Bank account and salary transfer
Procedures for opening a bank account
Foreigners are required to fulfil a number of conditions to open a bank account.
Opening a bank account as tourist
Even without a Chinese bank account, foreigners can still use WeChat Pay in China.
Procedures for transferring salary abroad
How to transfer money as a foreigner who works and receives a salary in China.
Procedures for opening a bank account
Foreigners are required to fulfil a number of conditions to open an account at the most important banks in China, e.g. Industrial and Commercial Bank of China (ICBC) oe China Construction Bank (CCB), which mainly relate to proof of identity, residence permits, proof of income, and any other supporting documents that may be required.
Proof of Identity
Foreigners must provide an original passport within the validity period to serve as the main identification document. The passport is an important document for confirming one’s identity and eligibility for international travel, and banks will rely on the information in the passport for identity verification.
Residence Permit
If a foreigner resides in China for more than a certain period of time (usually more than six months), he/she is required to provide proof of a valid residence permit, such as a work visa or residence permit. These documents are used to confirm the foreigner’s legal residence status in China.
Proof of Income
Although not all banks strictly require proof of income, some banks may require foreigners to provide proof of legal source of income, such as salary slips, tax statements, bank streams, etc. These documents are used to prove the foreigner’s economic status in China and the legality of the source of funds.
Proof of Address
Some banks may require proof of residential address, such as rental contract, utility bill, etc. to ensure smooth communication between the bank and the foreigner.
Proof of employment
If the foreigner is working in China, some banks may require proof of employment or proof of employer to confirm his/her occupational status and job stability.
Account Opening Process
According to personal needs and convenience, choose a suitable bank to open an account.
Prepare all necessary proof of identity, residence permit, proof of income and other supporting documents as required by the bank.
Submit the documents in person at the bank counter or designated account opening branch.
Fill in the account opening application form and sign the relevant agreement under the guidance of the bank staff.
The bank will audit the submitted materials and open the corresponding bank account for the foreigner after passing the audit.
The specific requirements and procedures for foreigners to open accounts may vary from bank to bank, so it is recommended to consult the specific regulations and requirements of the chosen bank.
Opening a bank account as tourist
If foreigners traveling in China want to open a Chinese bank account, they need to meet the following conditions and provide the relevant documents,
Basic conditions and documents
Valid passport: Foreigners must provide a valid passport as proof of identity. This is a must for opening an account, because the bank needs to verify the customer’s identity information through the passport.
Residence Permit (depending on the situation): Although a residence permit may not be required for foreigners traveling for a short period of time, some banks may require proof of the type and validity of the visa and other relevant certificates to ensure that the customer meets the requirements for opening an account. In particular, when the visa type is non-short-term (e.g. business, family visit, etc. over a certain period of time), a residence permit or related proof of entry documents may be required.
Additional documents that may be required
Auxiliary identity documents: Depending on the bank’s specific requirements, foreigners may need to provide additional auxiliary identity documents, such as motor vehicle driver’s license, proof of address in China, etc. However, these documents are usually not necessary for short-term travelers. However, these documents are usually not required for foreigners traveling for a short period of time.
Account opening application form: Foreigners are required to fill out and submit the bank’s account opening application form, which will ask for basic personal information, contact information and so on.
Important issues:
Bank selection: There are many banks in China, and the specific requirements and procedures for foreigners to open an account may vary from bank to bank. Therefore, before opening an account, foreigners are advised to consult the specific regulations and requirements of the bank of their choice.
Anti-Money Laundering Regulations: Chinese banks will strictly abide by the Anti-Money Laundering Law of the People’s Republic of China and other laws and regulations during the account opening process, and will maintain confidentiality and verification of the customer’s identity data and transaction information. Therefore, foreigners are required to provide true and effective identification documents and fill in relevant information.
Foreign exchange regulations: Although foreigners traveling for a short period of time may not need to open a foreign exchange account, if they have relevant needs, they need to comply with China’s foreign exchange regulations and provide relevant supporting documents and fill in the corresponding application forms according to the bank’s requirements.
The specific process
First, consult the specific account opening requirements and procedures of the selected bank, and prepare the required identification materials and supporting materials.
Go to the bank and bring the prepared materials to the bank counter or designated account opening branch.
Fill in the account opening application form under the guidance of bank staff and submit relevant materials.
The bank will audit the submitted materials and may conduct identity verification and background check. After passing the audit, the bank will open an account for the foreigner and provide relevant bank cards and internet banking services, etc.
Transferring salary abroad
Transferring money from China to another country as a foreigner who works and receives a salary in China involves a few steps and requires specific documentation due to the country’s strict currency controls. You can transfer money through Chinese banks like ICBC, Bank of China, China Construction Bank, or any other major bank where you have an account.
General Requirements and Documents:
1. Proof of Income:
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Employment Contract in order to show the source of your income.
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Salary Slips in order to verify your earnings.
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Tax Payment Receipts to prove that you have paid taxes on your income.
2. Identification:
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Passport: Your valid passport with your Chinese visa.
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Work Permit: Your valid work permit in China.
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Bank Account Details: Details of the Chinese bank account where your salary is deposited.
3. Transfer Application Form:
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Fill out the bank’s application form for international transfers. This will include details of the recipient bank and account overseas.
4. Bank Statements:
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Recent bank statements to show the flow of your salary into your account.
5. Recipient Details:
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Recipient’s Bank Account Information, including the SWIFT/BIC code and IBAN (if applicable) of the recipient’s bank.
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Recipient’s Full Name and Address.
Procedures:
1. Visit Your Bank:
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Go to the branch of your bank with the required documents. It is often necessary to make these transfers in person, especially the first time.
2. Complete the Application:
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Fill out the international transfer form with all necessary details. Bank staff will guide you through the process if needed.
3. Submit Documents:
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Provide all the required documents to the bank staff for verification.
4. Currency Exchange:
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Your Chinese RMB will need to be converted into the currency of the destination country. The bank will handle the currency exchange, and you should be aware of the exchange rate and any associated fees.
5. Pay Transfer Fees:
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There are typically fees for international transfers, which can vary by bank. Ensure you understand the fee structure.
6. Wait for Transfer Completion:
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The transfer may take a few days to complete. The bank should provide you with a reference number or receipt for tracking purposes.
Tips:
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Be aware of any limitations on the amount you can transfer and how often you can make transfers.
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Some banks offer services specifically for expatriates and may have dedicated staff to help with international transfers.
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Ensure you are in compliance with both Chinese tax laws and the tax laws of your home country regarding foreign income and transfers.
