Starting in China requires not theoretically open a bank account since you can use your Visa or MasterCard …
But opening an account in China you will still some savings in bank charges and get paid in local currency if necessary. This will also allow you to manage withdrawals of large sums easier.
Indeed ticketing are capped at 2000/2500 RMB operation with maximum daily totals approximately RMB 4000/5000 (which usually means you pay 2 times the commission to reach the maximum daily withdrawal since you need 2 operations) .
Rare distributors Modern City Bank allow withdrawal of RMB 4,000 in one transaction. They are very rare (the only one I know is the radius Wine Freshmart Jing An Temple – Metro Line 2 Exit 2).
A transaction will cost you about 2 € + 2.5% of the amount withdrawn. A bank transfer of Euro 3000 will cost about 16 euro fee to the BNP to your account in China. Be sure to indicate “to Exchange RMB” so that your funds arrive in RMB and not Euro. Otherwise they will not be accessible by your Card and China will be converted later …
Opening a bank account for foreigners is a simple formality.
Bank of China – Fill out a form – Submit your passport – Add 11 RMB.
ICBC – Fill out a form – Submit your passport – Add 20 RMB which 15 will be used to create your card.
That’s all. All the formalities take 5 to 10 minutes to break everything.
The alternative: HSBC Bank
France You can open an HSBC account and specify that you want as an account in China. This system will render your money disponnible toll in the Chinese bank HSBC and distributors.
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