Interested in relocating to China? You may be relocating for work, establishing a business, or spending an extended period of time with family and friends.
However, how simple is it for an American citizen to establish a bank account in China? This guide will contain all the pertinent information, including the required documents and the application process.
Can a US citizen open a bank in China?
Foreigners are generally permitted to establish bank accounts in China. No specific laws or restrictions exist to impede your actions. However, at some institutions, the process may be more complicated than at others.
In China, individual institutions establish their own sets of eligibility criteria. Certain establishments might impose restrictions on the types of Chinese visas and residency permits that are accepted, and others might decline to establish accounts for individuals who are not Chinese citizens. Nonetheless, numerous banks have experience conducting business with foreign nationals.
You should therefore be able to locate a bank that welcomes expats and will accept your application with a little bit of investigation.
Can I open a Chinese bank account online?
In order to establish a bank account in China, a physical visit to a branch of the bank is typically mandatory. Establishing an online bank account in China is improbable.
Consequently, this implies that it is not possible to open a bank account in China from the United States. If you are still in the process of organizing your transfer to China and wish to have everything in place beforehand, this may prove to be inconvenient.
Nevertheless, while it may be feasible to initiate the application procedure online, specific banks will require further information.
An international bank is an additional option. If you are already a customer of a bank that operates in both the United States and China, such as HSBC³, they may be able to assist you in establishing a bank account in China prior to your relocation. Alternatively, you could establish a dual-country international account.
What do I need to open a bank account in China?
While specific criteria may differ among banks, the majority of Chinese financial institutions require the following to establish an account:
- The duly filled-out application form
- A valid passport is required.
- Some institutions do not require proof of address; others will accept your hotel address or a valid residence permit.
- A Chinese phone number; purchasing a Chinese sim card will suffice if you do not have one.
- Your student ID or work visa, if applicable.
Additionally, you may be required to present a letter from your employer in China verifying your employment status.
As anticipated, establishing a business account in China will entail more stringent prerequisites; therefore, you will be required to conduct additional research.
How much do I need to open a bank account in a Chinese bank?
The final and most crucial requirement for initiating a new bank account is making the initial deposit. Typically, this ranges from 10 to 20 CNY (roughly $1.50 to $3 USD).
However, this could change at any moment; therefore, you should possibly bring a small amount of additional cash to the bank, just in case.
Chinese banks to choose from
In China, a vast array of domestic and international banks are available for selection. Listed below are some of the top choices for American ex-pats:
- Bank of China
- China Construction Bank
- Industrial and Commercial Bank of China (ICBC)
All have extensive branch and ATM networks throughout the nation, particularly in major metropolitan areas.
Additionally, international institutions like HSBC, Citibank, and Standard Chartered may be of interest. Alternatively, digital-only financial institutions such as Aibank (Baixin Bank), MYBank, and We Bank.
Does the Bank of China have branches in the USA?
While conducting pre-movement research on bank account alternatives, it is advantageous to be aware that certain Chinese institutions maintain branches within the United States of America.
As one would expect from one of the largest banks in the globe, Bank of China has branches in major American metropolitan areas including New York, Los Angeles, and Chicago.
In regions lacking a Bank of China, alternative Chinese financial institutions exist. For instance, while San Francisco does not house the Bank of China, it is home to several branches of the Industrial and Commercial Bank of China (ICBC).
How do I open a bank account with the Bank of China?
Establishing a checking account at a Bank of China branch in the United States is identical to opening an account at any other U.S. bank.
To establish a Bank of China account, however, you must physically visit a branch within China.
You must appear at the information desk with your completed application form and supporting documentation, obtain a ticket, and patiently await the announcement of your number. After completing the necessary paperwork and making the initial deposit, you will be issued a new account information page and a debit card.
Having a companion who speaks Chinese with you could be a good idea if you are not proficient in the language.