You will need to setup a bank account at the Bank of China (中国银行) for your salary to be deposited into, as well as a bank card in order to use Alipay or WeChat mobile payment options, which are the most popular methods of payment in China. Cash is relatively less common today.
Typically, to open a bank account you only need valid passport, a long-term visa, and a mainland cellphone number. It is suggested to take the contract signed with USTB and proof of address with you. There is usually no minimum balance required also no monthly fee if you don’t open account transfer notification.
If you want a Credit Card, aside from the aforementioned materials, you should provide valid residence permit for foreigners, whose expiration date should be more than 1 month and a positive credit history.
Alternatively, there are Bank of China branches in other countries, visiting one of them before you come to China is also a good choice.
Branches near USTB
Keda branch of Bank of China (location: east of School of Foreign Studies)
Open 09:00--17:00 Monday-Friday
Dongsheng Road branch of Industrial & Commercial Bank of China (location: out the university north gate turn west 100m)
Open 09:00-12:00 13:30-17:00 Monday-Friday
Wudaokou branch of China Construction Bank (location: Chengfu Road #20-1)
Open 09:00-17:00 Monday-Saturday
Xueyuan Road branch of Huaxia Bank (location: Keda Tiangong Building first floor in block B)
Open 09:00-17:00 Monday-Friday, Sunday
Automated Teller Machines (ATMs)
China Construction Bank ATM (location: from souther campus WUMART walk west 30m)
Industrial & Commercial Bank of China ATM (location: opposite Hongbo canteen)
Bank of China ATM (location: together with Keda branch, near School of Foreign Studies)
Tips: There are currency restrictions in China set by the “Foreign Currency Regulation Policy”. You can choose to open a multi-currency account just to get fast cash transfers, with a minimal amount.