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Q: What's the best Chinese bank to bank with?
After my ordeal today with Bank of China I'm on the market for a new bank. Any suggestions?
12 years 41 weeks ago in Money & Banking - China
My favorite is China Merchants Bank, with option of Gold account and Visa/Mc ATM card.
China Everbright Bank is good too.
I try to avoid (will) ICBC.
The difference between branches in the same bank is as big as the difference between the banks.
The banking market in China is so tightly legislated (due to banks being state owned) that there is no practical difference in the products they can offer you.
i agree with Scandinavian, all state owned so all very similar. however, there's a local bank in the northeast called longjiang bank. they selling point with them is that you can use any bank's ATM and not be charged a fee.
Scandinavian:
You can get the same service at ICBC if you ask nicely (and is a VIP customer)
Yes all banks here (even foreign owned ones such as CitiBank and HSBC operating in the mainland) must follow Chinese banking laws, policies, and procedures.
So when its time to wire transfer money home they'll all make it equally difficult for you haha.
They gave us a Construction Bank card from work...now worries so far, works online too.
If by "ordeal" you mean sitting in the bank for one or two hours for something that would've taken 5 minutes in Europe or N. America, too bad. Your ordeal is normal. This is China.
