How to open a Bank Account in China (Part 1)

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Whether you do business in China or you’re moving to China as an expat with a residence permit, opening a bank account in China has many benefits. 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.

Are you not sure if you need to open a bank account in China? Consider this: if you want to buy train tickets online, set up your phone to pay with WeChat, or do any sort of online shopping on Taobao, you must have a local bank account.

There are plenty of good China banks including, but not limited to:

Bank of China (中国银行 zhōng guó yín háng)

Bank of Communication (交通银行 jiāo tōng yín háng)

ICBC (中国工商银行zhōng guó gōng shāng yín háng)

ABC (中国农业银行 zhōng guó nóng yè yín háng)

China Construction Bank (中国建设银行 zhōng guó jiàn shè yín háng)

China Merchant’s Bank (中国招商银行 zhōng guó zhāo shāng yín háng)

How to Open a Bank Account in China?

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.

The most important factor to consider when choosing your bank is convenience. 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. A reason to pick one near you.

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.

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. Bring at least 40-50 RMB with you (if not more) as a precaution.