Banking and Money Matters
When arriving in China one of the first things you should do is open a bank account, this is generally a stress free procedure, provided you have all the correct documentation. Most banks require the following documents:
- Valid passport,
- A residence permit (if applicable),
- Minimum of 1 RMB deposit (only when opening a RMB account),
- And the completed application forms
A lot of the schools in China will assist with procedures of opening a bank account, it is also useful to have a local come along to help with the translation process. Once all of the forms have been completed and your bank account is approved you will be issued with a “passbook” and debit card. The “passbook” is used to record all your withdrawals and deposits.
ATMS are available in the major cities, but in mountain villages and other remote areas ATMs are few and far between. Most ATMs (in the major cities) are available 24 hours a day, but it is recommended that you carry cash at all times. Most international credit cards are accepted in China, but usually only at large hotels, department stores, and large chain restaurants.
Did you know: The local currency is called Yuan or Renminbi (RMB), RMB means the “people’s currency”. Yuan is the name of a unit of the RMB and Jiao is a unit of Yuan. The Yuan and Jiao can be likened to the dollar and cents; however Jiao is becoming far less used in China today.
Transferring Money
To transfer RMB from China into an overseas account, you will have to physically go to the bank branch with your:
- Passport,
- Work permit,
- A contract from your employer vouching your employment and income,
- Letter from your employer verifying the taxes that you have paid on your income,
- Monthly pay slips (with a company stamp and government issued tax receipts)
This is a mandatory requirement, as you are not allowed to transfer any Chinese income from which you haven’t been taxed. Next you will have to actually wire the money to your foreign bank, which is a lot easier – just provide the foreign bank’s details, including its routing number and your account number. This service will cost you some money and take some time.
