Are you a foreign national planning to live, work, or study in Shanghai and wondering about how to open a bank account in china as a foreigner and those banking essentials? Navigating the financial landscape in a new country can be daunting, but opening a bank account in China is a crucial step towards settling in.
Can I Open a Bank Account in China as Foreigner?
Yes, foreigners can open bank accounts in China, but the process and requirements can vary depending on the bank and the type of account.
Different banks in China have their own eligibility criteria, After trying several banks, I finally got a savings card and would like to share my experience. The following banks welcome to expat and accepts your application:
- 中国银行（BOC）
- 工商银行（ICBC）
- 农业银行（ABC）
- 招商银行（CMB）
- 建设银行 (CCB)
Generally, you will need the following materials to open a bank in China:
- Valid Passport: Your current passport is the primary form of identification required.
- Valid Visa: Most banks require a valid visa. The type of visa can affect the type of account you’re allowed to open. Some banks may not open accounts for those on short-term or tourist visas.
- Proof of Residence: This can be a lease agreement or a utility bill with your name and address in China.
- Chinese Mobile Phone Number: Many banks require a Chinese mobile number for account setup and verification purposes. The most challenging part to open bank account in China is not having a Chinese mobile number. However, the most crucial step in opening a bank account is mobile number verification. Check here for various options for China SIM card and real-name verification of phone number in China
- Employment or Student Status or Marriage Certificate: Some banks might require proof of employment or study in China or marriage certificate if you are not employed in China.
6 Essential Steps to Open Bank Account in China
- Subscribe to a dual-number plan from a certain Chinese telecom provider in Canada to get a domestic virtual number (free roaming when returning to China, able to receive text messages at any time). Or you can apply China SIM card after landing Shanghai.
- Choose China Construction Bank. Most other banks do not accept applications from those with short-term visas.
- When arriving at the bank, request to use the SMS verification method for mobile numbers. Any method requiring phone call verification is not feasible, and the telecom app method also fails to successfully verify. Only receiving a text message can get the verification code and pass the phone verification.
- You need to fill out an application form, where the important information includes your passport and Canadian SIN number. Other information is not particularly important. Once the form is completed, you can open a bank account.
- After obtaining the bank card, you can link it to shopping and cash withdrawal services like Alipay, as well as use the card for deposits, withdrawals, and transfers. However, since you only have a virtual mobile number, you cannot use mobile banking, but other services can be used as usual.
- After getting the bank card, you can shop, travel, and make various payments smoothly in China: Alipay, WeChat pay, Booking train ticket etc.
Tips to Open Bank Account in China
- To open bank account in China, even if you hold a family reunion residence permit, you may not be able to open an account if you cannot provide proof related to employment.
- Foreign nationals holding a Chinese Permanent Resident ID Card can directly use it to open a bank account, without the need to provide work permits, labor contracts, employment certificates, residence permit proofs, and other documents.”
- If open bank account in China is a little hassle to you, you can either choose international bank operating in both you home country and China, or international payment solutions such as Wise, which can send money to Alipay faster and easier.