China
Banking in China
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Banking in China
China has, for a long time, been an economy based on cash. Many nationals still don't have bank accounts or cash/credit cards. Wages in China are still often paid in cash too. But with such a change in the economy of late, traditional forms of banking are gaining remarkable popularity.
You will find few Western banks in China, which is dominated by mainly local banks. Opening an account is a surprisingly easy process. You will need to provide as documentation:
- ID (passport)
- Residency Permit or Visa
- Proof of address
- Banking hours are commonly 0900-1700 Monday to Friday.