How to open a bank account in China: 2025
Looking to open a bank account in China? Whether you've just landed in China or you're planning everything ahead of your arrival, opening a bank account in China can be a complex process. Banks in China set their own rules about which customers they will offer accounts to - which means you’ll need to do a bit of research if you want to open an account with a bank there. The good news is that some major local and global banks do extend their services to expats and foreigners with proper residence documents for China - we’ll look at a couple of options later.
This article will help you understand how to open a Chinese bank account in Singapore, and how to transfer money to a Chinese bank account or wallet, with a low cost provider like Wise or Revolut. But more on that later, read on.
Key points: Online bank account opening Foreigners with proper Chinese legal residence documents can open a broad range of accounts in China - some accounts are also offered to non resident customers Bank accounts in China support CNY, but many also let you deposit or withdraw foreign currencies Generally you can not open your account online - you need to attend a branch or have an agent do so for you If you need to transfer money to a Chinese bank account or wallet, you might find it’s cheaper with a low cost provider like Wise or Revolut compared to your bank
What documents do I need?
The exact documents you need to open an account with a Chinese bank can vary based on the bank itself and your own nationality.
If you’re a foreigner in China, or an overseas Chinese, you’ll usually be asked for the following:
Completed application form
Passport
Residence permit
Minimum opening deposit
If you’re a resident of Hong Kong, Macau or Taiwan you’ll also need your re-entry permit, mainland travel permit or other similar valid travel pass.
As a non resident customer, banks may ask for different documents depending on your situation - ask the bank ahead of your appointment to make sure you know what to bring along. Proof of ID and address is almost always needed - you may also need proof of income or employment.
How to transfer money to China with low fees and great rates
If you don’t need a full Chinese bank account, but instead need ways to send payments to China to be received in bank accounts and wallets like Alipay and WeChat Pay, Wise may be a great option.
You can open your Wise account in Singapore with no fee to pay, and start to transfer right away. Wise uses the mid-market rate to convert your dollars to yuan, and will deposit your funds in your recipient’s account - quickly or even instantly.
Wise can be cheaper than a bank when sending money abroad, as it’s invested in its own payment methods and doesn’t use SWIFT which is the key method used by banks. This makes the payment faster - and also avoids intermediary fees so your transfer can be cheaper as well as faster.
Take a look at Wise the next time you need to send to a CNY bank account, or to wallets like Alipay and WeChat Pay, to see whether you can save versus using your bank.
How to open a China bank account as a foreigner
So - can a foreigner open a bank account in China? Usually the answer is yes - you can open your account as long as you’re a legal resident with all the required paperwork. So, you could walk into a Bank of China to open an account, for example, or have an agent do it for you if you prefer.
To open a bank account in China you’ll usually need to attend a branch in person or via an agent with your valid identity and residence documents. Here’s the basic process:
Pick an account and check you meet the eligibility requirements
Attend a branch and ask for account opening services at the front desk - you’ll usually get a ticket with a number on it
Wait your turn, and then complete your application with a member of the bank staff to open your account
Hand over your documents to complete the verification process
Don’t forget to check in advance if an English speaking service is available at the branch you choose to visit, if your Mandarin isn’t up to scratch.
What do I need to know before opening a bank account in China?
As a foreigner you’ll be able to open an account with a Chinese bank, but usually only by visiting in person. You’ll be able to open some accounts as a non-resident, but to get the best range of account options you’ll need to wait until you’ve moved to China and have a valid visa and paperwork.
Can I open a bank account in China only with my passport
No. You won’t be able to open a Chinese bank account with only a passport. You’ll need additional documents, such as a proof of address, a valid visa, and if you’re applying for an account with an income eligibility requirement, you’ll need proof of your funds and employment, too.
Which account is best in China for foreigners?
The Chinese bank account that works best for you will depend on your situation and personal preferences. Features and fees vary for each account, so it’s important to compare a few options before you pick. Here’s a quick side by side overview of some popular choices as a starting point - there’s a bit more detail coming up after to help you make a decision.
| Service | Agricultural Bank of China | ICBC | Bank of China | HSBC |
|---|---|---|---|---|
| Account types | CNY demand deposit Foreign currency time deposit | All in One current account Call deposit | All in One current account Joint accounts Term deposits | Broad range of accounts including various premium options for high wealth customers |
| Currencies | Open in CNY, deposit in foreign currencies if you wish | Open in CNY, deposit in foreign currencies if you wish | 10+ currencies in current account | CNY and foreign currency accounts available |
| Open before you arrive in China | No | Some accounts can be opened through an agent | No | Premier customers in other markets may be eligible |
| Open online | No | No | No | May be possible depending on account |
| Debit card | Various cards available - fees apply | Various cards available - fees apply | Great Wall card or other debit cards available | Various cards available - fees apply |
| International transfers | Available in US dollar, Japanese yen, Hong Kong dollar, Euro and British pound Variable fees apply | Available in 20+ currencies Variable fees apply | Available in a broad range of currencies Variable fees apply | Available in a broad range of currencies 220 CNY - 620 CNY depending on value |
Agricultural Bank of China
The Agricultural Bank of China is one of the largest banks in China by branch network making this a popular choice for people moving to China from overseas. You can open demand deposit and time deposit accounts which can be operated in CNY and a selection of foreign currencies. The standard demand deposit account offers saving options as well as an account you can access instantly - there’s no need to get a bank card if you don’t want one as the account has a passbook, but you can also choose to add on a debit card of your choice if you’d like to.
Accounts must be opened in a branch in person - you’ll need to confirm exactly what’s required before you attend an appointment, as the processes may vary between regions and individual branches.
How to open an account with ABC
To open an account with ABC:
Choose the account type you need and check eligibility
Gather the required paperwork
Visit a branch on arrival to show your documents and open your account
ICBC
The standard ICBC account for day to day use is the All in One current account. There are also Call Deposit accounts which you can use if you want to save. With the current account you must open the account in CNY - but you can deposit and withdraw in foreign currencies if you wish, by visiting a branch. Fees and exchange rate markups may apply, so do have someone explain how this works before you start to transact.
Accounts must be opened in a branch in person - in some cases you might be able to have an agent open the account on your behalf, but they’ll need to have all your documents on hand to get your account set up for you.
How to open an account with ICBC
To open an account with ICBC:
Choose the account type you need and check eligibility
Gather the required paperwork
Either visit a branch on arrival, or engage an agent to attend on your behalf to show your documents and open your account
Bank of China
One of the best known banks in China, Bank of China has plenty of account options to choose from, which you can open by visiting a branch once you arrive. The key options for daily use is the All in One current account, and there are also options for joint accounts and term deposits. The current account can be especially handy for a foreigner in China as you can hold 10 currencies in the same account.
Accounts must be opened in a branch in person - call ahead to confirm exactly what’s required and take a translator if you need one.
How to open an account with Bank of China
To open an account with Bank of China:
Choose the account type you need and check eligibility
Gather the required paperwork
Visit a branch to show your documents and open your account
HSBC
HSBC has a broad range of accounts including various premium options for high wealth customers. For example, to open a Premier account you must maintain a daily average Total Relationship Balance of 500,000 CNY (or foreign currency equivalent). Getting onto one of these higher tier accounts can bring benefits through including extra account features and lower fees. Accounts of all types are available, including CNY accounts and a very broad range of international products.
Accounts must be opened in a branch in person - you’ll need to confirm exactly what’s required before you attend an appointment, as the processes may vary between branches.
How to open an account with HSBC
To open an account with HSBC:
Choose the account type you need and check eligibility
Gather the required paperwork which will include proof of income or funds in some cases
Visit a branch on arrival to show your documents and open your account
What is a bank account in China needed for?
The most common reason to want a Chinese bank account is if you’re planning to move to China to live, work or study. However, a bank account in China can also be handy in other scenarios:
If you like to shop online with retailers based in China and pay in CNY
If you’re planning a holiday in China and want to spend conveniently while there
If you’d like to diversify your savings or investments by holding funds in CNY
If you need to send payments to others in CNY
Benefits of opening a bank account in China
Having a Chinese bank account can come with some great benefits, including:
Spend in CNY with no foreign transaction fees
Hold a balance in CNY without needing to change back to SGD unnecessarily
Make convenient payments to others with relatively low overall fees
Can I open a bank account in China before arrival?
Many Chinese banks need you to attend a branch in person, which means it’s not practical to apply in advance of your move.
If you’re looking for a travel account that’s easy to open digitally, and which has low fees and great exchange rates, an alternative like Wise or Revolut may be just what you need. You can set up your account before you travel, and use your linked card for convenient payment and withdrawals right away when you arrive.
You can’t receive payments in CNY with these accounts but you can hold a balance, which allows you to add money in SGD and change to CNY to spend when you arrive. If you’re moving to China this could be a good option to cover you when you first arrive, and if you’re only there for a short trip, it might be all you need.
Can I open a bank account online?
Generally you’ll struggle to open a bank account with a Chinese bank online.
If all you need is an account with a debit card which can be used to spend in China, an alternative from a provider like Wise or Revolut may give you enough flexibility to manage your money. Providers like these offer fully digital onboarding and verification, so you can get set up from Singapore without even needing to leave home, and hold and spend a CNY balance as and when you need to.
How long does it take to open a bank account in China?
If you’re opening an account in a physical branch location in China you may be able to get your account set up fairly quickly if the bank is able to verify your documents instantly.
What are the types of bank accounts in China?
If you want an account from a bank operating in China, you’ll be able to pick a resident account if you’ve got a full legal residence permit. Until you’re a resident your choices will be limited to non-resident products which can be more restricted and have higher fees.
Once you’re in China, banks offer a full suite of services which are fairly similar to the products you’ll usually find in Singapore, covering current accounts, multi-currency accounts, savings accounts and time deposit accounts.
How to choose a bank account in China
Your choice of bank account in China may be limited by your residence status and the documents you have to get verified with. Once you’ve checked you’re eligible for an account it’s worth checking if there are handy ATMs and branches close to where you live and work - and if your Mandarin isn’t up to much, see if there are usually English speaking staff on hand, too.
How much does it cost to open a bank account in China?
There’s not usually a fee to open a Chinese bank account, but minimum deposit amounts are common. If you’re looking at premium banking services from providers like HSBC, these minimum deposits can be pretty staggering - although they do unlock a lot of features and a more personal service.
Compare the transaction fees offered by different banks before you open an account. The fees for international services like sending money overseas or spending and withdrawing with a card when you’re abroad can be particularly high, which will push up the costs of living as an expat significantly.
Is it possible to open a fee-free account in China?
Monthly fees may apply to any account you pick from a Chinese bank. However, there may be ways to have these charges waived - usually by holding a high minimum balance or depositing a relatively high monthly salary.
Don’t forget, even if you have the ongoing costs waived for your account, there are likely to be transaction fees which apply depending on the services you need to use.
What are the additional costs?
Service fees for Chinese bank accounts may not look quite like those you’re used to in Singapore. It’s important to read through the terms and conditions of any account you pick carefully so there are no surprises. Here are a few things to look out for:
Monthly maintenance costs or fall below fees if you don’t maintain the required minimum balance
Branch service fees if you need to transact in a branch rather than online
ATM withdrawal fees - non-network and overseas charges usually apply
Interest charges and overdraft fees
Foreign transaction fee - a percentage fee added every time you spend in a foreign currency abroad or online
Account closing fee - may apply if you shut your account within a short time frame
International transfer fees - including transfer costs, an exchange rate markup and third party fees
Conclusion: Open a bank account online China
If you need to open a bank account in China your options might depend on whether or not you’re already a resident there. Some banks in China do offer account services to foreigners who are resident in the country, although you’ll usually have to go to a branch to set up your account. If you really can’t attend a branch, ask if you can open your account via an agent or proxy - this may be possible on request.
Shop around to compare the bank accounts in China which might suit your needs, based on how you transact and your residency. And remember - if you need ways to send payments to China to be received in bank accounts and wallets like Alipay and WeChat Pay, Wise may be a great option instead of your bank, with low fees and the mid-market rate.
Open a Chinese bank account online FAQs
Yes. If you’re a non-resident foreigner you may still be able to open select accounts with a bank, but you’re likely to still need to attend the branch to do so. Choices will be more restricted than resident accounts in many cases.
It’s common to find minimum deposit amounts apply when you open a bank account - however, these can range from as low as 1 CNY for a current account with Bank of China, to as high as 500,000 CNY for the top tier of HSBC expat account.
This isn’t usually possible - Chinese banks tend to ask new customers to attend a branch to get their account arranged.
Ask your preferred bank if they have any digital account opening options - this isn’t common, so you might need to head out to a branch in person. Alternatively, check out providers like Wise and Revolut which offer easy online opening for multi-currency accounts, which cover holding and spending CNY as well as SGD.
Ask your bank if they'll accept account opening via an agent or proxy if you need an account before you land. Some banks will let you sort out your account through an agent, but this isn’t always possible. Alternative providers like Wise and Revolut offer accounts to customers in Singapore, which can be used to hold and spend a broad range of currencies including CNY - this could be an alternative if you can’t get your account open prior to arrival.