How can I open a bank account in China? Whether you do business in China or you’re moving to China as a foreigner with a residence permit, opening a bank account in China has many benefits. This article has been expanded and updated to include the experiences of other foreigners, so make sure to read through carefully, especially the frequently asked questions section. I hope you enjoy this guide to help you open a China bank account.
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To open a bank account in China requires time, but overall it’s not particularly complicated. The key is finding a bank branch that has experience working with foreigners and that is willing to accept your particular visa/resident’s permit (more on this later).
Below I’m going to walk you through the process of how to open a bank account in China. In addition, I’ve also included a section of frequently asked questions that I receive all the time about banking in China.
Personally I have opened accounts with Bank of China (中国银行) and the Bank of Communication (交通银行), but I’m not here to promote one bank over another. There are plenty of other good China banks including, but not limited to:
- ICBC 中国工商银行 (Industrial and Commercial Bank of China)
- ABC 中国农业银行 (Agricultural Bank of China)
- China Construction Bank 中国建设银行
- China Merchant’s Bank 中国招商银行
For the average person, there’s not a huge difference between these banks, so I recommend choosing yours based on convenience. Which branches and ATM’s do you see most often in your city or near your neighborhood?
Convenience is key.
*Special Note* For those opening a foreign business in China, your choice of bank makes a much greater impact on you than as an individual. I recommend you contact a lawyer or specialist before deciding where to open a bank account in China.
Also, are you not sure if you need to open a bank account in China? Consider this: if you want to buy China train tickets online, set up your phone to pay with WeChat, or do any sort of online shopping on Taobao (China’s Amazon-like marketplace), you must have a local bank account.
Note: Some links in this article are affiliate links, which means that at no extra cost to you, I may be compensated if you choose to use one of the services listed. I only recommend what I’ve personally used, and I appreciate your support!
Why NOT to Open a China Bank Account
Before I dive into the “how-to” of opening a bank account in China, I first want to cover a few reasons not to open one.
- You Don’t Live in China. If you’re just traveling through China as opposed to actually moving to China or doing business here, taking the time to open a China bank account doesn’t have many advantages. Most every ATM in China accepts Visa and MasterCard, so save yourself the hassle and use cash instead.
- No Investment Experience: For those not living in China who want to open an account in an effort to diversify your investment portfolio, make sure you know what you’re doing. Investment in the Chinese Yuan isn’t crazy, but it isn’t for the inexperienced.
- You Just Want a Chinese UnionPay Card: There are advantages to having a UnionPay card in Asia, that’s for sure, but opening a Chinese bank account isn’t the only way. There are other options.
It’s worth noting that it’s virtually impossible to open a bank account in China remotely.
You’ll need to be physically present in the bank in order to open an account.
How to Open a Bank Account in China (3 Steps)
If you still feel inclined to open a China bank account, here are a few simple steps to follow.
Keep in mind that for most expats or travelers going through this process of opening a Chinese bank account, it takes a few hours – and sometimes a few days. There are many reasons for this, but what you need to know is that it’s good to budget a good portion of time to get this done.
Arrive at the bank the moment it opens in the morning to see if you can avoid waiting in line.
Follow these three steps and (hopefully) in no time you’ll be walking out with your very own China bank card.
Step #1: Preparing to Open a Chinese Bank Account
Preparation can be broken down into two simple categories: choosing your bank and gathering the appropriate documents.
Which China Bank Should I Choose?
As I mentioned earlier, the most important factor to consider when choosing your bank is convenience. Bank of China is the largest in China, but personally I don’t keep most of my funds there because there isn’t a branch or ATM immediately near my home.
Also, your account is tied to the specific branch in which you open it. So if you need to change your PIN, report a stolen card or something of this sort you’ll need to go back to that exact branch. Another reason to pick one near you.
IMPORTANT: Not every China bank – or China branch for that matter – will allow a non-Chinese person to open an account. Many travelers and expats have reported to me that they’ve had to go around to 5-10 different bank branches until they found one that would allow them to open an account.
What Do I Need to Open a Chinese Bank Account?
There are a few things that you’ll need in order to open a bank account in China:
- A Passport: This should be obvious. Of course, that passport will need a valid Chinese visa, but if you’re already in China, I assume you have that.
- A Chinese Phone Number: All Chinese bank accounts need to be tied to a Chinese phone number. If you haven’t already, you’ll need to get a Chinese SIM card to get a phone number to use.
- Work Permit / Student ID (sometimes): Some banks will ask for your work permit or student ID. This isn’t always the case though, and usually they don’t have to have it.
- Proof of Residence (sometimes): Some banks will require a proof of residence. This could be as simple as your residence permit or a receipt from the hotel where you’re staying.
All application forms will be given to you at the bank where you will need to take a few minutes to fill it out.
The bank will require at least 10-20 RMB for an initial deposit and some banks might make you pay for the card they give you. I recommend you bring at least 40-50 RMB with you (if not more) as a precaution.
Step #2: Opening the Account at the Chinese Bank
Once you’ve picked the bank and put your passport and cash in your pocket, set aside an hour or two and head over to the nearest bank branch.
If you have a local Chinese friend that can accompany you, this might help speed up the process. It’s not necessary, however. You should be able to do this by yourself (if you’re adventurous enough!). As I’ve said before, it’s possible to travel in China without speaking Chinese, and it’s also possible to open a bank account in China in the same way.
The first place you need to stop is the information desk to speak with the staff and get a wait number. Tell them that you are opening a new account and often they can help you fill out the form.
Say: “我想开一个银行账户” – Wǒ xiǎng kāi yīgè yínháng zhànghù (“I would like to open a new account”)
Sometimes the bank account application form they give you is in both English and Chinese, but that’s not always the case. Either way, unless you’re confident can write your address and information in Chinese characters, the staff is usually able to help you.
They’ll also likely go make a copy of your passport and visa that you’ll need later.
When your number is called, provide them with your passport and the form. They’ll have you sign a few other documents, tell you how much money is required for deposit and hand a new UnionPay Bank Card.
At some point during the process a small keypad next to you will light up and scream at you to input a password. All China bank passwords are 6 digits long and you’ll probably have to input it a few times while you’re there.
That’s it! You should walk away immediately with a new card (it won’t have your name on it) and a lot of stamped paperwork.
Step #3: Using Your China Bank Account
There are a few different ways you might find yourself using your new China bank account and your UnionPay card, and each might require specific actions.
- Using the Chinese ATM: This is the easiest way to utilize your account. You can withdrawal cash (known as Chinese renminbi or Chinese yuan) from the ATM and even deposit cash in some of them. For more information, read my guide to using an ATM in China.
- Making Purchases Online: If you think you’ll be buying things on Taobao or another China merchant, you’re going to need to specifically ask your bank to turn on Internet banking. Otherwise, the card simply won’t work to purchase. (note: some shopping sites like Amazon.com are not accessible in China without a VPN)
- Set up WeChat or Alipay: Perhaps the most popular reason that many expats and business people open a bank account in China is the option to use mobile payment systems like WeChat or Alipay. In modern Chinese society, very few people use cash and credit cards still aren’t normal. Instead, Chinese people use their phones to pay for almost everything. Having a Chinese UnionPay card (along with Chinese mobile phone service) will make this possible.
Banking in China | Frequently Asked Questions
As simple as I just made opening a bank account in China sound, as with all things, the devil is in the details.
Here are the most common questions that I receive about banking in China.
Can I open a joint bank account in China?
No, you can’t. Chinese banks don’t do joint accounts like you find elsewhere in the world. Only one name is allowed to be on the account and only one UnionPay card can be tied to that one account.
If you’re wanting to share an account with your spouse or significant other, you’ll also need to share a bank card. It’s annoying, but that’s the way China does it.
Can I open a Chinese bank account on a tourist visa?
Ummm…maybe. But don’t count on it.
Even if it’s possible for you, don’t expect it to be easy. I received feedback from one reader named Sean who shared his experience with me: “After trying a number of different bank branches, always pretending it was my first try, a China Construction bank allowed me to open an account on a tourist visa. When everybody else rejected me, more than a few banks explained that it wasn’t specifically the tourist visa that was a problem, but that you’d need to be stamped in for a visit with a minimum of six months.”
Based on his experience and many others I know, persistence (and time) is key to opening a Chinese bank account on a tourist visa. You’ll probably be told that it’s “not possible” or “against China regulations now” and yet…it still happens.
Can I open an account in my country and use it in China?
In some cases, there are China bank branches in other countries, such as the Bank of China branch in New York City. Although it would seem logical that you could open an account in the New York City branch, deposit money and then use that account in China…it doesn’t work that way.
Accounts outside China only work when connected to an account opened within China. The bottom line is that you’re going to need to open a bank account from within China. Sorry.
Do I need a China bank account in order to wire money in China?
Yes and no. It is possible to wire small amounts of money or use Western Union / MoneyGram to transfer money into China. To transfer money out of China, you are required to provide proof that taxes have been paid on the money and this, in turn, is verified by a China bank. You’ll need to have an account of your own.
In both cases, you need to bring all your documents with you to wire money, particularly your passport.
Can I use my UnionPay card outside of China?
Technically, you’re supposed to be able to. In my experience, though, my UnionPay card is only valuable throughout Asia. The same goes for using mobile payment systems tied to my card (such as WeChat or Alipay).
It works for Chinese people traveling around Southeast Asia, for example, but not for non-Chinese people.
Final Thoughts | Opening a China Bank Account
Hopefully that answered most of your questions about how to open a bank account in China. With the right documents, I was able to open an account in less than an hour, but I’ve known some people who have spent days trying to get things sorted out.
Be patient – the Chinese system has never been known for being efficient. 🙂
Best of luck with your China bank account!
Great article, Josh. very useful.
Best,
graham
Glad to know it was useful, Graham. Thanks for the comment!
Hi, Josh! Very helpful and comprehensive article, I must say.
I just wanted to ask that if, after opening a Chinese bank account in China, I make a PayPal account with that Chinese bank account attached to it, would I be able to use that PayPal outside of China? (Keeping in mind that I have put my Chinese phone number on International Roaming)
Thanks!
Thank you for all the useful info!
I will go on an exchange program in chongqing for 5 months. I can’t pack much so I was planning on buying many stuff once I get there. Do I necessarily need to open a bank account if I plan on shopping online? Also, if I open a bank account, will it be easy to close it once I want to leave china?
If you have a residence permit it should be fairly easy to open a bank account and yes, it is extremely useful for shopping online. Lastly…why do you care about closing it?
Thanks for the info! I was wondering, i am coming to china on a one year employment visa, if i was to open a bank account in china for my duration, would It then be possible to Use that account to Transfer my funds after one year back into my foreign back account, do chinese bank accounts allow for international transfers?
They do allow for transfers and that would work, although it’s worth noting that any transfers over the amount of US$10,000 are much more difficult. You have to go through the process of proving that you have legally paid all the taxes on the money. It’s a pain, trust me.
While I’ve found bank of China to be limiting to the same branch to do things you talked about, can speak from personal experience (living here since 2011), China merchants and icbc will do services at a branch as long as it is in the same province as where you opened your account. Have accounts with bank of china, China merchants, and icbc, and have found China merchants to be the best in terms of what you can do and quality of service. Generally, make sure you head to a big business part of town(for example, Xujiahui in Shanghai or zhujiang new Town in Guangzhou) for the best results, as they tend to deal with foreigners more and are more willing to help. Picking the right branch can make the difference between getting an account or not.
Hi! I Found this extremelu useful, i’m going to china for 8 months but is a kind of exchange where i’ll be living With a family and taking a language course, so i don’t think i’ll have a residence permit? IDk i still dont have a visa which i read Will be A student visa… do you think it’ll be Easier? If not i hope a Branch can let me open An account in beijing.
If you’re there for more than a month (the length of the average tourist visa), then you’ll have to get a residence permit. Armed with a student visa and a residence permit, it should be easy to open an account!
Hi Josh, thanks for the great write-up! I’m a Hong Kong Resident who travels regularly to china on short-visits for work and pleasure. I’d like to open an account so I can start using Alipay and Wechat Pay. Do you know if I can do so using my Hong Kong address? Thanks!!
If you have a Hong Kong bank account that has a UnionPay card, you should be able to use that to start using Alipay and WeChat. I don’t think there’s a need to open an account in China.
Will the bank close your account (suspend ) if your resident permit expires ?
No, they don’t keep tabs on your residence permit. Likewise, you don’t need to report to your bank when your residence permit is renewed.
Great article Josh, and thanks for the info! I’ve been looking at opened Ng an account just because of WeChat pay, it seems impossible to use other means, I do not live in China but I travel over there a lot, and it seems that not always the ATMs allow for withdrawals with my card.
Hi josH!
SIenna here! I come from norway, and I studY in ChengDu.
Your artiCle is so on point! I recently received my Chinese bank account, but the card confuses me a bit. The card has a number with 19 digits on the fronT, but nothing on the back. Is The 19 digit number my account number or my card number? I want to send money from my norwegian aCcount, to my chinese account. Do you know how to do so?
I’m glad it was useful! Yes, your card number is your account number. If you ask your bank, they can also give you the specific instruction for wiring money (mine gave me a one-page printout). The most important thing I learned is that the name on the account has to match EXACTLY. That means that if your bank stores your name as [Last Name][First Name], or even in all capital letters, that’s how you have to wire the money to the Chinese account. If it doesn’t match the money gets rejected and sent back.
why dont you withdraw cash with your norway atm card, and deposit it into your cn bank
Hi Josh
Thank you for this article, super useful.
I am moving to beijing for 5 months and on arrival at the university i must pay tuition and dorm fees via Union pay – around 21000CNY.
WHen setting up an account, how is best to put money into it? Is is best value to take cash and deposit it when opening (so I’d take CNY with me to Beijing in preparation), or is it simple and good value to wire it somehow? any recommendations? I have heard that the exchange rates and charges that the banks charge are fairly high.
I’d also need to top up the account every month or so from my british account while I am there.
Many thanks in advance!
Thanks Josh Summers :0)
Quite a lot of useful info on Your site. even as i’ve been to China more than a few times there’s a lot to learn.
we, my chinese wife and i, probably will move to changcun sometime this Autumn. Makes banking in China a must.
still.. ..a lot of paperwork pending, hard but not impossible :0) Thanks again.
“Laowai” / roald
Best of luck to you, Roald!
I heard they have changed rules to make it possible for hk residents to open a bank account in china. is this true? i live in hk and want to open an a/c in shenzhen.
I’m not sure since I’m not an HK resident. You’ll have to give it a try and leave a comment to let us know!
Hong Kongers without proof of a mainland address are not allowed to open bank accounts.
Hi Josh. I have been in beijing for 1 year now and using wechat without a bank account (just by having an interNational credit card as verification and friends transferring money in for me). But as of today i can no longer receive money because wechat says i have to have a mainline china bank card loaded. I have been here on toUrist visas and last year tried opening accounts with ABC, bank of china, china merchants bank (in sunlitun) and one other… all without success. Could you suggest a bank (and even beijing branches) that i could try so i can get my weChat going again…. i cant imagine having to go back to cash after having used wechat. What a nIghtmare. Thanks
Hey Andrew, I’m so sorry about that. It’s unclear exactly how foreigners are going to be able to use WeChat going forward with all these changes. There is no “magic bank” that works well so the only advice I can give is to keep trying different banks until you can find one that will let you open an account. I know some people that went around to 10 different banks before they got one that worked.
Be careful with the CHinese Banks. It was chance to get Visa or Mastercard some years ago. But the present policy revoked them. If you think of sending or receiving Money out of China, then the procedure is ridiculous!!! Go to the bank any times and beg to the Chinese government (on an official form) to get your money -What your partner already transferred and in the bank- or sending with identify in both situation your partner, the reason, etc. Beside of this, the UniPay is technically nameless card without online security option (CCV), so the serious online payment systems simple does not care with this type of cards. So, if I were you, think twice. Your money access, freedom and any other viewpoints, China is one of the worst option (expect if it is not demanded only)
Hi Josh
thanks for this all info. I just came back from bank with the bank card. in my case it is bank of china. all other banks that i have tried (icbc, bank of beijing, abc, ping an) asked me to SHOW work permit which i don’t have of course as a normal business traveler.
what i have noted that they checked is how long is my visa is valid (it is 3 months in my case). they didn’t care that I only allowed to stay in china for 20 days. Also I had provided my temporary residence paper from local police which my hotel gave me (but i am not sure if this is needed). also what is very important is to have chinese mobile card registred on your name with your passport – if you will not have this you will not be able to use this bank card as the id for wechat pay. Hope this info will be useful for others who want to try open bank account
Thanks for the info, Gedi! All very good information 🙂
Great information, gedi!
Would you mind to share the bank branch and city where you managed to get the bank account? Thanks in advance.
Thats true. It will be useful if you couLd provide which branch and which stuff Is doing this for you.
great article With pretty much spOt-on information. It took us 3 triEs to find a location That would open us a bank accouNt on a tourist visa (we’re in Hefei for a month) and the only DIfferenCe we encountered was they requred us to have a Chinese mobile phone number before we could open the account.
Thanks for the update, Jonathan! You’re right…it seems that a Chinese phone number is a must-have now. I’ll make that update.
I’m in China now. I have a business travel visa valid for 6 months. Today, I went to China merchants bank, China construction bank, agriculture bank, ICBC and bank of China, all in Shenzhen shekou area. Everyone asked me for a work permit without which they refused to open the bank account.
I guess the rules have changed and experiences of different people at different branches is varying. I was very encouraged by the experience of GEDI and explained to them that work permit might not be required. Couldn’t manage it.
Will try again in Beijing tomorrow.
Great blog btw!
Hello,
I will work in china for 6 months with a multiple entries visa (business and trades) and i will rent a flat, also my swiss credit card doesn’t work there in china. What do you suggest for 6 months ? Open a bank account to receive salary, pay rent and do wiretransfer between switzerland and china? Also need a sim card china to have wechat pay no? or cash and atm wiretransfers are best options?
Thank you !
I would open a bank account. You’ll need both a SIM card and a bank account to use WeChat Wallet to pay for things.
I went to a couple banks in Guangzhou and all required a tax ID number to open a bank account now. For me as a Canadian, it would be my SIN number. Hope that helps!
After trying in 5 banks in Shenzhen, today I tried in Bank of china and bank of beijing in BEIJING. No luck. They all asked for work permit, which I don’t have. GIVING up now. Wishing luck for others.
An update. A happy one.
After I almost gave up. I was going to a pub to grab a beer and happened to see an Icbc bank branch nearby. Thought I’ll give it a try.
The lobby manager asked me for my passport, gave me two forms (which were in Chinese and English), got me a token. Once I got to the window, they asked me to choose a card. I chose a red special edition one that cost me 20rmb. Now I have a bank account !
One thing they asked for was my tax registration number of my country. I showed it to them on my phone. They asked me to fill it up on a tax declaration form.
They did not ask for residence certificate. I just filled up my hotel address.
Thanks a ton guys. This calls for a beer, or two 🙂
I got the bank account opened at ICBC branch near Beixinqiao metro station. Head towards yonhhegong lama Temple and you’ll find it on your right.
A tip: ensure that you know your name exactly as it has been mentioned in your bank account else wechat doesn’t allow you to link it. I didn’t. Ended up trying all the combinations. Had to call icbc call center and confirm. They didn’t leave any space between the parts of my name. The format in which my name was written (if it helps) was without any spaces in between.
Bye folks! May not come back here again. This blog helped me a lot . Wish you all the luck!
I am HK resident, USA passport, CN tourist visa, Tried 7 banks in shenzhen (April 2019), all unable to open without a work permet / work visa / permanent residence (proof) in mainland.
Will be in Shanghai and Beijing later this year, any recommendations for banks that would allow an account to open on tourist visa?
Josh, nice write up! I have been living in China now since 2016, and I really like it and am happy here!
I find that the processes and systems in China though efficient, are quite slow. I always have to wait for some time to see a clerk for assistance, not that the banks are full of people, but the staffing seems low most of the time. You outline the account opening process quite well. Since early 2019 there are some new regulations for foreigners that require more Identifying information, such as social security number, or a social insurance number, and a driver license or ID card number from your home country. Bank personnel have the right to ask for residents permit and work permit info, too,Though, the latter can be overlooked with a more flexible branch manager.
Regarding wiring funds into an account, it has been interesting for me to try to wire into my Chinese account from banks or brokerage accounts, and not because of cost, but because of regulations with other countries and wiring money into china. it is easier to use your home country bank card to withdraw money. for sending and receiving money from back home, most foreigners are using the service you mention above -Western Union. the only incovenience is having to depend upon someone at the other end.
Also, I have set up a China PayPal, as my US payPal didn’t work here for some reason. But the China paypal allows me to easily send money home (for a small fee)! I can send it to myself (to my other paypal) or to someone else.
Best advice in china, is to be patient and to allow more time for processes than you may be accustomed to back in your home country.
Great advice, Susan. Thanks for sharing!
hi susan do you use bank of china-if so there only seems t0 be 2 branch choices on paypal to input. which did you use?
regards steven
Hi josh! thanks for the good advice. i’ll be living in china for about three months, and the friend i’ll be staying with recommended i open an account since a lot of places near where she lives don’t take cash, they only do wepay or alipay. do you think it would be more of a hassle to open an account, or more of a hassle to just avoid places that don’t take cash/card?
Three months is a short time to be opening a bank account. There’s a good chance many of the banks won’t even let you open an account unless you have a long-term visa, so you’ll be spending a whole day or two just standing in line at banks. My advice is to use cash where it’s accepted.
Im a us citizen, just received work permit today and went to citibank to open an account and was told i need to have Worked here min 6mo before they will allow me to open an account. They also only have priority and gold account that require 150k Rmb or 1mil rmb min balancE! And fees if Total balance falls below the minimum Requirement. Since I have a Citibank account in multiple countries, I figured I would open one here but it seems like I need to take my business elsewhere.
Now, my question is, what bank has the lowest fees and easieSt process to transfer money to the US.
Thank You in advance!
JR
My guess is that a foreign bank on Chinese soil will have much different requirements than a domestic Chinese bank. I would check with any of the others – Bank of China, Agricultural Bank, Bank of Communications, etc. I’m not sure if the fees are much different with any of these.
From my experience, It’s possible to open a joint account in China. However, it’s more like two accounts with shared liability and balance. (my mother and I have one)
And lol- how long you will wait at any branch heavily depends on how much money you have. Usually, with 100k as an initial deposit, the on-duty manager would personally welcome you, invite you to a VIP room and deal with all the paperwork on behalf of you.
Ha! Yes, I’m sure that with any bank, the more money you walk in with, the better you’ll be treated.
Hi Ben or Josh, my father has an account on ICBC in Shanghai (he’s not a Chinese citizen/resident) and I am thinking about asking him to open a joint account and add me (the next time we’re both in China).
He has a Union Pay card. Would I (as a joint accountholder) also receive a separate UnionPay card?
Or should I ask ICBC to open a brand new account for me (with my Dad being the guarantor)? I feel like a 17 yr old again. He’s fluent in Chinese, I’m not.
And yes, I have a Chinese SIM card already and have WeChat Pay already set up, just don’t have a way to fund it outside of begging friends/family to transfer a small amount of money…and these were all possible pre March 2019 restriction that imposes Real Name Authentication.
I set up a chinese paypal account hoping to send money to my us paypal account. However, the verification of my union pay card with boc did not go through as paypal tried to send $1 to my account. I do not have my debit card online payment enabled and it is single currency rmb. it looks like paypal requires the chinese debit card account to be dual currency accepting us dollars and online payment enabled. i am still looking at what i can do. you may have to request an account that is dual currency when you open it. i will find out soon. if i get this fixed then paypal will be the easiest way to send money back home.
Hi, i will like to cheCk if anyone successfully open a local chiNa Bank Account as Foreigner (tourist) in Zhuhai? If so, Can share which branch and bank? And Normally how much is the initial deposit? Thanks.
I have a 2 years “M” visa (Business Visa) and registered in Shanghai (Apartment). Will i be able to open a chinese bank account?
You should be able to, Paul, but you might have to try a few different bank branches.
Union pay can be used in chicago — especially in chinatown and some places downtown chicago. I’ve seen it in 711
I am doing business with china and need to use 1688, taobao and get payments from China. Can i open bank account on tourist visa while travelling?
Maybe. People give mixed reports. The truth is that it depends on the bank branch. Some of them will open an account on a tourist visa, but you might have to visit quite a few banks to find one.
Do monthly fees arise for an account?
If I leave China after 6 months, I have to cancel the account or can I just leave it ?
Thank you very much in advance
Each bank is different. In most cases, if you leave an account it will remain open, although I would recommend you speak with a bank representative to let them know what you’re doing and asking if they need anything from you.
Thanks for the great artical. I was wondering if you might be able to help with info on my situation. I opened an icbc bank account sometime ago but never used it. Did not make any deposit or anything. Will I be able to use the card again? IM planning on going to china again next year.
REgards
and thank you
It depends on ICBC. You’ll have to go into the branch where you opened the account and ask them. Good luck!
Hi. I would like to share my EXPERIENCE opening a bank account in china and why i need a bank account.
On my way from the airport to the hotel, the taxi trip was CNY139, I only had CNY100 bills and the taxi driver claims to not have enough spare change. i end up paying CNY200 for a CNY139 taxi ride. SO i went around figuring how to setup Wechat pay and Alipay.. Wechat pay which advertise it works with International Visa & Mastercard doesnt seem to work. I still need to be verified with a local bank card. I tried with my passport, which is one of the documents that it claims will work to verify, but it does not.
My first visit is to ICBC bank. After making 30 minutes worth of phone calls to their head branch, they rejected my application saying i need to have a company registered in China, to send a letter of recommendation and to say i am working in China. and i also need to have my passport translated by an embassy into chinese.
I left and went to the bank next door. China Construction Bank. This bank just asked me why i need to have an account. I told them i frequently visit China for business and related the story of how the taxi didn’t have sufficient spare change. The bank officer relates to the problem and told me most locals do not carry that much spare change in their wallets. They mostly pay using wechat pay or Alipay, to which i told them, yes, that is why i am here. They laughed and processed my application.
It took them around 30 minutes and i have my “Savings UnionPay Card” Interestingly they did not ask me to deposit any money, but i just put half of my cash into the account (CNY2000). Later on i discovered you really do not need cash so i put the remaining cash i have into the account. In the middle of the night i received a text message informing my card was deducted CNY5.. with no reason. Further checking with the bank’s android app, the transaction is for processing the bank card and account opening charges. That is fine.
So now i am enjoying the benefits of Alipay. Oh and my Wechat Pay and now is verified after adding my Bank Card.
I would like to add, initially Alipay rejected my bank card. You need to enter your name exactly as what the bank did on the paperwork. For me, it is all in CAPS.. Changing my name in all caps worked.
Also, on Alipay, you do not need to transfer funds to the ewallet. By default it will deduct directly from your chinese savings account.
Also, if you are shopping in shopping malls and the shop accepts union Pay credit cards, i found out sometimes you can use your VISA/Mastercard. There is once i was able to pay with my Visa, next day i went to the shop to get another bag, and it was declined by the terminal.
However, if you use and have an active Samsung Pay on your phone, (i am not sure about apple pay or google pay, i dont use them), it seems to be able to bridge VIsa/Mastercard payments on unionpay terminals. SUpEr!
If you ever run out of funds and need to TT some cash into your bank account, you have to go back to the exact branch you opened your account to verify your identity before they can deposit the TT from your home country bank. The bank claims this is only for foreigners and locals get it without hassle. The second time i needed cash, i just deposit it to a local work partner and he transfered it to me via alipay. But if you want to do this, for obvious reasons, get someone you can trust.
Note: I am from Malaysia, ethnically Chinese and i speak fluent mandarin, and able to read and write in Chinese. That helps.
Which branch did you go to open your China Construction Bank?
I would like to open an account as well.
Sorry for the cap, for some reason, I can’t turn this off.
I really appreciate. Let me know,
Shawn Sun
Hi harold chia! May i know the place you’vE opened bank account?
Thank you!
hey,
do you know if it’s possible to open a bank account on an M type (commercial) visa?
thanks!
It should be, but it’s honestly up to each individual bank. I suggest you try a few different banks to find out.
Josh, sadly my brother died in China without a will. I have probate and the necessary forms to access his affairs. Will it be possible to transfer money from his Chinese bank account into Britain?
I am so very sorry to hear that. I have no doubt that it is possible to transfer the money from a Chinese bank account, but I also know it might not be worth it unless it was a large sum. In most cases, you’ll be required to visit the bank in person and with all the forms properly translated, authenticated and notarized. Even then, you’ll probably run into plenty of roadblocks. Let me know if it ends up being easier, though, so I can help others in the future!
I have already OPENED an account with bank of china. i will be leaving china soon, and I was told i should close my bank account before i leave because it is tied to my chinese phone number, which i was also told i will need to close before i leave. do you need to keep your chinese phone number for as long as you want to keep your chinese bank account open? also, is it worth it to try to keep the bank account open? i was only able to open it under some pretty special circumstances.
That’s entirely up to you. It will definitely be difficult to maintain the account if you lose the phone number, I would think.
Hi Josh,
I’m wondering… what about the “big banks” like hsbc and citibank that have branches in chinese cities? in theory, isn’t it more convenient for a westerner living/working in china to open an account with them and set up internet banking to make online purchases?
In theory, yes. In my experience, though, nothing in China is ever as easy as you hope. I’ve had just as much success at a small bank as I have at a “big bank” (and honestly, in China, they’re all “big banks”).
Why would you say, it isn’t possible to use any Chinese UnionPay card outside of China?
It’s just not true and it doesn’t matter if foreigner or Chinese; your UnionPay card is accepted everywhere in the world – you just need to know which banks / ATM you can go to. Not all banks are connected to the UnionPay system yet, but it’s one of the biggest network globally after Mastercard and VISA. I have been using my CARD since 8 years in many places outside of China and so far without problems.
This was helpful blog. Appreciate all comments and inPuts. Now to find a bank loCation.
Regarding your “Important note” and people needing to try multiple banks/branches:
Very often people are told it’s not possible because the teller/manager either does not know how to open a bank account for foreigners or does not want to deal with the difficulty. Instead of figuring out how to do it, they will just tell you it can’t be done in the hopes that you’ll leave and they won’t have to deal with it.
I’ve had the same problem trying to send money. I’ve even had a guy try to persuade me that the fee (200RMB for China Construction Bank) was too expensive and do I really need to send money?
The best solution I’ve found is to find a larger/main branch. The branch I use to send money now has 2 tellers whose only job it is to send money internationally. Instead of taking 2+ hours each time and having to convince people that yes, they can send money from my account and yes, I do really want to do it, I’m out of there in just under an hour each time with no hassles (unless the teller changing the money is new, then sometimes it still takes 3 people to figure out how to do it). That said, I also haven’t done this in more than a year… so…
Very good point, Phill. In China, people would rather tell you “no” instead of “I don’t know…let me check”. This is why it’s important to not give up on the first try.
Hi everyone! Just wanted to say big thanks to Josh and all of you for the encouragement you provided here. Opening a bank account in China sounded pretty much impossible, so I was already prepared for more than 5 or even 10 failed attempts.
I have been living in Zhengzhou for a month and a half now. I set up my Google maps according to the banks you guys mentioned here, dedicated two hours in the afternoon to walk through a financial area so that if a bank rejected me, I could go to the next one without too much trouble. To my surprise, the first one I entered said yes right away. YAY!
The account opening took like 40 minutes, quite a lot, but they never asked me anything unreasonable. The bank is China Construction Bank, just in case someone living in Zhengzhou is reading this. All they requested was my Chinese phone number and address, my address back home and my tax ID back home and that was it! Super excited.
That’s great to hear, Eleonora! Thanks for sharing 🙂
I am unable to transfer money into a bank of China account. Has anyone had this problem and managed to solve it?
Details: A relative who has moved to Beijing has successfully opened an account with Bank of China and it seems to work fine there. However, it won’t accept money from abroad (the UK). I have tried to send to his account using his UnionPay number and every combination of FirstName LastName vs LastName FirstName and All-capitals vs Initial-capitals with no luck. I have tried TransferWise and a couple of similar sites – PaySend and WorldRemit.
TransferWise doesn’t even get as far as asking me for funds from my end but on entering the UnionPay number and after a very short delay says: “Sorry, TransferWise can only pay out to UnionPay cards owned by Chinese residents.”
The other two sites go through authorisation for my debit card with no problem but then Bank of China refuse the transfer. PaySend reports: “Please use another recipient card.”
He has been into his branch and they say that there should be no problem with receiving money but they don’t seem able to investigate these specific transfers.
Has anyone had this experience? and have you managed to overcome it?
Wire transfer of money to a China bank account is difficult. It is possible to send to Chinese residents, but to foreigners not guaranteed. Also, not all banks are authorized to accept international wire transfer (generally only the big state owned banks like BOC, and ICBC)
Best to use western union. You can pick up cash western union easily at any china postal savings bank in the same province, with just your ID. These days you can also send WU using their app, and send directly to the bank account (again of a Chinese resident anyway).
It used to be easy to send money out of China by western union, but now you need to show work permit (ok) and proof of tax paid on the funds … what a pain in the ass. Exchanging RMB to foreign currency also is a pain at the banks, so best to use a Chinese person to do it for you, or go to a “black market” money exchanger…they give better rates than the banks anyway, no ID or questions asked.
Sometimes I use my Hong Kong bank to wire money to the USA, but that requires a trip to Hong Kong… not far from Shenzhen, but crossing the border is a hassle and these days the protests often block the train and roads.
So for me the best way to send and receive funds is using cryptocurrency (such as bitcoin), but describing how to buy and sell cryptos in china is a whole other essay.
Good luck.
A very big lie is impossible To OPEN BANK ACCOUNT IN CHINA as a Foreigner
Interesting…so then how do I have a bank account right now?
tell specifically which bank, and branch, and what visa you have
Man! I tired my best. Visit Almost 7 banks with no success. Even though I have 2 years visa but still they need work permit. 🙁
Interesting. So what kind of visa do you currently have that they’re rejecting you for, Vege?
hello if i don’t live and travel to china what can i do to use wechat pay or alipay. I would like to shop on wechat, I tried with a debit and credit card … please help me. write me an e-mail. thank you
You can’t, unfortunately. At least, not at this point.
I just discovered my 2002 SAVING account Passbook from Bank of China(GUANGZHOU). Do you know IF I needed to provide proof of residency when opening my account? I know this is an odd question but could really use some help.
Back in 2002? You probably didn’t. But you do now if you want to open a new bank account in China.
Hi! In two years im going to china for an exchange programme and im going to stay there for more or less 6 months, and I would like to open a bank there, is it possible with a student visa?
You should as long as you get a residence permit, but for 6 months – is it really worth it?
Hi Josh. I HAVE been IN China almost4 years and i am frustrated. I HAVE BEEN OPERATING WITH CASH ALL ALONG AND IT IS GETTING TOO DIFFICULT. I HAVE TRIED VARIOUS BANKS And CAN NOT FIND ONE TO HELP ME. I AM RETIRED AND RECEIVE RENTAL INCOME FROM Sa and some money from my daughter for day to day expenses. I HAVE MY OWN APARTMENT AND A LONG TERM FAMILY VISA and a residence permit BUT THEY SAY I NEED A WORKING PERMIT AND THATS IT. CAN ANYONE PLEASE GIVE A SPECIFIC BRANCH IN SHANGHAI WHERE THEY WERE HELPED?