Open Bank Account in China

Opening a Bank account becomes Necessary if you want to do business in China or move to China for work or as an ex-pat with a residence permit.

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An Overview of How to Open a Bank Account in China

China is a superpower country. It is the fastest-growing economy in the world. The fastest-growing economy in the world has always attracted global attention. As China is growing economically, more and more foreigners or foreign businesses are willing to open a Bank account in China. Credit cards, as well as cash, is available for purchases in China. Transfer services such as international wire transfer or exchange currency are available for transferring money to and from China. For a foreigner, specific additional rules and regulations are applicable. Some extra fees are applicable on international money transfers. Additional costs are incurred for sending and receiving funds from another country.

Having a Bank account makes it easier for people to move to China. However, some requirements must be met to open a Bank account in China. Let’s look at the requirements to open a Bank account in China.

What are the Necessary Papers required to open a Bank account in China?

The Necessary Papers required to open a Bank account in China may vary from Bank to Bank; however, these are some of the essential Necessary Papers which are required to open a Bank account in China

  • Duly filled application form
  • A Valid Passport
  • Proof of address
  • A Chinese phone number
  • A work visa or a student ID
  • Employer Note

What are the Types of Bank Accounts a Foreigner can open in China?

Savings Accounts: A savings account is the most common Bank account for foreigners in China. It is easy to open and requires less Paper works.

Checking Accounts: A checking account allows the account holder to write checks and move money around. However, this type of account may require more paperwork.

Current Accounts: A current account is used to store money and use it to pay for things. Almost every business has one current account, but one has to deposit more funds to openit.

Foreign Currency Account: This account is ideal for those with a credit history and other overseas financial assets. Such accounts also come with online Banking services in China, making it easy to manage accounts from any corner of the world.

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Process of Opening a Chinese Bank Account

If you’re not a resident of China, then you need to know the following things to open a Bank account

Prepare a copy of all the Necessary Papers required

Banks need to see your Necessary Papers before opening a Bank account. You must show them your name, where you live and how much money you make. You need to show your proof of identity and show them a valid id card such as your passport and residence permit.

Choose the right Bank

There are different options available when it comes to Banking in China. Some prefer opening a Bank account in a large international Bank, whereas some prefer a small local Bank. Those who are going to spend a short time in China consider opening an account in an international Bank such as HSBC or CitiBank.

Visit the chosen Bank in person

The Bank representative will verify your Necessary Papers when you visit the Bank in person.

Complete your Bank account Interview

China has rules about exchanging money, so the Bank representative will ask questions about your travel plan and the purpose of opening a Bank account.

Open a Bank account based on your needs

After being satisfied with the Necessary Papers and interview, the Bank representative will open a Bank account per your needs. Banks offer different accounts. You can select the best option as per your needs.

Make the Initial Deposit

After completing all the steps, the last step is to make the initial deposit. The initial deposit varies from Bank to Bank. After that, you can use your account.

Frequently Asked Questions

Like anywhere else, foreigners can also open a Bank account in China.

Most Banks in China need foreigners to show the following Necessary Papers to open a Bank account in China

  • Duly filled application form
  • A Valid Passport
  • Proof of address
  • A Chinese phone number
  • A work visa or a student ID
  • Employer Note

You can open a Bank account in China for free; however, some Banks do require a minimum deposit to be made to open a Bank account.

step 1 Download the China Mobile App.

step 2 Signup and accept the T&Cs

step 3 Fill user id and password and nominate your mobile number and email id.

step 4 Input the OTP sent to your nominated mobile number.

step 5 Visit the nearest China Bank to get your Necessary Papers verified.

step 1 Download the China Mobile App.

step 2 Signup and accept the T&Cs

step 3 Fill user id and password and nominate your mobile number and email id.

step 4 Input the OTP sent to your nominated mobile number.

step 5 Visit the nearest China Bank to get your Necessary Papers verified.

Yes, students can open a Bank account in China.

International Banks such as HSBC, Standard Chartered Bank and CitiBank are the most popular options for opening a Bank account for foreigners.

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