Recently, many of our foreign friends have been asking us about how to open a bank account in China. They are particularly interested in which banks are more accommodating to foreigners. To address these questions, we have compared five local Chinese banks that are especially friendly to foreigners. You can choose the one that is most convenient for you based on your location. Additionally, we have summarized the steps to open a bank account in China. If you need this information, feel free to bookmark it for future reference.
| Rank | Bank Name | Advantages | Number of Branches in China | Internet Banking Services |
|---|
| 1 | Bank of China | High level of internationalization, extensive acceptance of foreign cards, and optimized account opening procedures for foreigners. | Over 11,000 branches nationwide | Supports multiple languages, offers comprehensive cross-border services, and mobile banking. |
| 2 | Industrial and Commercial Bank of China (ICBC) | Wide network of branches, foreign currency exchange services, and relatively simple account opening procedures. | Over 16,000 branches nationwide | Comprehensive online banking with features like bill payment, fund transfers, and investment services. |
| 3 | China Construction Bank | Numerous branches, support for cross-border payments, and digital currency applications. | Over 14,000 branches nationwide | User-friendly internet banking with a focus on domestic and international money transfers. |
| 4 | China Merchants Bank | Strong innovation in services, support for online payment binding, and relatively convenient account opening procedures. | Over 1,800 branches nationwide | Advanced internet banking with a focus on retail customers, including wealth management services. |
| 5 | Standard Chartered Bank | As a foreign bank, it has extensive international financial service experience, supports multiple currencies, and offers cross-border payment services. | Over 100 branches nationwide | Internet banking services tailored for international clients, including multi-currency accounts and global transaction capabilities. |
Additional Notes:
Bank of China is particularly known for its international services and has a strong presence in both domestic and international markets. Its internet banking platform is designed to cater to the needs of foreign customers, offering services in multiple languages.
ICBC is the largest bank in China by assets and has the most extensive branch network. Its internet banking services are comprehensive, covering a wide range of financial needs for both domestic and foreign customers.
China Construction Bank focuses on providing robust services for cross-border transactions and has a large number of branches, making it convenient for foreigners to access services offline as well.
China Merchants Bank is known for its customer-friendly approach and innovative digital services. Its internet banking platform is user-friendly and offers a range of retail banking services.
Standard Chartered Bank, being a foreign bank, has a more limited branch network in China compared to domestic banks. However, it excels in providing international financial services and is particularly friendly to expats and international businesses.
These banks are among the most accommodating for foreigners looking to open an account in China, each with its own strengths in terms of services and online capabilities. All the major banks mentioned above have a large number of branches across the country, covering the vast majority of cities. This makes it extremely convenient for foreigners to choose a nearby branch to apply for an account.
Basic Documents for Opening a Bank Account
Foreign applicants must personally visit a bank branch to submit all required documents, which generally include:
Valid Passport: The original passport must be within its validity period.
Work Permit: The original work permit.
Employment Contract or Employment Certificate: A long-term contract is required; short-term contracts are not applicable.
Tax Identification Number (TIN).
Residence Permit: The original residence permit must be valid for more than one year, and the expiration date must be at least one month away.
Personal Phone Number: A phone number registered under your name is required to receive bank SMS notifications and for verification purposes.
Temporary Residence Registration Form.
However, some foreigners may encounter difficulties in opening an account even with a family reunion residence permit if they cannot provide work-related proof.
Foreigners holding a Chinese Permanent Residence ID Card can directly open a bank account using this document, without the need to provide additional documents such as a work permit, employment contract, or residence permit.
If you have any questions about opening a bank account in China, please feel free to contact our expert!
