HOW TO OPEN A BANK ACCOUNT AS A STUDENT in China
China is a desirable location for people and companies looking to establish a financial presence because of its expanding economy and importance in the global financial system. In addition to giving you access to other bank services, having an account with a Chinese bank makes doing business easier in the nation. Today in this article, we will guide you through steps regarding how to open a Chinese bank account, common requirements, and conditions for foreigners. To find out more regarding procedures for foreigners who wish to open a bank account in China, read on.
It is a great experience to study in China, but without a Chinese bank account, it may be difficult to handle your funds. You require a Chinese bank account whether you have to pay school fees, you receive a scholarship, or you simply use WeChat Pay or Alipay to buy anything.
You will need a local bank account when in China because in reality it is necessary to have a bank account (for example to illustrate).
Imagine this:
At your university canteen you are ready to buy lunch, and when you approach the counter you realize they only accept QR code payments (no cash). Or imagine trying to pay for your dorm fee online with a foreign credit card that isn’t accepted.
These types of situations are totally normal and not very uncommon in China’s nearly cashless environment. 90% of transactions happen through the use of Alipay or WeChat Pay. You will need to link a bank account in China. When you receive a scholarship or a stipend, universities typically deposit these payments directly into your local account. Avoid paying transaction fees on international transfers and ATM withdrawals. Pay utilities, your rent, rent a bike, and everything else with ease. Traveling with large quantities of cash is not safe or practical.
HOW TO OPEN A BANK ACCOUNT AS A STUDENT in China: Required Documents
It is important to have the required paperwork ready before going to the bank. Each bank may require something different, remember to check ahead of time as bank processes can vary. Here are the most likely documents you will need:
- A current passport : This will be your primary form of identification.
- If you wish to get a valid Chinese visa, banks will need verification of your citizenship in China.
- Verification of Address: a residency permit or rent agreement which lists your Chinese address.
- Contact Information : A local phone number is often going to be required for account administration and communications. 5.Verification of Employment or Education: Many Chinese banks will likely want documentation from your educational institution or workplace.
HOW TO OPEN A BANK ACCOUNT AS A STUDENT in China: Account Opening Process
The process to open a bank account in China involves several steps:
1. Gather your documents: The first step is to gather all documents required to open an account. This includes your ID, proof of residence, and employment/student documentation if applicable. Don’t forget to take copies of all your documents as well.
2. Choose the bank branch and make your appointment: It is a good idea to research different banks in China to find one that meets your needs and to identify a bank branch you want to visit to open your account. After you have determined which bank you want to work with you will need to contact them to make an appointment to open your account.
3. Complete the application form: At your appointment, you will be provided with an application form from the bank, you need to complete the application form with detailed and accurate information. You will be asked to provide personal information and sometimes your contact information.
4. Provide all required documents: Once you have completed the application form, provide the bank with all of the required documents, which may include ID, proof of residence, employment/student documentation, and any additional documents requested by the bank. 5. Activation of account and account information delivery: Once your application has been reviewed by the bank and checked against documents, your account is activated. Your account information will be delivered, including your account number and also any cards or login credentials if applicable.
[Do not forget to take all the original documents as well as their photocopies to your appointment.]
By adopting these steps, an account opening process can be made smooth and successful.
HOW TO OPEN A BANK ACCOUNT AS A STUDENT in China: Best Banks for Foreign Students
Overseas students can enjoy access to a line of major Chinese banks, such as the Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China.Brief introduction of them are as follows:
Bank of China
Advantages: As having a wide variety of financial products and services, it is China’s oldest and most experienced bank. Being convenient with great global coverage, for those international students who require international banking facilities, it is. It possesses a business foreign exchange and remittance services worldwide. Its most branches can provide multilingual services.
Services: It provides foreign exchange, credit cards and debit cards, current accounts and savings accounts, and others.
Industrial and Commercial Bank of China
Advantages: With a gigantic number of domestic and foreign branches easily accessible to foreign students, it is the world’s biggest bank in terms of total assets. It offers a variety of products ranging from wealth management products, credit cards, to personal loans.
Services: It offers foreign exchange services, current accounts, and savings accounts. Its simple mobile and online banking allows international students to easily control their accounts.
The China Construction Bank
Advantages: China’s second-largest bank, it focuses on digital innovation and provides easy-to-use apps and convenient mobile banking products. In addition to having multiple branches and readily accessible ATMs, it provides a wide variety of financial services.
Services: In accordance with students diversified financial requirements, it provides different loan facilities alongside debit and credit cards, savings and current accounts, as well as foreign exchange.
Benefits: With various branches in less urbanized rural provinces, it is the country’s third-largest bank. Overseas students, who study at less urban schools, find it more convenient as a service provider.
Services: It offers debit and credit cards, foreign exchange, online banking, savings and current accounts, and loan products.
[ICBC or Bank of China are the best choices for most students due to their widespread ATMs and English support.]
HOW TO OPEN A BANK ACCOUNT AS A STUDENT in China: Setting Up Mobile Payments (Alipay & WeChat Pay)
Alipay
It is a third-party payment platform operated by Ant Financial. It was originally a department of Taobao and subsequently officially an independent company on 8 December, 2004.
Services: It provides services such as management of finance and payments, from guaranteed internet shopping, online payments made, transfer, credit card payment, electricity and gas bill, mobile phone and personal finances recharge.
WeChat Pay
It is a third-party payment system owned by Tencent Group. It was co-launched by WeChat and Tenpay in August 2013.
Services: It forms a chain of worthwhile services and application scenarios for focused consumers. It provides professional settlement solutions of funds, operation capacity, collection capabilities of payments, and security guarantees to businesses of all types
HOW TO OPEN A BANK ACCOUNT AS A STUDENT in China: PROCEDURE
The entire process of using WeChat Pay and Alipay is as follows:
Alipay
1. Download Alipay app: Download it from the Play Store if you are an Android user or the App Store if you are an iOS user.
2. Register an account: Enter your mobile number and, if available, choose the international version. To complete the registration, you will get an SMS containing a verification code. 3. Link a card: In order to link your credit card, go to setting option of card attachments and follow the directions as there will indicate. 4. Payment: Then Tap on pay you will find below the search box on the home screen. Scan the QR code of the merchant using the QR code reader, then input the payment amount and finalize the transaction.
WeChat pay
1. Download the WeChat app on Play Store or App Store. Update the app to the newest version if already a user.
2. Register with your cell number and choose the proper country or region code during sign-up. You will be sent a verification code through an SMS. Your WeChat address book may ask for an additional confirmation for some users.
3. Activate the payment feature: Enter your credit card information. For an identity check, you can be required to upload a passport photo.
HOW TO OPEN A BANK ACCOUNT AS A STUDENT in China: My Personal Experience Opening a Bank Account
I also opened a Bank of China account near my university in Haikou during my international student time. It was exciting and frustrating. I showed up at the branch expecting quick setup, my student ID, residence registration form, passport, and student visa. But the forms were Chinese, and there was little English spoken by the staff. There was also misunderstanding because I had been using a translation app that did not get banking. I finally got my UnionPay card after 4 hours.
Online banking was troublesome. The English version of the BOC app was clumsy, and it took several tries to connect it to Alipay due to authentication issues. But once operating, it was revolutionary-using QR codes to split restaurant bills with friends or pay for purchases and i feel like the future. My patience was also tested by the initial bureaucracy, and I wished the bank had offered more assistance to foreigners.
18 Tips from a Senior Who Studied in China for 4+ Years
HOW TO OPEN A BANK ACCOUNT AS A STUDENT in China: Complaints About Chinese Banks, Alipay, and WeChat Pay
While China’s payment and banking systems have come a long way, they still pose problems for foreigners:
1-Chinese banks seem to have a fairly strong dislike of paperwork. I had to submit my residence registration form twice since the first one was “unclear.” Also, not offering an online option for foreigners to open accounts appears a bit behind times.
2-In a city Haikou, the city has plenty of bank staff who know minimal English. Even simple operations like resetting a PIN are very difficult. Even apps in banks include English options but the translations end up being sort of vague or incomplete.
3-The international card-linking process is a hit-or-miss process, and the inability to add funds to my wallet without the use of a Chinese card is frustrating at times. I had one instance when I couldn’t pay for a vending machine item because Alipay refused to accept my foreign Visa card, placing me in the embarrassing situation of having to withdraw cash.
4-Sending money abroad can be such a bother.
5-I had frustrating bugs with Alipay and WeChat Pay both times, particularly in densely populated areas where the connection was weak. The verification can also be way too complicated for foreigners who are not familiar with the local system.
These experiences show just how strong China’s finance innovations are but not necessarily foreigner-friendly. A great deal of patience and careful preparation pays off.
HOW TO OPEN A BANK ACCOUNT AS A STUDENT in China: CONCLUSION
As a foreign student in China, having a bank account is convenient but inconvenient. To make this easier, gather all your documents, such as your passport, student visa, residence permit, and student ID. At banks such as the Bank of China or ICBC, they typically will have a students’ cashier window that can actually prove to be helpful time-saving bargaining power you wouldn’t otherwise get to enjoy with other foreign students.
You’ll open your bank account and then connect your UnionPay card to Alipay and WeChat Pay and be among the cashless culture lifestyle so many individuals today enjoy with everyday life. As good as cash-less living will be, there are bound to be some potholes along the way, some slowness in administration, language issues, some of the confusion and subtleties that are inherent in a successful market innovation of mobile payments.
Personally, I understood that these barriers are not insurmountable, and soon enough after your story is out, you will see the happily flexible and dynamic face of China’s online economy. In short, obtain a good bank and one that’s situated near where your campus is, look beforehand for what documents you’ll require when you initially enter the bank, and be prepared to deal with a world of QR codes that will, minor pains aside, be working for you for the better.
So guys, what do you say about HOW TO OPEN A BANK ACCOUNT AS A STUDENT in China please?
(Author of the article: Hassan Farooq of Hainan Medical University)
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