Banking for Dummies in China – Part 1

Banking in China is a daunting and painful process for foreigners. In this post, I will be writing 5 years worth of experience in doing business with the local banks. The top 4 banks in China who also has branches in the hinterlands are Bank of China (BOC), Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC) and China Construction Bank (CCB). There are other banks which are branching out to more provinces such as Bank of Communication, China Merchants Bank, Shanghai Pudong Bank, CITIC Bank and China Post Savings Bank.

Here are some tips and trivia about banks in China:

• Most Chinese Banks are open 7 days a week from 9am to 5pm. Banks in office buildings are usually closed on the weekends.
• Queues are sometimes short but are usually long. Upon entering the bank, make a beeline right away at the number issuer machine. If they call your number and you aren’t there, you will need to take another number.     

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