Living
Bank Accounts
Shanghai’s banking options expand every year – but domestic banks still dominate, with foreign banks operating under strict guidelines. Many expats choose domestic banks with an international focus, such as Bank of China or ICBC, for their personal banking needs. HSBC and Citibank offer good options for foreigners as both companies provide a wide range of international services. The main banks will offer a savings plan, foreign currency exchange services, security services, phone support, e-banking services and overseas and domestic remittance. Debit cards and ATM cards can be provided for a small fee (¥10 and up).
The majority of local banks will be open from 09:00 to 17:00 between Monday and Friday, plus a half day on Saturday.
Some local banks offer multi-currency accounts. A US dollar account at ICBC requires a residence permit and a minimum deposit of $300. At Bank of China, you don’t need a residence permit (only your passport); there is a ¥5 set-up fee, and a US dollar bank account requires a minimum deposit of $500.
Common bank fees include an annual service charge, account transfer fees, and small service charges for ATM usage (¥5 to ¥10).
Overdrafts are a relatively new concept but are gaining headway. Banks are still reluctant to offer overdraft services to foreigners, and you will often need a local guarantor, such as your employer, to vouch for your financial stability.
The majority of local banks will be open from 09:00 to 17:00 between Monday and Friday, plus a half day on Saturday.
Some local banks offer multi-currency accounts. A US dollar account at ICBC requires a residence permit and a minimum deposit of $300. At Bank of China, you don’t need a residence permit (only your passport); there is a ¥5 set-up fee, and a US dollar bank account requires a minimum deposit of $500.
Common bank fees include an annual service charge, account transfer fees, and small service charges for ATM usage (¥5 to ¥10).
Overdrafts are a relatively new concept but are gaining headway. Banks are still reluctant to offer overdraft services to foreigners, and you will often need a local guarantor, such as your employer, to vouch for your financial stability.
