ICBC - What kind of bank account to get?

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aLeGna

Reacher

Joined: June 12, 2008
Posts: 233
Location: under the SUN
Status: Offline

Posted: July 08, 2008 - 09:11 PM
Post subject: ICBC - What kind of bank account to get?

Hi guys,

My employer in SH asked me to open an account in ICBC, but I don't know what's the best kind of banking account that will suit me.

I will be paid in RMB, but I would need to transfer some money to my home bank, so I will need to convert my RMB to USD/Euro/Pound. I would definitely be needing RMB for daily expenses in China, so I'd like to get the UnionPay ATM/debit card, if possible, also credit card (Visa).

Any advise, suggestions? Please let me know.

Thanks,
alegna

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9905
Location: EOA Seminar

Posted: July 08, 2008 - 09:16 PM
Post subject: Re: ICBC - What kind of bank account to get?

aLeGna wrote:

There really isn't much choice. You either have a normal savings account with a UnionPay ATM card or you have a fixed deposit account which has no ATM card.

You can do currency conversions in most ICBC branches, but you will need to produce the normal documentation such as tax receipts, contract copy, residence permit and pay stubs.

You will not be able to obtain an ICBC credit card as an expat unless you work for a Fortune 500 company or else have already establish a satisfactory credit rating in the People's Bank of China system. There can be exceptions if your employer has a very strong business relationship with ICBC, if you can get a local co-signer or if you are willing to place a sum of money in a locked fixed deposit which ICBC will use as guarantee.

rayne
Reacher
Reacher

Joined: May 19, 2008
Posts: 237

Posted: July 09, 2008 - 11:42 AM
Post subject: Re: ICBC - What kind of bank account to get?

underh20 wrote:

There really isn't much choice. You either have a normal savings account with a UnionPay ATM card or you have a fixed deposit account which has no ATM card.

I have normal account with UnionPay card. But I couldn't check my account balance or know when there was money coming in. I then registered for sms alert service. RMB 2 per month, each time you make a withdrawal or money comes in, you get an incoming sms on your phone with the corresponding amount.

I also registered for online banking since my branch said they could not do inter-bank transfers for me.