How to Open an ICBC Bank Account in Beijing

ICBC or Industrial and Commercial Bank of China can be found in almost every place in Beijing. You can find 2 or more banks in a single location and ATM Machines can be found almost everywhere. Just look for the Union Pay Icon and you can instantly access your account. If you're planning to stay for a long time in Beijing, you can consider opening an RMB bank account in this bank.

For Beijing Language and Culture University students, there are 2 branches within the vicinity that you can choose from. The first one is located inside the school, right behind the East building (the biggest school building). While the second branch is located outside the school, somewhere around the South East Corner. I don't really think the directions I'm giving right now are relevant, but you'll know their locations once you get here.

Advantages of Opening an Account

First and foremost, the greatest advantage of having an account is being able to put your money on a safe place. Rather than keeping all your money in the wallet and taking the risk of losing it throughout the semester, it will be better if you just decide to put it in the bank.

Getting an ATM card is a breeze. As soon as you open an ATM account, the bank immediately provides you an ATM card and you can withdraw from it anytime.

After converting your money, you can just put everything in and be worry free. You can also use the ATM as a debit card so you can use it like it's a credit card (in places that accept card payment of course).

Requirements in Opening an Account

In order to open an account, you'll should just bring with you two things, your Original passport and the money you want to deposit. You'll also be filling up a few forms.

Steps in Opening a Bank Account

Once you enter the bank, you can just get a number from the machine and wait for your number to be called. If they ask you what you want to do, you can just say you want to open a bank account and Exchange your money (if it's still not in RMB). If you can't speak Mandarin, no worries, just speak in English and they'll find a way to understand you.

Before filling up the forms, you will be asked to choose whether you want a checkbook account or an ATM account. It actually depends on your preference. In my case, I chose the ATM account since it's tiring to keep on returning to the bank each time I need money.

If your money is not yet in RMB, and you want to convert it, you must first fill up a Currency Exchange form. On top is an example photo of the Currency Exchange Form I filled up back then.

After filling up the Currency Exchange Form, you can start filling up the form for opening a bank account. I think there are 2 sheets of paper for opening an account. It includes several details about you, including your passport number. Once your done, you just need to wait for a while until your numbers are called. Remember to give the Currency Exchange form first.

Once your account is opened, you'll be asked to enter a 6-digit password for your ATM card. Simply press the numbers on the machine and in a few more minutes, you're done!

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Tips on Pocket Money and Currency Exchange for Students in Beijing

Weeks before I started my study in Beijing Language and Culture University, I encountered this problem on exactly what currency, how much and where to keep the money I'll be using for my entire stay in Beijing. This post will give you a few tips about what to do with your cash and pocket money before traveling to Beijing.

Amount
Rather than bringing just your credit card, I would suggest that you also bring cash. In my case, I brought the whole amount I was going to need for my entire stay in Beijing. Take note though that you can't bring more than $10,000 cash with you(due to some airport rule that I'm not so familiar about).

So, yes, the whole amount. It included my tuition fee and my allowance for the whole semester. It was really a risky thing to do, but it was an assurance for me that I have money to survive in Beijing.

If bringing that much cash with you makes you feel uneasy, you can just bring some cash and your ATM card with you. Just make sure that it has the Visa, Cirrus or Master card logo on it. Else, the machines won't be able to recognize it and you won't be able to withdraw. Since it is an international card, each pull will cost you around 30 RMB and it also has a daily withdrawal limit.

Currency

If you intend to bring cash with you, it wouldn't be a smart decision to bring everything in RMB. This will be equivalent to bundles and bundles of cash and it will not be easy to handle.

I would suggest that you bring some cash in RMB, any amount that you think can last you around 3 weeks in Beijing would be good enough.

For the remaining amount, you can use a different currency. The best currency to bring with you is US dollar. The thinner your wallet looks, the better. ;)

Currency Exchange in Beijing
If you cannot exchange your money to RMB in your own country, you don't need to worry. There are currency exchange counters found in the arrival area of the airport but it will cost you an extra 50 RMB if I'm not mistaken.

But the best place to get currency exchange would be at the ICBC bank, located inside the school. It is packed with people especially during the first few days of enrollment, but it gets better after a week or so. They don't have extra charges for the currency exchange and the rates are not so bad either.

Did I give enough information? :) Your comments will be highly appreciated.