Banking in Shenzhen – Financial Security Wherever You Are

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Shenzhen is one of the major cities in the province of Guangdong, China. It is one of China’s most successful economic zones, making it a place of foreign investment. It is a major financial center, and home to numerous high tech companies and banks. It is a fast growing city, and home to the Shenzhen stock exchange. This is why banking in Shenzhen is valuable to both foreign and nationals alike, who are investing large amounts of money in its economy.

There are many Shenzhen banks that will offer you services that will fit your career and lifestyle as well. Whether you are a businessman looking to invest your money in Shenzhen’s economy, or just and individual who wants to get a loan for your personal purposes, choosing the right bank in Shenzhen is crucial in entrusting your funds to these commercial banks. If you are here for a vacation or have recently moved from another country, take note that China has its own baking system. This means that other international standards like Cirrus, Maestro, Visa, or PLUS are not supported in the major banks here. There are numerous banks in Shenzhen that follow the International Standard Systems. Some domestic banks that follow these systems are Bank of China, China Agricultural Bank, China Merchant Bank, Development Bank of China, and ICBC or Industrial Commercial Bank of China. For foreign or international banks, HSBC or Hong Kong Shanghai Banking Corporation, BEA or Bank of East Asia, Citibank, Hang Seng, and Standard Chartered can be found mostly in big shopping malls like King Glory Plaza or MixC .

The above mentioned banks are Hong Kong banks, and they follow the International Standard Systems that most international banks use. Since foreign or international bank branches are not that many in Shenzhen, it is recommended that you open a domestic bank account, which is easier, and only requires a small amount of fee, usually a minimum of 10 RMB. Other requirements include your entry visa and a copy of your passport. You will get your ATM card on the same day that you open your new account. From there, banking in Shenzhen is now easier because you can transfer funds from your international bank account to your domestic account. This is will be much of a convenience since international bank branches are not very common in Shenzhen.

Another great feature of banking in Shenzhen is the online services that banks offer their customers. By registering to their bank’s web site, they can easily access their account, check their balance, transfer funds, and even pay their bills. Another additional feature is their phone services, where they can receive alerts about their account balance, transfer funds, and pay bills with their mobile devices. Customer support is also available for other queries regarding their accounts.

For further reading:

On the Other Side of the Fence: Industries in Shenzhen

Industries in Shenzhen: Pioneer of Modern Logistics towards Progress

A Deep Dive into the Financial Industry of Shenzhen

The Growing Cultural Industry of Shenzhen

Shenzhen Banking – Defying Domestic and International Standards

Other Related Topics:

HSBC - Shenzhen Branch (Premier Services, General Personal Banking services, Corporate Banking Services)

HKers Favor RMB Deposits in Shenzhen

Shenzhen banks to issue IC cards