Surprised by the fact that Chinese people are always using their smartphones instead of cash for payment in daily life? It will be great if a foreigner can enjoy those conveniences just like Chinese people do, won't it? Opening your individual bank account with Hongda can just help you to enjoy more than just easy electronic payment!
When you are travelling to China for tourism or business meetings, you must have noticed a weird scene: cash is rarely used. People have been used to making electronic payments with their smartphones. You may have considered a question, as many other foreigners do, can I use electronic payments in my daily life, just like Chinese people do? The answer, of course, is YES! You only need to apply for an individual bank account in China for electronic payments and more convenience. Selecting Hongda’s individual bank account opening service and having Hongda’s accompany will even make the whole process quicker and easier.
What Benefits can an individual bank account in China bring?
1, Convenient Electron Payments in China
From major metropolises to small villages across China, electronic payment function via WeChat or Alipay has been widely used everything. Nowadays, living in China without electronic payments can be difficult. As a foreigner, you will only need to open an individual bank account in one of the Chinese banks for an easier life. By connecting your personal bank account to payment platforms, you will enjoy a more convenient life by 'tap your phone and go'.
2, Easy Currency Deposit and Exchange
If you are a foreign employee or employer in China, receiving RMB for your salary. Opening an individual bank account enables you to deposit your incomes in your personal account for an easy withdrawal at any time. In addition, by applying for a multi-currency personal account, you can get real-time currency exchange to avoid financial losses caused by exchange rate fluctuations. Transferring money to your overseas account is also easier.
3, Higher Safety of Personal Property Protection
It’s always unsafe to bring lots of banknotes or coins with you or keep them at home. If you have an individual bank account, you could simply put your money in your bank account and will only need to bring a single card with you. This surely increases the safety of your property so that you don’t have to worry about being stolen.
What Hongda can help to open your individual bank account
You can always trust Hongda to help you open your individual bank account. Here are the steps for you:
1, Bank selection: we will talk with you about your needs to select the most suitable bank for you. An account in a well-known bank is the best choice and a bank with a bad reputation will never be recommended.
2, Materials preparation: based on the unique standards of each bank, application materials can be different, but they are all very simple. The most important things to open your personal account include:
- Travel history and passport records of your entry into China: in other words, your presence in China. It is NOT necessary to hold an employment residence permit to open your individual bank account. Holding a tourist visa or other types of visas will be enough to have your individual bank account opened.
- A Chinese phone number which has been undertaken real-name authentication: you will need to have a telephone sim card to register your bank account. There are three main telecom operators for your choice in China: China Telecom, China Mobile and China Unicom.
3, Appointment with Hongda for offline verification: because of Hongda’s close and strong relationships with various major banks in China, making an appointment with us and having Hongda’s accompany will make your offline verification quicker and easier. We will visit the bank with you and provide guidance on how to sign bank verification letters and activate your bank account.
4, Activate account: after viewing your application, your personal bank account will be ready to activate on the second day. We will support you to set up your individual account, change your passcode, complete personal information registration and provide any necessary follow-up services.
Now you have your own personal bank account ready to enjoy more convenience thanks to Hongda’s help!
Small Tips of opening your individual bank account in China
Please remember, certain fees need to be paid during the individual bank account opening process, such as the account opening fee and banking u-key production fee, etc. The account number, and corresponding account fee rate will be informed and listed on the account opening receipt. However, consultation with Hongda’s team is still strongly recommended and necessary, as we will inform you about the related laws that you need to comply with while using your bank account. Knowing that regulations regarding bank account could be different from that in your home country, it is always important to keep updated by Hongda’s professional experts.
In general situation, a single individual bank account can enable both functions of free deposit collection and settlement, as well as third-party payments. However, if your mobile phone number has not been used for more than one year, online banking will not be available until the aforementioned requirement is met, according to recent bank regulations. In this case, we will open 2 bank accounts for you. One will be used for international cross-border transactions and deposits, which support RMB and US dollars. The other will be used within the Chinese mainland only for RMB settlement, third-party payment (such as WeChat and Alipay electronic payment), and domestic transactions. With these two accounts, you will be able to transfer money both internationally and domestically.
Ready to open your personal bank account in China to enjoy a more colorful and convenient life? Contact Hongda’ team today and explore more opportunities with your bank account!
