How to Open a bank account at ICBC in China
Written by Zhirun Liu
Having a bank account is very essential in today’s time. With the advancement of modernization, more and more people are choosing to open an account with a bank because it provides secure, convenient, and flexible financial services.
In China, having a bank account is just as necessary. China is a predominantly digital payments society and many businesses, transactions, and purchases require the use of a bank account to make or receive payments online. In addition, a bank account can provide a range of other financial services such as deposits, withdrawals, loans, investments, and insurance.
Although there are formalities and procedures required to open a bank account in China, with the development of technology and the opening of the financial market, more and more banks are offering more convenient and faster account opening services, making it easier to open an account. Both residents and foreigners can open bank accounts in China to better manage and utilize their financial assets.
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AMERICANBANKERhttps://www.americanbanker.com/news/why-chinas-mobile-payments-revolution-matters-for-us-bankers
We recommend foreigners choose ICBC Bank
From the above chart, we can see that ICBC has the largest assets in China. It is also one of the largest commercial banks in China, with an extensive network and diverse financial products and services, including savings accounts, checking accounts, debit cards, credit cards, foreign exchange services, etc. ICBC has a relatively dense network of branches nationwide, which can provide more convenient banking services, and branches in some major cities may have English-speaking service windows for foreigners to conduct business.
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WORLDECONOMICFORUMhttps://www.weforum.org/organizations/industrial-and-commercial-bank-of-china-icbc
1. What do you need to open a bank account in China ICBC?
Passport with a valid visa or residence permit
l You will need to provide your passport, which should have a valid visa or residence permit that allows you to stay in China..
Chinese phone number:
l Most banks in China require you to have a local Chinese phone number for account verification and correspondence
Proof of address in China:
l You may need to provide proof of your address in China, such as a rental agreement or utility bill in your name, or a certificate of residence issued by the local police department.
Proof of employment or business registration documents:
l If you are employed in China, you may need to provide proof of employment, such as a letter from your employer certifying your employment or a copy of your work contract. If you are self-employed or own a business, you may need to provide business registration documents.
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2. For users under 18 years old
ICBC can do bank cards under the age of 18, but not credit cards, minors for bank cards are divided into two categories.
l For foreign citizens, they should present their passports or permanent residence permits for foreigners (for foreign border residents, in accordance with the relevant regulations of border trade settlement). In addition to the above legally valid documents, the bank may also require the depositor to produce other valid documents or proof of identity such as a household register, passport, work permit, motor vehicle driving license, social security card, public utility bill, student card, introduction letter, etc. as needed.
l If you are under 16 years old, you need a guardian to run a bank card, but if you are 16 to 18 years old, you can run a bank card without a guardian. The above is the ICBC under 18 years old can do bank card-related content.
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3. Days until the debit card is activated and deposits and payments can be made
l After you open an account, your debit card will be ready for use. You will be advised to download the Bank’s mobile application to enjoy further online service.
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4. Cost to open account plus annual fees
l Work capital fee: the work capital fee generated by the new card or replacement card.
Standard chip card 10 yuan/card; new card, magnetic stripe for chip, expiration of card replacement 5 yuan/card, lost new card, card loss for card replacement 10 yuan/card.
l Annual fee: a fixed fee charged every year.
Generally 10 yuan/card / year, wealth management gold account card (including wealth management gold account card)
l Small account management fee: If the average daily deposit balance of the savings card or current passbook is less than RMB300, an annual fee of RMB3 will be charged on the 21st day of the last month of each quarter for the small account management fee.
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5. Are foreign students allowed to open such accounts?
Foreign students are generally allowed to open bank accounts at ICBC. However, the specific requirements and procedures may vary depending on the bank’s policies and the student’s visa status.
Foreign students usually need to provide the following documents to open a bank account in China:
-Passport with a valid student visa or residence permit
-Admission letter from the Chinese educational institution
-Proof of enrollment, such as a student ID card or enrollment certificate
-Chinese phone number and local address in China
-Proof of address in China, such as a rental agreement or utility bill
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6. Are tourists allowed to open accounts?
In China basically no. Because in the past, when the verification was not strict, many tourists from other countries came to China to open bank accounts, and many are involved in money laundering. This has led to the fact that it has now become extremely difficult for tourists to open accounts in China
This article was written by Zhirun Liu, a graduate student at NYU.
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