Money and Banking: Bank Account Requirements

Opening a local bank account can make residing abroad easier.

Banks have varying requirements to open an account.

By Chinese law, banks are required to verify your identity before you can open an account. To do this, you must present documents to prove your identity; in China the only document you need is a valid passport. When filling out the application form, be sure that the name on the account exactly matches the name on the passport. If you do not read and write Chinese, it may be preferable for the bank employee to fill out the form on your behalf. You’ll need to make a minimum deposit, usually ¥10–20, and you may need to pay for the bank card. Contact your bank for its exact requirements.

You’ll need to decide what type of account(s) you want to open, which will depend on how you like to access your money and how frequently you’d like to do so.

Note that if you are moving to China, some banks allow you to open an account before you arrive. Contact your bank of choice to see if this is available.