Chengdu Bank Account Opening
Opening a bank account in Chengdu as a foreigner is not as difficult a process as you might first assume. There are various benefits for an expat should they choose to open a bank account at a Chengdu bank. As an expat, having an account at a Chengdu bank can allow for cheaper banking as well as the ability to purchase certain goods and services online that cannot be purchased with foreign debit and credit cards, and Chengdu tannet can introduce different bank to you, and as you know, different bank have some differences.
Proper Preparation before Chengdu Bank Account Opening
Opening a bank account in Chengdu is primarily beneficial to those that are going to be residing in Chengdu for a relatively long period of time.
The language barrier will be the biggest obstacle that a foreigner will face when trying to open an account at a bank in Chengdu. The best way to combat this obstacle is to bring a trusted friend that can speak and read Chinese fluently. However, this is not necessarily a possibility for many people. So if you do not have a Chinese speaking friend, you can open a bank account at one of the “Big Four Banks.”
Proper Documentation for Bank Account Opening in Chengdu
There is not much needed paperwork wise. The only thing that you will need to bring with you when you open up a bank account is your passport. This is essential and you will not be able to open up a bank account in China without your passport. You should not need any other documents besides your passport nut just bring another form of identification with you just in case. There should be no reason for you to leave your passport or any other identification documentation at the bank for an extended period of time.
Union Pay in Chengdu
Anyone that has spent time in Chengdu would notice that credit and debit cards are not accepted at most businesses. However, in recent years as the economy has rapidly expanded, bank debit cards are being accepted at more and more places. Most places that do accept cards, only accept Union Pay, not Visa or MasterCard.
Union Pay is a Chinese bank card network company that is run by the state. Union Pay in China is only available through Chinese banks and a few select international banks. It is the only card that is accepted at many business locations and web sites. That is why it is highly advantageous for you to get a Union Pay card.
Inflation in Chengdu
The Chengdu government’s economic policy entails them controlling the rate at which their currency is traded with other foreign currency. Because of this regulation and control, there is a less likely chance of a significant appreciation/depreciation of the Chinese Renminbi (Yuan) in a short amount of time. In addition, the Chinese Renminbi has shown a trend of appreciating over the past several years and it is very possible that it will gain value over the currency used in your native country in the years to come.
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