Which bank is best for foreigners in China?

If you’re planning to live in China, whether as a student or as an expat, one of the first things you’ll need is a local bank account. A bank account is crucial to manage payments in RMB, and you can connect it to Alipay or WeChat Pay to make daily transactions much easier.

This guide will explain the steps and bank options when opening Chinese bank accounts as a foreigner.

Can Foreigners Open a Bank Account in China?

Yes, but only under certain conditions. To open a bank account you will need:

• To be present in Mainland China
• Hold a valid non-tourist visa
• A Chinese phone number
• Proof of local address
• A personal visit to the bank branch (most banks require in-person identity verification)

Foreigners can open both personal and business accounts. Some banks may require additional documents, but the process is similar across banks.

What Are the Requirements to Open a Bank Account in China?

Requirements can vary depending on your bank and visa type, but generally you should prepare the following:

• Completed bank application form
• Passport with valid visa
• Local address proof
• Chinese phone number
•  Proof of work or study (work permit, business license, or documents proving student status)
• Business registration documents (for company accounts)

Tip: Some banks might request Chinese translations, so double-check with your bank beforehand!

Step-by-Step: How to Open a Bank Account in China

1. Choose your bank and account type

Consider the bank reputation and digital services. Also decide whether or not you need access to multiple currencies. You can choose between local major banks or international banks depending on your needs.

Tip: If you’re a student, your university will usually recommend a bank for you and will help you with the entire process.

2. Gather your documents

Banks usually ask for both originals and photocopies.

3. Visit a branch in person

Identity verification almost always requires face-to-face checks. Some banks require you to make an appointment, so do check with the branch you’re planning to visit.

4. Fill in forms and complete verification

Some forms may be in Chinese. In big cities, you might find English support. Either case, make sure you provide accurate information to avoid problems.

5. Activate your account

Once approved, you’ll get a debit card and mobile banking setup. You may need to make a small initial deposit (often RMB 100–1,000).

Which Banks Allow Foreigners to Open an Account? And Which Banks Are the Best?

China has 12 national commercial banks and thousands of smaller city/rural commercial banks. Most of them are generally equipped to handle foreign accounts, but smaller city banks might have limited resources. The “Big Four” are the most reliable for foreigners, as they have extensive experience in serving international clients:

• Bank of China (BOC) – The Bank of China is one of the oldest banks in China. It has branches all over Mainland China and major cities around the world. 
• ICBC – the Industrial and Commercial Bank of China is the largest bank in the world by total assets. It is also known for its digital flexibility. ICBC has WeChat Banking which allows customers to access the account or contact bank staff through WeChat.
• Agricultural Bank of China (ABC) – The Agricultural Bank of China plays a vital role in supporting China’s agricultural sector. It is a good option for companies in agricultural or rural development, as it has services like the Farmer’s Benefit Credit Card.
• China Construction Bank (CCB) – China Construction Bank is recognized for its role in China’s fintech development. It is known for its expertise in asset management. CCB offers high interest rates and flexible withdrawal terms for companies willing to deposit a minimum of RMB 500,000.

Types of Bank Accounts in China

Here’s a quick overview of the type of bank account available to foreigners:

• Savings Account – for everyday use, salary deposits, and ATM withdrawals.
• Current Account – designed for frequent transactions, often used by businesses as it has low or no interest.
• Time Deposit Account – higher interest for locking in funds for a set term. Withdrawals with this type of account is not as flexible, so it is only recommended to open a time deposit account for long-term saving purposes.

Business vs. Personal Accounts:

• Personal Accounts: Usually faster to open if you have the right visa and documents. Recommended for expats and students.
• Business Accounts: More complicated. Banks will ask for additional documents like company licenses, proof of operations, and will conduct compliance checks that take weeks.

Alternative: If your company is not based in China, consider opening a business account in Hong Kong instead. Hong Kong business accounts are simpler to open, allow RMB transactions, and usually don’t require being physically present.

FAQs & Tips for Foreigners

• How much money do I need to start? 

For personal accounts, most banks require an initial deposit of RMB 100–1,000.

• Do I need a bank account for Alipay/WeChat Pay?

Yes, to unlock full features like receiving payments or topping up balances, you will need a bank account (but do note that Alipay can also be linked to international bank cards).

• What if I’m not in China? 

It’s nearly impossible to open a Mainland China account remotely. If you can’t go to China, do consider opening a Hong Kong bank account.

• Will language be a barrier? 

Most likely. Staff in big cities often speak some English, but documents will be in Chinese. Make sure you have your translation app ready, or bring a local friend! Your workplace or university will often provide you with a guide, so there’s no need to worry!

Start Your Journey to Study in China Today

Choosing to study in China is a life-changing decision that opens the door to world-class education, cultural diversity, and exciting global opportunities. Whether you’re researching top China universities or preparing your China university application, having a trusted partner can make all the difference.

At ApplyForChina, we make the process simple and stress-free. From finding the right university to submitting your application, we’re here to support you every step of the way.