Posted in Banking

Banking for Dummies in China – Part 2

Late October last year, I posted a dummies guide to banking in China.  To start the Chinese New Year, I’m posting part 2 on my dummies guide.  Of the banks in China, I’ve banked with Bank of China, Bank of Communications, ICBC, China Construction Bank and China Postal Bank.  Among the services that these banks offered, I’ve only used online banking, credit card, savings account, time deposit account, salary account and bills payment.

Between October and the present, here are some stuff I missed in my previous note:

  • ICBC can only provide either a passbook or an ATM account.  Bank of China on the other hand can provide you both passbook and ATM when you open an account.
  • You can use your ATM card to withdraw in other countries as long as the ATM machine has the Unionpay logo.  Make sure it’s Unionpay as it also look similar to the JCB logo.  Maximum withdrawal per day is RMB 5,000 worth of whatever currency you’re in and RMB 15 for each withdrawal.  RMB 4 will be charged for balance inquiry.  This is a cheaper alternative than Western Union or Moneygram.          Continue reading “Banking for Dummies in China – Part 2”