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China – Banking

Local Banks in China

China has several local banks that provide a wide range of banking services to their customers. These banks include:

1. Industrial and Commercial Bank of China (ICBC)

2. China Construction Bank (CCB)

3. Agricultural Bank of China (ABC)

4. Bank of China (BOC)

International Banks in China

Major UK and USA banks have a significant presence in China. These banks include:

1. HSBC China

2. Citibank China

3. JPMorgan Chase Bank, N.A.

Accounts and Services for Expats

Several banks in China offer accounts and services specifically aimed at expats. These accounts provide many benefits and features to make banking easier for expats. Some of the banks that offer these services include:

1. HSBC China

2. Citibank China

Typical Bank Opening Hours

The typical bank opening hours in China are from 9:00 AM to 5:00 PM, Monday to Friday.

Areas of Concern for Expats

Expats should be aware of the following areas of concern regarding the banking system in China:

1. Regulation

  • The Chinese government heavily regulates the banking industry, and expats may find the regulations and laws regarding banking and finance in China different from those in their home country.

2. Language Barrier

  • Most bank employees in China speak Mandarin, and expats who do not speak the language may find it challenging to communicate with their bank.

3. Identification

  • When opening a bank account in China, expats must provide valid identification documents such as a passport, visa, or residence permit.

4. Foreign Exchange Controls

  • China has strict foreign exchange controls, and expats may have difficulty transferring money out of China.

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