During your study in China you will surely need to open a local account. It is strongly recommended to put your money in the bank as soon as you arrive in China, carrying large amount of money everywhere is not safe at all. Instead, use a debit card from the bank for purchasing, it is more safe and convenient. However, not all places accept debit cards so you need to carry some cash in your wallet. By opening an ATM account you will be able to withdraw money everywhere.

Just like other things in China there may be problems using the banks in if one could not speak English. Bank clerks sometimes cannot speak English and the forms are sometimes only written in Chinese. So I would like to introduce banking in China and tell you how to fill in the forms. There are more than 20 banks in China, however I only introduce 4 Banks which are closer to BLCU.

Banks around BLCU

Agricultural Bank of China: this bank is beside the east gate of the BLCU. ABC is one of the for big banks of China and has branches everywhere. It is open seven days a week and in holidays. Working hours are between 9 am to 5 pm. There is an Agricultural bank’s ATM in the university at the Yifu building door. This bank offers many services such as electronic banking, mobile banking, telephone banking, SMS banking and etc.

Agricultural Bank of China

 

Postal Savings Bank Of China: It is located 30 meters from the south gate on the second floor of the building. The first Floor is the post office. This bank is open from 9 in the morning to 6 in the afternoon.

Postal Saving Bank of China

 

Bank of China: It is located about 400 meter left from the BLCU east gate, in the north east corner of the crossing.

Bank of China

Industrial and Commercial Bank of China (ICBC): It is located about 100 meters from the southwest gate of BLCU and near the subway. There is  an ICBC ATM in the campus just behind the main building (teaching building No.1).

Industrial and Commercial Bank of China

 

 

Currency Exchange

The biggest money denomination in China is 100 Yuan. China currency also has 50, 20, 10, 5, and 1 Yuan. One Yuan can be either note or coin. The coins smaller than 1 yuan including 5 and 1 Jiao. In today China there is no money smaller than 1 Jiao. Mao and Kuai are the spoken form of the Jiao and Yuan. Learn more about the Chinese money>>

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The process of exchanging money in China is very straight forward , however you should change some money in your own country or at the airport since you need to take taxi from the airport and have some food in the first day of your arrival. In order to exchange money you only need to take your passport with yourself and fill an application form which is in English.

As you step into the bank you can see a desk just beside the door and there are some people to guide you which usually know some English. They would ask you about the service you need and then according to what you need they will give you the number from the machine.

Exchanging money forms is often written in both languages in all banks. This is the application form for conversion into RMB of foreign exchange:

Application form for conversion into RMB of foreign exchange(ex. ICBC):

Application Form

Tips:

1. The bank will ask your phone number, you can buy a Chinese SIM card (Learn where to buy the SIM card )first or tell the counter the hotel or the university telephone number where you lived.

2. Every passport can only exchange 5,000 dollar a day.

Apply a Chinese Bank Account

For opening an account in China banks usually having a passport is enough, however remember to take some materials with yourself such as student card, student certificate (学生证) and your residence certificate, since application material is different from bank to bank. After filling out the application forms (which is explained step by step below) you will be asked to make a 6 digit password for your debit card. So think of it beforehand.

It is easy to apply the Chinese bank account, if you know the meaning of the form. I’ll translate the the form for you.

Application Form in Agricultural Bank of China

Opening Account Application Form (Part A):

Form 1

 

Form1

Yi Dong No means cellphone number.

Part C:

Part C
Part C

Application Form in Postal Savings Bank Of China

Opening Account Application Form(Part A):

Part A
Part A

Part A
Part B:

Part B

Part C

 

Application Form in Bank of China

Opening Account Application Form(Part A):

Part a
Part A

Part B: Electronic Banking

They usually active some services automatically, however if you need each of the followings, you can tick the first box in front of them, or ask the Bank staff to do it for you.
Online Banking  2. Mobile Banking  3. SMS Notice  4. E.mail Notice

Part C

Part C

Part C
Industrial and Commercial Bank of China (ICBC):

ICBC’s opening account application form has both Chinese and English language so it is not difficult to fill in, however I have taken the photo of the form and specified the fields which are necessary to be filled.

Opening Account Application Form:

Application Form

Tips:

If you don’t have special reasons, you’d better apply bank account in ICBC. It is easy to apply and there is almost a ICBC near one China’s university.

How to use ATMs

There are ATMs everywhere in Beijing and fortunately all ATMs in China have English menus so that you can easily work with them. It would be free to withdraw money from the ATM’s of your own bank, but if you withdraw from another bank you will be charged a fee of 2 Yuan(different bank has different charge). There are two ATM’s in the BLCU campus. One is Agricultural bank ATM which is next to Yifu building, another which belongs to ICBC is behind the Zhu lou (main building). Learn about the ATM location on BLCU map>>