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)
- Contact details:
- Website: https://www.icbc.com.cn/ICBC/
- Phone: +86 95588
2. China Construction Bank (CCB)
- Contact details:
- Website: https://www.ccb.com/en/home/index.html
- Phone: +86 95533
3. Agricultural Bank of China (ABC)
- Contact details:
- Website: http://www.abchina.com/en/
- Phone: +86 95599
4. Bank of China (BOC)
- Contact details:
- Website: https://www.boc.cn/en/
- Phone: +86 95566
International Banks in China
Major UK and USA banks have a significant presence in China. These banks include:
1. HSBC China
- Contact details:
- Website: https://www.business.hsbc.com.cn/en-gb/cn/campaign/jump-pages/hlcc/ci-index
- Phone: +86 4008 900 880
2. Citibank China
- Contact details:
- Website: https://www.citibank.com.cn/
- Phone: +86 400 821 1880
3. JPMorgan Chase Bank, N.A.
- Contact details:
- Website: https://www.jpmorgan.com/country/CN/en/
- Phone: +86 21 2201 2000
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
- The bank offers an International Personal Banking service that includes a no-annual-fee account, international money transfers, and multilingual customer service.
- Contact details:
- Website: https://www.business.hsbc.com.cn/en-gb/cn/campaign/jump-pages/hlcc/ci-index
- Phone: +86 4008 900 880
2. Citibank China
- The bank offers a Citigold Expat Account that includes a no-annual-fee account, free international money transfers, and personalized wealth management services.
- Contact details:
- Website: https://www.citibank.com.cn/english/banking/citigold-expat.htm
- Phone: +86 400 821 1880
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.