confirm these requirements.

Account Opening Process

Take the above documentation to the branch of the bank where you want to open your account during business hours. Unlike banks overseas, most banks in China are open on weekends.

Currently, foreign nationals can only open a bank account at a manned teller window. After you enter the branch, collect a queue ticket and wait for your number to be called.

Follow the bank teller’s instructions and accurately and completely fill out the personal account application form. You typically need to fill in your name, contact information, residential address, occupation, employer, monthly income, account purpose, and the reason for opening an account in China. You can also ask to set up online banking, which will enable you to use the bank’s mobile app to perform transactions like transfers.

As per the regulations, it is also necessary to fill out and provide a signed Declaration of Personal Tax Residency Status document during the account opening process. This document is used by financial institutions to determine whether the account holder is a non-resident for tax purposes.

Once your card is ready, you will be asked to set a six-digit pin code for your account. Congratulations! Your account is now ready and you will receive your Chinese debit card on the spot, which you will be able to add to your WeChat Pay and Alipay.

If you encounter any issues while opening a bank account, please contact the People’s Bank of China Hainan Provincial Branch: 0898-68562981