Banks

These tutorials provide step-by-step instructions in English for people who want to use local bank services in Beijing.

How to Create an Account

This tutorial is written based on Bank of China experiences. Other banks may be different (but generally similar).

How to Open a New Account:

ATM Card and Passbook Account with Telephone Banking and E-Banking

About this Account

This account is good for daily use of RMB and allows you to get information about your account online and over the phone. This is useful if you travel and want to get information on your China account while somewhere else.

You will receive an ATM card that you can use to withdraw money and pay for things in many stores. This account has a 10-yuan annual fee, and opening the account requires a 5-yuan card fee. The opening deposit must be larger than 1 yuan. Foreign currency deposits are possible.

You will also receive an electronic key to use online and will be able to use a phone to get information on your account. There will be opportunities here to set passwords individually for each access point for your account (one password for online, one for ATM card, etc.) – you can also set all passwords to be the same.

Before you go, you should prepare your passport, write down your address, and decide what you need the account for (for example will you receive money, will you use it to buy things, and will you use it to pay bills).

Prepare these things:

1. Passport

2. Your address

3. Annual fee 10 yuan

4. New card fee 5 yuan

5. Deposit (officially a minimum of 1 yuan but prepare 100 yuan just in case) (Fees as of January 2009)

6. A folder or bag to put receipts in, as you will receive a pile of them at the end of this process

Bank locations will affect you if you lose or damage your card. Each bank is a separate business, so when you lose or damage your card, you have to go back to the branch office where you opened the account. For the purposes of receiving money from another party, withdrawal, deposit, using the ATM, and closing accounts, you can go to any branch.

When you arrive:

1. Get a ticket by selecting "Personal Banking"

2. Ask the people at the front desk to start a new account

They will give you a form, which is available in English. Ask for the English version.

3. Fill in the form:

The first form section is called "Application for Accounts Opening"

The first space on the form is "Business Type". Select "2. Open a New Passbook Account with the Card." Mark the box with a check [√].

About Account Types This tutorial covers creation of a passbook plus card account [pic passbook and card], for details on other account types please select the type of account you would like to open here.

The next space is "Service Type". Select E-Banking [√] and Telephone Banking [√]. If you wish to learn how to create a different kind of account, please select from our other account tutorials here.

Next, skip down to "Personal Information."

You will need your passport for this section. The "ID Number" space should be filled with your passport number.

You will need to know your address to complete this section of the form.

At the end, you will be asked to sign the application; you can sign in English. Make sure that on each form you sign, the signature is the same.

4. Wait for your number to be called.

5. When your number is called, go to the window that is announced (or shown on the screen).

6. At the window, give the bank teller the form that you have completed and your passport. The teller will begin to process the form.

The following steps (7-10) will create a new account with a new passbook and card.

7. They will ask for a minimum deposit, which is officially 1 yuan for Bank of China, but may be 100 yuan depending on the branch office. This account will require an Annual Fee of 10 yuan and a New Card Fee of 5 yuan. (Fees as of January 2009)

About Account Fees Fees for each type of account are different. This type of account has the lowest fees for most types of accounts and has the lowest required minimum balance.

Steps 8 and 9 may occur in a different order depending on the bank teller

8. You will be asked to create a password (PIN) for your passbook, six digits. Type it and press enter. You will then be asked to type it in again.

9. You will be given an envelope shaped paper [pic] inside of which is a pre-printed password for your card. You will be asked to type in this password to activate your card. The teller will advise you to go to the ATM to change the password for your card.

10. You will be asked to sign two documents to confirm that you are opening an account. One covers the rules of the account, and the other is to confirm the opening of the account.

The following steps (11-15) will set up telephone banking

11. The teller will ask you to type in the password for your card (this is the pre-printed password on the envelope-shaped paper from step 9).

12. The teller will ask you to type in the password for your passbook (this is the password you made up in step 8).

13. You will then have to type in the card password (from step 9) twice.

14. You will then create a new password for telephone banking, by entering it twice.

15. You will sign two documents (text in Chinese, sign in English) to confirm that you are in fact setting up telephone banking. This will complete the process for telephone banking.

The following steps (16-20) will set up e-banking

16. The teller will ask you to type in the password for your card (this is the pre-printed password on the envelope-shaped paper from step 9).

17. You will then create a new password for e-banking by entering it twice.

18. You will sign two documents (text in Chinese, sign in English) the first to confirm that you are in fact setting up e-banking, and the other document states that you agree to follow the e-banking protocols outlined by the bank.

19. The bank teller will give you an electronic key [pic of key]. This key has a screen that shows you your current password. When you log in please use the password on the key.

20. The bank teller will then tell you the website address (he or she might write it on your receipt).

21. You will receive a pile of receipts, a passbook [image of passbook], a card [image of card], and your passport.

22. Store each of these important articles safely in the right place. At this moment it is easy to misplace your passport, card or something else important.

23. Try to use your card in the nearest ATM. Insert your card, select English. Type in the pre-printed password on the envelope-shaped paper when prompted. Select "Change Password". Change the pre-printed password to one that you select.

ATM Withdrawal (with a card)

How International Cards Work

The process of withdrawing money with your international card is simple for the account holder. Your bank at home makes available money to the local ATM where you can withdraw it. The money is converted to local currency at the time of withdrawal according to current exchange rates. Your home bank may charge for this (this fee may be expensive or the service may be free).

The financial networks that are widely available in Beijing are Visa, MasterCard, Cirrus and JCB.

Where to Use Your International Card

You can use your international card in most tourist and business areas without a problem. In some shopping areas (Wangfujing, Zhongguancun, Dongzhimen) there are special ATMs for foreign cards (HSBC is one as of 2011). Local cards will not work in these ATMs.

If you are not in a tourist or business area, you will probably be able to use your international card at Bank of Communications (Jiaotong Yinhang) ATMs. You might possibly also be able to make withdrawals at a Bank of China ATM.

Withdrawing Money

The maximum amount that you can withdraw per day is 20,000 yuan (as of 2011). The maximum amount that you can withdraw per transaction is 2,500 yuan (or less), but this varies with the ATM that you are using.

At local China State-owned banks, every time you withdraw from an ATM that is not owned by your bank, you will be charged a fee of 2 yuan. If you use a local card at your own bank's ATM, the withdrawal is free.

ATM Withdrawal Process

First, insert your card

Select language

Type in your PIN password

Select your account

If you find that you are unable to withdraw from an account that you are sure has money, try another account category. If for example, you are trying to access your home savings account, you may have to select "Credit" to access it from the ATM.

Select withdrawal

Type in the amount that you wish to withdraw

Wait for the machine

Collect your cash, count it

Print a receipt

Eject your card. Don't forget to take out your card.

Store your card, cash and receipt

Exchanging Currency

Foreign exchanges allow you to exchange currency at an exchange rate. The rate between currencies changes by the minute or second.

Prepare these things:

1. Passport

2. Your address

3. Foreign exchange currency

4. A secure folder or bag to put receipts and cash in, as the cash may be too thick to fit in your wallet.

When you arrive:

1. Get a ticket by selecting "Personal Banking".

2. Tell the people at the front desk to exchange money. They will give you a form, which is available in English. Ask for the English version. ("Exchange Memo")

3. Fill in the form:

After filling in your personal information, you can probably just fill in the amount that you want to exchange; the teller fills in the rest.

4. Give the teller the form, foreign currency and your passport. Keep the receipt for converting back to the original currency when you leave the country.

Receiving Money From Abroad

Funds Transfer / Wire Transfer

This tutorial describes how to receive money at a Beijing account from outside China.

For transferring money internationally, a method is used which employs international financial networks that link banks together. This network has evolved into the SWIFT network. To transfer money from any bank on the network (most larger banks are on the network) to a Bank of China account, the sender will need several pieces of information. The receiver will need an account. To set up an account, please see our tutorials.

Sending Money to a Beijing Account from Outside China

The sender will need to get this information from the recipient of the funds:

Account Holder's Name

Account Number

Bank Branch Name

Bank Address

SWIFT Code

Phone Number of the Bank Branch

Account Holder's Phone Number

If the bank that you are sending from is not directly connected to the network, the bank may ask for another bank to send the money. The second bank may charge a fee. Each bank that is involved in the process may charge a fee, so it is cheapest to find a bank that is directly connected. The fee for sending money (from the US to Beijing) is from generally $20 to $30, some banks do not charge this fee, some charge more or less.

Receiving Money in China

1. The receiving party must get his or her bank information:

Account Holder's Name

Account Number

Bank Branch Name

Bank Address S

WIFT Code

Phone Number of the Bank Branch

Account Holder's Phone Number

2. The easiest way to get the banking information is to go to the branch office.

At the branch office, talk to a service representative. Tell them you want to receive money from abroad. If they do not speak English, say:

(pronunciation)

"Waugh yaow jyea show go-aw why hway kwan"

(Chinese)

(pinyin) "Wo yao jie shou guo wai hui kuan"

3. The service representative at the bank will probably give you a paper or a card with all the bank's information on it. You should give this information to the person who wants to send you money; the sender should then send the money using the SWIFT number.

4. The receiver will have to wait 3-7 workdays for the transfer to complete.

5. You can check if the money has arrived by going to the bank branch office. You cannot check if money has been deposited or sent at ATMs (as of January 2009) unless it is received in RMB. Most transfers from abroad will be in foreign currency, and will come to your account in foreign currency, and will not be shown at the ATM - but will probably show up in e-banking and telephone banking statements.

6. When the money has arrived, you will need to exchange it into RMB for use in China.

Lost Card or Passbook

What to do When Your Card is Lost or Stolen

1. When you have lost your card, go to the bank branch office where you got your card.

2. Get a ticket by selecting "Personal Banking".

3. Tell the people at the front desk that you lost your card. If they don't speak English, you can say this, or write this on paper and give it to them:

(Chinese)

(pinyin)"Wo de ka diu le"

4. They will give you a form, which is seemingly unavailable in English. This form and the form that you would use if you lost your passbook are the same.

(Form: "Application Form for the Loss of Deposit Certificate")

5. Fill in the form.

6. If you want to get a new card (to replace your old and/or lost card) you will need to fill in another form. This form is not available in English. (Form: this means "New Card Application Form")

7. Wait for your number to be called.

8. When your number is called, go to the window that is announced (or shown on the screen).

9. At the window, give the bank teller the form that you have completed and your passport. The teller will begin to process the form.

10. The teller will inform you that you can return after seven days to retrieve your new card at the same branch office.

Tip If you have lost your card, you can call the bank, or go to any branch to report it lost. You must then fill out a lost card form at the bank where you got your card (see step 4) within five days.

11. The fee for having a lost card replaced is 15 yuan.

In Our Experience

Replacing the Card Sometimes the card's magnetic strip loses its magnetic field, in this case you will need to replace it, you may or may not have to pay the replacement fee, depending on the damage.

Lost cards If you lose your card remain calm.

First: if the ATM ate it, talk to the bank that runs the ATM before you cancel your card. They might have a number on the ATM you can call, or you can go to a branch office. If you don't know how or where you lost it, you definitely need to have the bank turn off the card temporarily. You can then go look for it. If someone took it, they probably can't do anything with it unless they have your PIN. Keep looking. If it is not found within a few days cancel the card.

Closing your account

This tutorial is written based on Bank of China experiences. Other banks may be different (but generally similar).

How to Close Your Account

Closing your account is a simple process. You must go to the bank branch and sign a form. The bank teller will give you whatever money is in your account (in cash) and a receipt indicating the closure of your account. If you have more than $10,000 or the equivalent in the account that you are closing, please make an appointment first.

When you arrive:

1. Get a ticket by selecting "Personal Banking".

2. Tell the people at the front desk that you want to cancel your account. If they don't speak English, you can say:

(pronunciation)

"Waugh yaow shaow hoo"

(Chinese)

(pinyin) "Wo yao xiao hu"

They will give you a form, which is available in English. Ask for the English version. ("Application of Alternation/Cancellation of Individual Settlement Account of Bank of China")

3. Fill in the English form.

4. Wait for your number to be called.

5. When your number is called, go to the window that is announced (or shown on the screen).

6. At the window, give the bank teller the form that you have completed and your passport. The teller will begin to process the form.

7. The teller will return a copy of your cancellation receipt.