Anyone staying in China long-term should consider opening a local bank account, most commonly with the Bank of China. Since a tightening of anti-fraud rules, opening an account as a foreigner is no longer as simple as it once was: most banks require a residence visa with at least six months' validity remaining, a Chinese mobile number, and an in-person branch visit — a short-term tourist visa is generally not sufficient. You'll also receive a debit card (the "Great Wall" debit card). Transfers from abroad typically take 3–7 days.
A foreign debit card can also be used to withdraw cash at ATMs on the Cirrus network, though fees apply and the machines occasionally don't cooperate.
An alternative to Bank of China is opening an account with Citibank.
