By Corey Pyke. Corey is our China program Coordinator, and she lived in China for 6 years.
China is a pretty much cashless society, with WeChat and Alipay being the main ways that people spend their money. Everything can be done on your phone, from ordering groceries to buying your new mansion. Unfortunately, banks are something that don’t seem to have caught up. They come with a lot of confusion and often frustration, so this blog aims to give you a few tips to make your life a little bit easier.
- Go with a Chinese speaking friend or colleague
As much as you can rely on translation in your day to day life, banks are so much less stressful if you have someone to do the talking for you. You will have to explain your visa type, your passport details and what kind of bank account you want to open, so it’s always best to bring someone along, even if you are confident in your Chinese ability! Luckily, someone from your school will help you open your account when you arrive, so you can just sit back and relax.
2. Go to the big branches
A lot of the issues in banks come from the fact that not many of the workers speak English, or have much experience dealing with foreigners. If you do have to go by yourself for whatever reason, make sure that you go to one of the bigger branches, as you are more likely to find someone who has done it before. Most Chinese banks have branches all over the cities, so they shouldn’t be hard to find. If you have a choice, make sure your school opens an account at one of the major banks – Bank of China, ICBC, CCB or Agricultural Bank of China.
3. Always update your information
Your bank account is attached to your passport number, and often your phone number too. If either of these change, then you will need to update the banks, as you potentially could lose access – meaning you won’t be able to use WeChat pay or Alipay. When doing this, make sure that you bring any documentation for your account that you have, as well as your bank card. To keep yourself on top of your spending, you can ask for balance updates to be sent to your phone.
4. Sending money home
You will earn a good wage in China, and have the chance to save quite a lot of money. If you want to send money home, there are a few ways to do it. The first step is to register at your local tax office (your school can help with this) as you will need your tax receipts for all of these options. Your first option is a bank transfer – many banks offer this, although they could ask for extra information such as your contract and proof of payments into your account from your employer. Another way to do it is to use your online bank account like Wise or Revolut. These tend to offer better exchange rates, but you can only transfer to another account that you own. A third way is to use a WeChat app called Sky Remit. It will still ask for tax information, and comes with a transfer fee, but it is quick, and can send money to accounts that are not your own. It is not recommended to use PayPal due to the very high fees.
As much as banks in China can be incredibly frustrating, they are nothing to worry about – things always get sorted, maybe just a bit slower than we are used to. Your school will help you open your account initially, and if it gets complicated in the future – ask! Someone will be able to help.
Are you interested in working in China and looking for more information? Check out our China program page.
