Local knowledge: How to open a bank account

If you want to skip the 4 percent service fee charged on your foreign debit or credit card every time you use it in China, get yourself a Chinese bank account. It's also safer than keeping all your money in a hotel or carrying it with you. ATMs are available 24 hours in the city. Here's the tips on how to open a bank account, exchange currencies and wire money overseas.

How to open a bank account?

The only thing you need to open a Chinese bank account in most banks is your passport, and, according to some sources, a residence permit if you have it.