How to Open a Bank Account in China
1.
Choose a bank and account type
2.
Prepare the supporting documents and fees
3.
Visit a branch and complete the application process
4.
Set up and activate your account
Whether you're setting up a company, sourcing products, or expanding your business, having a local bank account is often essential to managing payments in RMB and operating much more easily.
However, the process for foreigners is not as flexible as it might be in other countries, and preparation is key.
In this guide, I’ll explain the steps, highlight what foreigners should expect when dealing with Chinese banks, and share practical advice on alternatives if you are managing payments from abroad.
Can a Foreigner Open a Bank Account in China?
Yes, but only under specific conditions. You need to be physically present in Mainland China, hold a valid visa (tourist visas are not accepted), and provide a local phone number and address. Most banks also require in-person identity verification at a branch.
These rules apply to both personal and business accounts. While the process is fairly standard across banks, some may ask for additional documents depending on your visa type or location.
In my experience, dealing with local branches in major cities that are familiar with foreign clients, such as Shanghai, Beijing, and Shenzhen, can make the process significantly smoother.
Resource: The official currency for bank accounts in China is the Renminbi (RMB), which is often used interchangeably with the Chinese Yuan (CNY). Find out the differences between CNY and RMB in our article.
What Documents Are Required to Open a Bank Account in China?
While requirements can vary slightly from one bank to another, you should be prepared to provide the following.
- The completed application form with your personal details
- A valid passport and visa details
- Proof of address
- A Chinese phone number
- A valid work permit, business license, or documents supporting employment or student status.
- Business registration documents (for corporate bank account)
In some cases, banks may request additional supporting documents or ask for translations into Chinese. It's best to check directly with the branch you intend to apply at, particularly if you are opening a corporate bank account.
Important: Different banks may require additional documents or details. I recommend checking with your chosen bank for accuracy.
How to Open a Bank Account in China
The account opening process may vary slightly depending on each bank’s specific requirements, the type of account, and whether you are a Chinese citizen or a foreign resident.
The general account application process typically follows a standard procedure.
- Choose a Bank: Consider factors such as bank reputation, digital banking capabilities, and ease of opening the account. You can choose from the major banks in China, subsidiaries of international banks, or traditional banking alternatives.
- Select an Account Type: Decide whether you need a personal or business account, and whether you require access to multiple currencies or only RMB. The type of account will determine the level of documentation and review involved.
- Prepare Your Documents: Bring originals and photocopies of all required documents, as banks often ask for both.
- Visit a Branch: Generally, foreigners must open an account in person for identity verification. Some banks may require you to make an appointment in advance to ensure that you visit a branch accustomed to dealing with foreigners.
- Complete Application Forms: Fill out the necessary paperwork, which could be in Chinese. Some banks provide English forms or assistance for non-Chinese speakers. Ensure that you provide accurate and complete information to avoid delays.
- Verify Identity at the Branch: All applicants are required to visit the bank in person for identity verification. This step is conducted in Chinese and may involve follow-up questions. In my experience, branches in major cities like Shanghai, Beijing, and Shenzhen are more familiar with handling foreign applicants.
- Set Up Banking Tools: Once your application is approved, you will receive a bank card and instructions for setting up online banking, mobile banking apps, and other banking services. You may also have to make initial deposits.
For personal accounts, the process is generally straightforward and can often be completed within the same day, provided that all documents are in order.
In contrast, approval for business accounts takes longer. After the in-person appointment, banks typically conduct internal compliance and risk assessments. Depending on the structure and activities of the company, this process can take anywhere from several days to a few weeks.
Different Types of Bank Accounts in China
Understanding the types of accounts available is important before deciding which one fits your needs. Here’s a quick overview.
- Savings Account: Best for personal use, daily spending, and receiving salaries. Offered to both individuals and businesses.
- Current Account: Ideal for frequent transactions. Often used by businesses. Low or no interest.
- Time Deposit Account: Offers higher interest for funds held over a fixed term.
- Foreign Currency Account: Lets you hold and transact in currencies other than RMB. Useful for trade or international payments.
Most major Chinese banks also offer business accounts, including corporate accounts, merchant accounts, and payroll accounts. However, features and availability can vary by bank.
Resource: Knowing how to use your RMB deposits outside China is essential once you have your Chinese bank account.
4 Best Banks in China for Foreigners
China is the home to some of the world’s largest banks, mainly because they are government-owned and because of the centralised nature of the country’s financial system.
To help you narrow down your bank options, let’s look at the “big four” Chinese banks.
H3: Bank of China (BOC)
The Bank of China is one of the oldest and most internationally connected Chinese banks. With branches across Mainland China and major cities around the world, it is often the first point of contact for foreigners seeking to open an account.
Key Services of the BOC
- Current All-In-One Account: This is a current deposit account for personal use. It allows users to hold deposits in RMB and other foreign currencies, including USD, EUR, JPY, SGD, and HKD.
- Personal Foreign Exchange Savings Account: This includes current savings, term deposit, and call deposit accounts that can hold USD, HKD, GBP, EUR, JPY, CAD, AUD, CHF, SGD, MOP (Guangdong Province only), and KRW (Jilin Province only).
- Corporate Demand Deposit Account: This business account can hold deposits in RMB and other foreign currencies without a savings term.
Tip: Looking to open a Bank of China Business Account in Hong Kong? Read our guide to learn more about the eligibility, required documents, and initial fees.
Industrial and Commercial Bank of China (ICBC)
The Industrial and Commercial Bank of China (ICBC) is currently the largest bank in China and the world. ICBC has a substantial network of branches and subsidiaries in China and worldwide, and it has been renowned for its measures in digital transformation and financial inclusion.
Key Services of ICBC
- Current Deposit Account: This all-in-one current account allows clients to deposit and withdraw cash in RMB and other foreign currencies.
- Corporate Current Deposit Account: This is a current deposit account for corporate clients to save and manage cash in RMB.
- WeChat Banking: This service provides the flexibility to contact the help desk, access the account, and get financial information through WeChat.
H3: Agricultural Bank of China (ABC)
The Agricultural Bank of China (ABC) is another central Chinese bank with branches across China and a few overseas, including in the U.S., Australia, and Canada. It provides various financial products and services, including RMB Demand Deposit Accounts and the Farmer’s Benefit Credit Card. ABC is commended for playing a vital role in supporting China’s agricultural sector and rural development.
Key Services of ABC
- RMB Demand Deposit Account: This personal banking account can be used to deposit, transfer, and withdraw funds in RMB.
- Personal Fund Collection: This service is designed to centralize fund management across various accounts, including between personal and corporate accounts.
- Corporate Demand Deposit Account: This is an RMB deposit account for enterprises to receive, pay, and settle funds.
H3: China Construction Bank (CCB)
China Construction Bank (CCB) is another large state-owned commercial bank in China, and it is recognized for its efforts in fintech and sustainable development. CCB has almost 15,000 branches across mainland China and many more worldwide, including Europe, Australia, and Hong Kong.
Due to its expertise in asset management, CCB is a good option for companies in the manufacturing and construction business.
Key Services of CCB
- All-in-One Account: This multi-currency current deposit account offers a seven-day call deposit with higher yields. However, it requires a minimum balance of RMB 50,000 or an equivalent of USD 5,000.
- RMB Deposit Accounts: Clients can choose between demand deposit and term deposit accounts to deposit funds in RMB.
- Corporate Notification Deposit Account: This account is designed for enterprises with a minimum deposit of RMB 500,000, offering higher interest rates than demand deposits and more flexible withdrawals than term deposits.
Tip: Explore more details about how to open a CCB Business Account in Hong Kong in our article.
What If You’re Opening a Business Account in China?
While this guide has focused mainly on opening personal bank accounts, many entrepreneurs and business owners also want to operate in RMB — either to pay suppliers or receive payments from Chinese clients.
If you’re planning to open a business bank account in Mainland China, be aware that the process is more complex than that for personal accounts. Banks typically require additional documents, in-person visits, and may take weeks to complete internal compliance checks, especially for foreign-owned businesses.
Because of these complexities, many international businesses choose to open a Hong Kong-based business account instead. Hong Kong accounts offer easier setup, multi-currency support, and access to RMB payments without needing to be physically present in China.
Here’s how the two options compare:
A Hong Kong business account offers a practical way to manage RMB payments remotely, without the administrative hurdles of opening an account in Mainland China.
It remains a preferred choice for businesses that need greater flexibility and faster setup.
Hong Kong Business Account: Statrys
Looking for a hassle-free way to manage RMB and multi-currency payments from outside China? Consider Statrys.
Launched in 2019, Statrys is a licensed payment service provider based in Hong Kong, offering online business accounts built for modern businesses working across borders.
With a Statrys account, you can:
- Hold and manage funds in 11 currencies: CNY, HKD, USD, EUR, GBP, SGD, JPY, AUD, CHF, NZD, and CAD
- Send local payments in 12 currencies, including USD, EUR, GBP, SGD, PHP, and IDR, to save more on time and fees.
- Manage currency risk with forward contracts by locking in today’s exchange rate for future payments
- Access personalised support from your dedicated account manager, available through WhatsApp or WeChat
FAQs
How much do I need to open a bank account in China?
The account opening fee and initial deposit requirements vary depending on each bank. However, you should prepare RMB 100 - 1,000 when applying for a standard bank account.
