Content
Chinese Currency
Money Exchanging
Bank Account
Credit Card & ATM
Traveler's Cheque/Check
Cost of Traveling in China
Can foreigners open a bank account in China? If yes, how does one open one?
Answer: Foreigners can open bank accounts in most banks of China
The process is fairly straight forward. A passport is required at whichever bank you choose. In addition, different banks may require different amounts of deposits when opening an account, which can be 100 CNY to 300 CNY. When you successfully open an account, a savings passbook is given, as well as a bank card. You can use the bank card to withdraw money from the ATMs.
There are many kinds of deposit, which one should I choose?
Answer: Generally speaking, there are two common ways for deposit: Savings Deposit and Time Deposit.
Savings Deposit: There are no limits on the amount and time of your deposit as well as withdrawal. A bank book with a bank card is issued after opening Saving Deposit. You can deposit or withdraw money in the Bank outlets or the ATM.
Time Deposit: There is a settled time and you can only withdraw your money on the date of maturity. The interest rate of Time Deposit is higher than Savings Deposit. There is no bank card for this kind of deposit.
If you are going to live in China for several years and the money you deposit is not in urgent need, you can choose Time Deposit, otherwise choose Savings Deposit.
Note: when you open a new account, a certain amount of money will be needed to deposit in your account. It varies according to the bank and deposit you choose.
What are the major banks in China which are friendly to foreigners?
Answer: Some good banks in china are Bank of China, Industrial and Commercial Bank of China and the Agriculture Bank of China. Usually, in the big branches of these banks, English service is available.
Here we list the service number and official website of these banks. If you have any problem, you can call for help!
Bank of China: http://www.boc.cn/en/index.html (Service number: 95566)
Agriculture Bank of China: (Service number: 95599)
http://www.abchina.com/en/hq/index.jsp/lang=en/index.html
Industrial and Commercial Bank of China: http://www.icbc.com.cn/icbc/sy/
(Service number: 95588)
What kind of credit card can I use in China?
Answer: Currently there are seven main foreign credit cards available in China, including Visa, MasterCard, American Express, Diners Club, JCB, Federal and Million. Credit cards can be used for withdrawing money, shopping and other transactions in most major Chinese cities, but generally not accepted in rural areas.
Do all the ATMs in China accept my credit card?
Answer: If the symbols and logos of your credit card are shown on the ATMs, then it can be used to withdraw money. It should be noted that different banks have different limits on the sum that can be withdrawn each time from the ATM, with most permitting a withdrawal of 20,000 Yuan in any day.
Can I apply for a Chinese credit card?
Answer: You can apply for a Chinese credit card, but to be honest, it is quite difficult to have one in China.
I heard that the PIN number of Chinese card is 6 digital, but mine is 4 digital. If I withdraw money from the ATMs, can they recognize my card?
Answer: The PIN number of Chinese card is 6 digital. You can put two zero before you four digital PIN to see if it works. Some of the banks also accept the four digital PIN. However, It is advised to check with your bank first. Keep in mind not to make more than three incorrect number attempts, or your card will be locked.
My card was eaten by the ATM, how can I take it back?
Answer: Most probably, it occurs when you press the wrong number more than three times. You're your card is eaten; it is locked by the bank simultaneously. Go to the bank office with you ID card. With the right PIN number pressed, you can take back your card.
Are traveler's cheques/checks accepted in China?
Answer: Traveler's cheques/checks are accepted in the major banks of China, where you can also buy traveler's cheques/checks.
What is a traveler's cheque/check?
Answer: The traveler's chequecheck, which is issued by international commercial banks or authorized travel agencies, offers much more security and convenience while traveling. Similar to cash, the traveler's cheque/check also has different kinds of par values, and is issued in various currencies. At present, the cheques/checks issued by American Express, Visa, Thomas Cook and others are recognized worldwide and are available in most large-scale emporiums, star-rated hotels or can be exchanged in more than 800 banks all around the world, without any limitation on the period of validity.
What do I need if I'm going to buy traveler's cheque/check?
Answer: Nothing but your signature! Your signature is also required when cashing a traveler's cheque/check.
There will be a certain amount of handling charge. However, when you cash them, the service center of your traveler's cheque/check all over the world will provide you with the exchange service for free, except some non-signatory banks.
Does it have commission fee when I buy traveler's cheques/checks?
Answer: Yes, but the commission fee is quite low, less than 1% usually.
What if I lost my traveler's cheque?
Answer: A refund or replacement can be easily refundable in any of the appointed banks of the World.
However, make sure the return receipt is kept safe and separate from your traveler's cheque because it will be required if the cheques are lost or stolen.
Does traveler's cheque/check have expiration date, and if yes, how long?
Answer: No, there is no expiration time for traveler's cheques/checks, you can use it anytime you want.
Related Link: Currency Converter
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Travelers' Voices on Chinese Currency
1.
May. 5,2009 14:27 Reply
Ms.K(United States) said:
Is it hard to find an ATM that accepts mastercard? The symbols on the back of my card are PULSE and JEANIE?
May. 5,2009 22:56
Ms.Ruth(CN) replied:
You are in China now? The ATMs in China usually accept the China Bank Network cards. Some ATMs accept Visa Card. You can see the signs on the machines.
2.
Feb. 7,2009 02:26 Reply
Mrs.M(England) said:
Can I use my debit card to pay for items and get cash from the ATM?
Feb. 7,2009 22:41
Ms.Yuan(China) replied:
Hello, Mrs. M. I'm a Chinese who also holds a debit card of China Merchants Bank. I have a booklet of debit card using instruction. It tells me that I can use this card in China and also abroad. I can use it to pay for items and also get cash from the ATM. For example, your debit card can loan 1000 pounds from the bank. When you are in China, you can loan 1000*exchange rate between British pound and Chinese Renminbi. Anyway, you'd better go to consult the bank that your debit card belongs to.