I need to open a saving account with a local bank and also credit card for me and my wife (not working). Appreciate someone can provide the following advice:-

1. What documents fo I need to open a saving account and own a credit card?

2. What if I am still staying in a service apt with no permanent residential address. Can I still appply using for eg my office address?

3. Can I apply for joint-saving account (with my wife) and a supplementary credit card for my wife?

4. How do I settle the credit card bills? Is it easy and convenient to do so?

Since i don't actually do this for myself, let me ask the question I do have advice for : can you get your company to do it for you ? As sort of a service for the ExPat crowd ? My company does it for me....hell, I utilize them for everything (getting cards for me and wife, helping me with deposits, etc).

To open account, bring passport and a translator. Credit card is more challenging to get for foreigners.
Use whatever address you'd like as they never mail statements anyhow.
No joint accounts avaialble at Chinese banks. Foreign banks MAY offer it but i don't hve any expereince with that.

My HR dept in Shanghai is not the most efficient. Not sure if they are able to help much given the expat crowd is very small in the company. Any difference if I open the acct/credit card with any of the big four banks... or they are all the same. How about China Merchant Bank?

Fattiebunny wrote:My HR dept in Shanghai is not the most efficient. Not sure if they are able to help much given the expat crowd is very small in the company. Any difference if I open the acct/credit card with any of the big four banks... or they are all the same. How about China Merchant Bank?

hi, about the Merchant bank: my good friend the General Director of Monte dei Paschi di Siena Italian Bank in Asia ( based on Hong Kong ) he told me that if i need to to any business with the chinese bank , is very good to choise Merchant bank, so i do, no problem, i open my account in Canton, with only the passport , they give me 2 cards :a Atm card and a Visa card in 1 week, but not credit, charge card ( can draw money oversea or can also pay bill using visa sistem) now im in shanghai and don't have any problem using the card from Merchant issue in Canton, also when i been in holiday in Italy or Thailand always i use the card without problems,
god luck

You're going to find it extremely difficult to get a credit card unless you are willing to give them a security deposit or you work for a Fortune 500 company. And even then.

Probably the easiest way is if your company has a good relationship with the bank and is willing to guarantee you.

credit cards are not real credit cards in China. You have to pay a deposit and you are not allowed to draw more money than the deposit (actually, I would call this a debit card).

Banks here are a headache. No JD Power awards for customer service here! Be sure to bring your passport and work permit. No joint accounts and lines are terrible. Paid 100 RMB this weekend to buy the persons ticket 45 people ahead of me and about to be called to the window, time is money! The capitalist coming out in me! Don't know where you are coming from, but we kept our US credit cards and use them here, and with the exception of a few places that don't accept foreign credit cards (some local shops and B&Q) it has been fine (exchange is running about .12-.15 below cash rate). We switched to paperless statements and are still accummualting miles to use for upgrades on our trips back to the US. Our account is with Bank of China but are switching to Citibank, they have a minimum initial deposit to open account (i beleive only foreign passport holders also but I stand to be corrected) but we are close to a branch and there are never any lines! If you are paid in a foreign currency as we are, you have to go every month, stand in long line, bring passport, fill out documents to get your deposited currency exchanged to RMB.

Angie wrote:credit cards are not real credit cards in China. You have to pay a deposit and you are not allowed to draw more money than the deposit (actually, I would call this a debit card).

Not true.

There are real credit cards. There are real debit cards. There are real debit cards with overdraft facilities.

If you are paying a deposit it's likely you have a crappy credit rating. Or you are a foreigner.

Even a foreigner can have a "real" credit card .. I think the process for application was posted recently. Even "International" credit cards are available .. I have both BOC and ICBC and I am a foreigner

Sure, but not your average run-of-the-mill foreigner in China will get a real card. It is much harder for a foreigner than for a local person.

Is it necessary to set up a local account? Can I continue accessing and using my debit cards from PNC Bank or Bank of America?

BOC told me today that you need to have a job and own property in Shanghai in order to apply for a credit card. We'll be trying CitiBank and see what they say.

Oh, we do use our US credit cards here (Carrefour is great), but some places want to charge you 3% extra here...

^ If they try to charge you extra you can get that money refunded to you via Visa / MasterCard / AmEx.