How to open a bank account in China and why it is important
Are international payments without unnecessary restrictions relevant? There is an advantageous solution – Chinese banks, where we can help you open an account.
International businesses are increasingly facing restrictions on transfers between jurisdictions, especially when working with the EU, the US, Asia and the CIS countries. In such conditions, opening an account with a Chinese bank becomes an effective tool for stable settlements, diversification of financial flows and reduction of operational risks.
We assist non-resident companies in opening corporate settlement accounts in China at one of the traditional Chinese banks with a solid reputation and well-developed international infrastructure.
Who should open an account in China?
Opening an account in China is suitable for companies that:
- experience difficulties with international transfers from Europe, the US or Asia to CIS countries and vice versa;
- work with China, Hong Kong or Asian counterparties;
- are engaged in trade or logistics activities;
- have an annual turnover of USD or EUR 1 million or more;
- seek to use alternative banking infrastructure outside traditional Western jurisdictions.
Chinese bank: reliability and development
The Chinese bank was founded in 1987 and has consistently been ranked among The Banker's TOP 1000 World Banks in recent years, confirming its stability and financial reliability.
In recent years, the Chinese bank has shown active development:
- Its authorised capital reached 3.5 billion yuan;
- its total assets exceeded 270 billion yuan;
- it opened more than 200 branches and offices in key regions of China: Shanghai, Zhejiang, Jiangsu, Fujian, Guangdong, and Chongqing.
Advantages and features of the Bank of China, where we will help you open an account:
- Multi-currency transactions. The bank works with major international currencies: CNY (yuan), USD, EUR. Reliable correspondent banks are used for international settlements.
- Payment systems. The account supports SWIFT for international transfers; CNAPS — China's domestic yuan payment system; CIPS — international RMB settlement system.
- Account management: full-featured internet banking, access via two hardware tokens issued upon account opening; interface in Chinese and English; mobile app available on the App Store and Google Play.
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How to open a bank account in China: requirements for opening and maintaining an account
To open an account in China, local substance in China is required, regardless of the currency of the account. Substance is necessary for a visit by a bank manager and confirmation of business presence. We assist in organising and supporting substance for the client, including all necessary formalities.
Features of the work
- settlements are mainly conducted in offshore yuan (CNY);
- importing goods into China is not mandatory;
- mandatory turnover of 1 million USD per year;
- the bank works with clients without residency requirements.
Conversion terms
- conversion is only possible by agreement;
- if the amount is less than USD 100,000, the client must notify their personal manager;
- to convert currency, the original application must be sent to the bank by courier;
- conversion into yuan is prohibited: funds received in yuan can only be transferred in yuan;
- other currencies cannot be converted into CNY.
Opening a bank account in China is a manageable process with clear logic and understandable steps. We accompany the client, take care of communication with the bank, prepare documents and organise the necessary conditions in China.
Stages of support
- Business analysis and preliminary approval. Our specialists collect and send a package of documents to the bank for preliminary analysis. At this stage, the bank confirms the possibility of opening an account in principle.
- Organising a presence in China (substance). To do this, an office lease is drawn up and all the necessary infrastructure is prepared. At this stage, the bank manager visits the premises, conducts a visual inspection, records the existence of the lease agreement, and takes photos for the bank's internal reporting. This stage is a mandatory requirement of the Chinese bank.
- Chinese phone number and communication with the bank. To open an account, the client must first obtain a Chinese mobile phone number, which is used when submitting an application and to receive SMS notifications from the bank. The client is assigned a personal bank manager, with whom they communicate in English or Chinese via the WeChat messenger. We provide support throughout all stages of communication.
- Obtaining a customer code and preparing for the visit. After submitting a complete set of documents, the bank manager initiates the process of obtaining a unique customer code from the Central Bank of China. The code is obtained within two weeks of submitting the documents. After that, a visit to the bank in Shanghai is planned. Our representative meets the customer and accompanies them throughout the visit.
There are two ways to open a bank account in China: remotely or in person.
Banks of China: Your account – our support
We provide comprehensive support for opening an account with a Chinese bank — from preliminary analysis to activating online banking. The process takes 1 to 2 months.
The result of our cooperation:
- preliminary confirmation of the possibility of opening an account in China;
- organised substance in China for a period of 1 year;
- active account in a Chinese bank with full access to management.
Modern challenges require modern solutions. Open an account with a Chinese bank and make international transfers without restrictions!
