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Banking & Payments

Notes for dealing with finances when you arrive.

  • Expats and locals alike are having trouble opening/renewing (unlocking) bank accounts.
  • Troubles wiring more than US$5,000 unless you can provide local tax information.

  • These problems are due to China trying to stabilize foreign currency flow and putting new anti-money laundering policies in place.

  • Banking Tips
    • Bring a local friend to assist you with translation
    • Go to the main bank in your city. The main bank will have a better idea of the newest regulations and how to do things. Small branches don’t have as much experience with expats and how the rules apply to them.
    • If having problems ask to see the manager. They should have a better knowledge of the regulations and how they apply to expats.
    • If asked for your foreign tax forms or other documents you are uncomfortable providing, kindly explain that you cannot do that and let them know what you can provide.
    • One person was asked for a foreign tax report. They told the bank official that that document was private and sensitive and that they weren’t comfortable giving out their SSN. They offered a statement from IRS notifying that they had received the filing. After multiple efforts and kind insistence this solution was finally accepted.
    • If your offered solution does not work, go another day, try another clerk. Remember that they are not trying to make your life hard or inconvenient, they are trying to implement new rules and laws and sometimes things are confusing for them too and you may be the first expat they’ve worked with. Be kind and patient - you need their help and cooperation.
    • Here is a link to a guide for adding international credit cards to Alipay and how to use it once it’s operable. This is all new and there are still issues in actual use of the credit card if you don’t have a Chinese bank account. They are telling athletes coming for the Asian Games that it will be operable by the time of the games which is Sept 23-Oct 8, 2023.
  • Cash Tips
    • Some suggest keeping two or more ATM cards for cash withdrawals since each has a daily limit.
  • Digital Payment Tips
    • Types: Weixin (WeChat Pay), Alipay
    • Attaching a foreign credit card: Those with a local bank account have been successful in attaching foreign credit cards but those who only have foreign accounts have not yet had success.