Compared to other countries, opening a bank account in China takes more effort. Chinese banks require a lot more documents and verifications. So, to open a bank account in China, you need to have all the essential documents.
Although most of the banking staff is Chinese, almost every bank has a few employees who speak English, so you don’t need to worry about the language barrier.
What are the Different Kinds of Bank Accounts available in China?
Which Chinese Banks are great for Foreigners?
What Do You Need to Open a Chinese Bank Account in China?
How to Open an Online Bank Account in China
Let us Open a China Bank Account for you
What are the Different Kinds of Bank Accounts available in China?
Non-Resident Bank Account
The non-resident bank account is only for businesses. The rationale behind it is to use it for capital investments from foreigners. This type of account is available at any Chinese commercial bank and can be funded with RMB as well as other currencies.
You can make stock market investments, purchases, and pay for services with the funds in a non-resident account. But remember that the bank will need proof of all deposits and withdrawals.
Free Trade Non-Resident Account
Foreign companies conducting business in Shanghai or Hainan’s free trade zones can open a free trade non-resident account. The account holder is eligible for certain benefits, including the waiver of some taxes and speedier processing through customs.
Hong Kong Bank Account
This account helps facilitate trades between mainland China and the special economic zone of Hong Kong. It also makes international money transfers much easier.
Setting up a Hong Kong bank account is more complicated than other accounts. It requires extensive paperwork and there are a lot of steps involved in the procedure. But If you’re looking for an experience similar to banking in your home country, a Hong Kong Bank Account is your best bet.
Offshore Account
The Chinese offshore account is quite rare, it could be better, but it is functional. The Chinese government only permits offshore accounts in four banks in the whole of china.
Which Chinese Banks are great for Foreigners?
Although the government owns several of the biggest banks in China, they are suitable for both people and businesses.
Here are some of the well-known banks in China:
- ICBC – The nationally recognized, award-winning bank has one of the highest deposit balances of any bank in the world, and its branches can be found anywhere in China and abroad. One of the best things about ICBC Bank is that every branch has at least one or two employees who can communicate in English.
- Bank of China – This is the most popular bank in China. It is a state-owned bank with branches throughout China as well as abroad branches. The bank offers an English-language website and allows people from various countries to register personal accounts. The account can send and receive funds within and outside the country.
- China Construction Bank – The China Construction Bank, like ICBC, has been ranked one of the world’s largest banks. There are branches in every city in China. They are well-known for their dependability, high-quality services, and asset management expertise. As a result, it’s no wonder that many manufacturing and construction companies favor it.
What Do You Need to Open a Chinese Bank Account in China?
Listed below are the requirements for opening a bank account in China.
- Valid Passport – A valid passport is a foremost requirement as it gives credibility to the citizens of a country. Every bank in China asks for a passport.
- A residence permit – This is another essential document to open a bank account in China. The good news is that it will be on your international passport if you have it. Some banks can also ask for your residential address as well as your business address. Not necessarily, but at times an email address may also be required.
- Letter of authenticity – If you are employed in China as a foreign worker and want to open a bank account, the bank will need you to bring a letter of authenticity from your employer in china.
- Work Permit – There are different kinds of work visas for foreigners in china. But it does not matter which one you have because the bank will also ask to see your work permit.
- Initial deposit – You will also need to pay an initial deposit. This, however, will depend on the type of account and the choice of the bank.
- Police clearance form – As you are new in china, you need to fill it out at the police station or online to let the police know your location. The bank will need this form. Sometimes some people do not need to submit this document, especially students.
- Chinese phone number – And, of course, the bank will need your Chinese phone number.
- Registration fee – You will also need to pay a fee of 40 to 50 RMB to open the account. However, it is advised to carry more than 100 RMB to be safe.
How to Open an Online Bank Account in China
Opening an online bank account is rare in china. Anyone that wishes to open a bank account must visit the bank personally. However, online account opening is available in mainland China in a limited number of banks.
The bank which you may consider for an online account opening is HSBC. You need to go to their website and figure out the process. But opening such an account is not advisable as it may be time-consuming and can create complications in the future.
Let us Open a China Bank Account for you
To be straightforward, opening a bank account in China as a foreigner is similar to other countries. The major difference is that there are a lot more policies and documentation involved.
Each bank account requires its own set of documents, and once you have every document the bank is asking for, you are good to go!
Contact us today to help you open a bank account in China. We offer a wide range of services to meet your individual business needs.
