Chinese phrases for banking

If you're living and working in China you'll need a bank account. These days you'll most likely also want to start mobile banking too.

This post covers the world of China's brick and mortar banking establishments, its booming mobile banking industry, and some practical language to draw on when you're managing your money in the PRC.

Before we dive into looking at China's many banks, note that the word for "bank" in Mandarin is 银行 / yínháng (银 means silver, cash, money or wealth). 银行 features in the names of most of the following banks.

First up, you have The People's Bank of China / 中国人民银行 / Zhōngguó Rénmín Yínháng. which is the country's central bank and has the power to control monetary policy and regulate financial institutions across the mainland. It's an enormous institution, worth US$3.201 trillion.

Other banks across the country can be divided into three types: state-owned commercial; shareholder-owned commercial; and policy-led banks, established with the purpose of progressing a particular developmental policy. The biggest are listed below:

State-owned commercial banks

Industrial and Commercial Bank of China / 中国工商银行/ Zhōngguó Gōngshāng Yínháng

China Construction Bank / 中国建设银行 / Zhōngguó Jiànshè Yínháng

Bank of China / 中国银行/ Zhōngguó Yínháng

Agricultural Bank of China / 中国农业银行 / Zhōngguó Nóngyè Yínháng

Bank of Communications / 交通银行 / Jiāotōng Yínháng

Shareholding commercial banks

China Merchant's Bank / 招商银行 / Zhāoshāng Yínháng

China CITIC Bank / 中信银行 / Zhōng Xìn Yínháng

China Everbright Bank / 中国光大银行 / Zhōngguó Guāngdà Yínháng

Huaxia Bank / 华夏银行 / Huáxià Yínháng

Shanghai Pudong Development Bank / 浦发银行/ Pǔfā Yínháng

Industrial bank / 兴业银行/Xīngyè Yínháng

China Minsheng Bank / 民生银行 / Mínshēng Yínháng

Ping An Bank / 平安银行 / Píng'ān Yínháng

Policy-led banks

China Development Bank / 国家开发银行/ Guójiā Kāifā Yínháng

The Export-Import Bank of China / 国家进出口银行/ Guójiā Jìnchū Kǒu

Agricultural Development Bank of China/ 中国农业发展银行 / Zhōngguó Nóngyè Fāzhǎn Yínháng

You Can't Choose Your Bank! 

Well, at least not the bank into which your salary is deposited. This is because companies in China are obliged to pay all salaries into the same bank at which it's registered. A company will choose a bank based on its annual fees and distance from the office. So while you can't pick your bank at least it should be close by.

With any luck you'll have a bank that has decent service too. According to the teachers at Speak Up Chinese, the customer service and mobile app provided by China Merchant's Bank is known as the best. 

Mobile banking

Mobile banking (手机银行 / shǒujī yínháng) and mobile payments (手机支付 / shǒujī zhīfù or 移动支付 / yídòng zhīfù) are well-established and booming in China. 

The adoption rate of mobile banking has been up to 70% in 2015 – miles ahead of western countries –  as the Chinese embrace the ease of paying through their cell phones. The main options are as follows:

AliPay / 支付宝 / Zhīfùbǎo

WeChat Pay / 微信支付 / Wēixìn zhīfù 

BestPay / 翼支付 / Yì zhīfù 

QQ Wallet / QQ钱包 / QQ Qiánbāo

In stores, restaurants, taxis, movie theaters and beyond, your phone is all you need now – forget the credit card, just scan away.

Unfortunately there is a significant amount of fraud relating to mobile payments in China, which is probably its most limiting factor. Helen, one of our teachers, said she "daren't let my mom use it", suggesting there is a way to go before traditional options are obsolete.

Useful Phrases for Banking in China

你好，我要开户。 

nǐhǎo, wǒ yào kāihù.

Hi, I'd like to open a bank account please.

我的卡丢了，我要挂失。

wǒ de kǎ diū le, wǒ yào guà shī.

I've lost my bank card. Can I get a new one please?

我的卡丢了，我要冻结我的卡。

wǒ de kǎ diū le, wǒ yào dòng jié wǒ de kǎ.

My bank card has been stolen. I want to freeze the card please.

我要存钱。

wǒ yào cún qián.

I'd like to deposit some cash (into my bank account).

我要转账。 

wǒ yào zhuǎnzhàng.

I'd like to make a transfer.

我要注销（我的账户）。

wǒ yào zhùxiāo (wǒ de zhàng hù).

I need to close up (my account).

我的(银行)账号是…

wǒ de (yín háng) zhànghào shì …

My bank account number is….

可以用支付宝吗？

kěyǐ yòng Zhīfùbǎo ma?

Do you accept AliPay?

可以用美国运通卡吗？

kěyǐ yòng měiguó yùntōngkǎ ma?

Do you accept American Express?