Banking in China

http://www.howchinaworks.com/2008/12/10/banking-in-china/

 

 

Banking in China

Overview of (common) banks in china

In China, there are quite a few banks. They are of three different kinds.

• The first kind is the central bank (THE PEOPLE'S BANK OF CHINA).
• The second kind are the state-owned and national banks such as BANK OF CHINA, AGRICULTURAL BANK OF CHINA, ICBC (INDUSTRIAL AND COMMERCIAL BANK OF CHINA) and CHINA CONSTUCTION BANK.
• The Third kind are private banks such as BANK OF COMMUNICATIONS, CHINA MERCHANTS BANK, CHINA CITI BANK, HUAXIA BANK and also some regional banks such as SPD BANK of Shanghai and SHENZHEN DEVELOPMENT BANK of Shenzhen.

The central bank does not take private or business customers, it only deals with other banks, so you can open an account only in the second and third kind of bank. The second kind, national banks, tend to have an extensive branch network all over China and are convenient for people traveling regularly within the country. These banks share their ATM network, which means that you can use your debit card in any ATM of the national banks. The third kind is more business oriented and can be more adequate for business people, however their branches network tend to be much smaller and their debit cards might not work in other ATM network.

The most common ATM networks in China are Union Pay, Visa and Master Card, so if your bank offers you a card affiliated to one of those networks you should be able to use it everywhere in China.

In the next section you will find the details of the most recognized banks in China.

International bank transfer

For international bank transfers Chinese banks are not yet using IBAN code (the most common code in the world used for bank transfer), they are still using BIC or Swift code. BIC and Swift code are the same, they are just older systems for bank transfer. The first part of the Swift code is an 8 letter series specific to each bank while the second part is the 3 digit transit number provided by each branch.

Bank details

Below you will find the name, website, logo, customer telephone number and the first part of the Swift code of the banks.

THE PEOPLE'S BANK OF CHINA

http://www.pbc.gov.cn/

BANK OF CHINA

http://www.boc.cn/en/static/index.html
Swift code: BKCHCNBJ
Customer Contact center: 95566

 

AGRICULTURAL BANK OF CHINA

http://www.abchina.com/cn/hq/abc/index/index.jsp/lang=cn/index.html
Swift code: ABOCCNBJ
Customer Contact center: 95599

 

ICBC

http://www.icbc.com.cn/icbc/
Swift code: ICBKCNBJ
Customer Contact center: 95588

 

China Construction Bank

http://www.ccb.com/portal/cn/home/index.html
Swift code: PCBCCNBJ
Customer Contact center: 95533

 

BANK OF COMMUNICATIONS

http://www.bankcomm.com/BankCommSite/cn/index.html
Swift code: COMMCN
Customer Contact center: 95559

CHINA MERCHANTS BANK

http://www.cmbchina.com/
Swift code: CMBCCNBS
Customer Contact center: 95555

CHINA CITIC BANK

http://bank.ecitic.com/
Swift code: CIBKCNBJ
Customer Contact center: 95558

HUAXIA BANK

http://www.hxb.com.cn/chinese/index.jsp
Swift code: HXBKCN
Customer Contact center: 95577

SPD BANK

http://www.spdb.com.cn/chpage/c414/
Swift code: SPDBCNSH
Customer Contact center: 95528

SHENZHEN DEVELOPMENT BANK

http://www.sdb.com.cn/
Swift code: SZDBCNBS
Customer Contact center: 95501

National Banks Comparison

There are four national banks in China. They are not only the most common banks but also the most popular banks. They are more easily found because they have more branches than other banks. Nowadays, the four national banks offer almost the same services as all other banks. Services cover asset management, mortgage and loan, investment, liability insurance, business intermediary, credit card, trust, lease, guarantees etc. They offer both personal and business services to their customers.

Each of the four national banks has its own specialized area. For example, the Bank Of China specializes in foreign currency deposits and international transactions. ICBC emphasizes Industrial and commercial projects. China Construction Bank specializes in granting loans for construction projects. The Agricultural Bank of China focuses on agriculture and has a policy of helping farmers. The Agricultural Bank of China is often the only bank in the smallest towns and in the countryside.

How to open a bank account

It's quite easy to open a bank account in China. As the Bank of China is the one specializing in foreign currency, it is often the one chosen by foreigners. For that reason, its requirements provide a good example of the steps you have to follow. All others banks have pretty similar requirements and their forms have only cosmetic differences.

Steps to open a bank account:

• Requirements: passport, plus a copy of the passport and your residence registration.
• Money needed: If you only want the bankbook, you only need to pay 10rmb. If you also want the bank debit card, you need to pay 10rmb for the card fee plus 100rmb which is the minimum original deposit.
• When you walk into the bank, there is a ticket machine by the door. Press the button (if you don't know how, the security guard will show you) to get a number.
• While you are waiting to be called to the counter, you can fill out the account application form. ( See sample form below)
• When called, hand in all the materials to the cashier.
• The cashier will first issue you a "bankbook" where all operations are recorded. The first page states your name and account number.
• Then the cashier should issue you a bank card, and will ask you to enter a 6 digit pin number (of your own choosing) 3 times.
• Since you are there, ask for the swift code if you need it.
• You are done!

Sample Application Forms

Bank Of China Sample Application form with english annotations (PDF)

Agricultural Bank of China Sample Application form with english annotations (PDF)

Apllication forms of other banks are similiar to those samples above.