Opening a Bank Account in China: Personal and Corporate
China Field Notes · by Daona · 13 min read
A Chinese bank account is not a formality you can do online from abroad. For individuals it means a branch visit with the right visa and a local phone number. For companies it means a licence, chops, an interview with the legal representative, and a bank that has to be satisfied the business is real. Both are routine if you arrive prepared.
Issue 04 showed how far a foreign card gets a visitor with Alipay and WeChat Pay. Once you live and work here, or your company starts trading, you need a Chinese account: salary in, rent out, capital in, taxes and payroll out.
Banks are well run and, by law, careful. Since 2020 the national "card-breaking" campaign (断卡行动) against telecom and online fraud has made them more cautious at opening and quicker to restrict unusual accounts. It is not aimed at foreigners, but foreigners feel it.
| Item | Notes |
|---|---|
| Passport | Original; some banks accept the permanent residence ID card |
| Visa or residence permit 居留许可 | Short-validity visas may be refused or restricted; a work residence permit (Issue 03) is easiest |
| Chinese mobile number | Real-name registered in your own name |
| Address in China | Lease, registration or employer letter |
| Proof of purpose | Employment contract, work permit or employer letter |
| Tax residency form | Self-certification completed at the branch |
Go in person, ideally to a branch that serves foreign customers. Staff may ask what the account is for — part of their anti-fraud duties. The 2024 State Council guidance encouraged banks to simplify account opening for foreigners; some branches need only a passport and visa, others more. Bring everything.
| Type | What it does |
|---|---|
| Class I Ⅰ类户 | Full account; opened in person with identity verified |
| Class II Ⅱ类户 | Savings, wealth products, limited payments; often online, linked to Class I |
| Class III Ⅲ类户 | Small payments, low balance cap |
Under People's Bank of China (中国人民银行, PBOC) rules, a Class II account opened without in-person verification caps inflows from non-linked accounts plus cash deposits at ¥10,000 a day and ¥200,000 a year. Ask for a Class I account at the counter.
· Update documents when your passport or permit is renewed, or the account may be restricted.
· Keep it active; long-dormant accounts may need a branch visit.
· Close it before you leave for good, or keep it deliberately and up to date.
Since October 2020, a national campaign has targeted the sale, rental and lending of bank and phone cards to fraud gangs. For honest customers: questions at opening, possible refusal of extra accounts without reason, and temporary restrictions on unusual patterns until you explain at a branch.
Lending your account is serious
· Police-confirmed selling, renting, lending or buying of accounts: five-year suspension of non-counter banking and all payment-account services, and no new accounts (PBOC rules)
· Criminal liability is possible
· Never lend your card, account or phone number — and never take over a departing friend's
Link your Chinese card to Alipay and WeChat Pay to unlock transfers, red packets, utility payments and higher limits (Issue 04). Use one real-name number for bank, phone and apps. E-CNY (数字人民币) is optional.
· Annual facilitation quota: individual FX purchases up to the equivalent of USD 50,000 per calendar year, under State Administration of Foreign Exchange (国家外汇管理局, SAFE) rules.
· Beyond the quota: show the source — employment contract, work or residence permit, payslips, proof of individual income tax paid (Issue 09). Banks set their own lists.
· Same name, accurate purpose. Splitting transfers or borrowing others' quotas breaches the rules. Refuse informal "faster" channels.
After the licence and chops (Issues 05, 06). Since 2019 no PBOC opening licence is needed; the bank reviews, opens and files — so the bank carries the checking.
| Account | Use |
|---|---|
| Basic deposit 基本存款账户 | Main RMB account: payroll, cash, tax. Only one |
| General deposit 一般存款账户 | Second RMB account elsewhere; no cash withdrawals |
| Special-purpose 专用存款账户 | Funds rules require to be kept separate |
| FX capital 外汇资本金账户 | Receives the investor's capital |
| Current-account FX 经常项目外汇账户 | Trade and service receipts and payments |
The bank will want: licence, articles, shareholder papers; the legal representative's (法定代表人) passport; chops for the specimen seal (预留印鉴); address proof and perhaps a site visit; a business description; and beneficial owner (受益所有人) information, which most companies must file since 1 November 2024.
The interview: most banks require the legal representative in person, some by video. If yours lives abroad, plan the trip around it (Issue 05).
After opening: sign the tripartite agreement (三方协议) with bank and tax bureau; set up payroll deductions (Issue 17); separate "prepare" and "approve" online-banking keys and keep them away from the chops (Issue 06). New accounts may start with conservative online limits.
· FDI FX registration (外商直接投资外汇登记) is done at the bank (since 2015), then the capital account opens.
· Pay in from the named shareholder's own account, matching the subscription; mind the five-year clock (Issue 13).
· Conversion to RMB is generally available as needed, within business scope, subject to SAFE restrictions on certain uses.
· Payments to the parent need contracts, fapiao (Issue 08), tax compliance, and a tax filing record for single payments above USD 50,000. Profits: Issue 15.
Salary within the quota. Net salary ¥30,000 a month; illustrative rate ¥7.20 per USD:
| Conversion | Calculation | Amount |
|---|---|---|
| ¥18,000 a month | 18,000 ÷ 7.20 | USD 2,500 |
| Annual | 2,500 × 12 | USD 30,000 |
| Full ¥30,000 a month | 30,000 ÷ 7.20 × 12 | USD 50,000 |
At the full salary the quota is used up; a bonus that year needs salary documents.
From licence to first payroll, a WFOE in a large city with complete documents:
| Step | Indicative |
|---|---|
| Licence issued; chops carved | Week 0 |
| Documents submitted; legal representative interview | Weeks 1–2 |
| Basic account and online banking | Weeks 2–3 |
| FX registration; capital account | Weeks 2–4 |
| USD 300,000 capital in; USD 100,000 × 7.20 = ¥720,000 converted | Weeks 3–5 |
| Tripartite agreement; first payroll | Weeks 4–6 |
Illustrative. Banks, cities and document quality make large differences; a delayed interview can add weeks.
Prepare one bank, properly. Get its document list in writing before the visit.
Plan the legal representative's diary. The interview is the step most often delayed.
Keep names and numbers consistent across passport, visa, phone, apps and bank.
Treat questions as normal. Banks must know who you are and why.
Use the right channel. Banking is between you and the bank; tax and FX filings go through your finance team or licensed accounting firms. Daona is not a bank or accounting firm; we coordinate and introduce, and third-party fees are settled by the client at cost.
"I can open one online before arriving." For a Class I account, generally not.
"Any visa works." Short validity may be refused or restricted.
"A friend's account will do for now." That is exactly what anti-fraud rules target.
"Power of attorney is enough for the company." Most banks want the legal representative.
"Capital can come from any group company." It should come from the named shareholder.
"I can send all my savings at once." Within the quota; beyond it, show the source.
Your checklist
☐ Real-name Chinese mobile number first
☐ Passport, visa or permit, address proof, employer letter
☐ Class I account; link apps with the same number
☐ Update the bank when documents are renewed
☐ Never lend, rent or sell your card or account
☐ Keep salary and tax records for remittances above the quota
☐ Company: licence, chops, articles, address, beneficial owner info
☐ Book the legal representative's interview early
☐ FX registration; capital from the named shareholder
☐ Reply START for our First Week in China Checklist
Rules as of October 2026. This column provides general information, not legal, tax or financial advice. Account requirements are set by each bank under PBOC and SAFE rules and vary by branch; confirm the current document list with your bank before visiting. Tax and FX filings should be handled by your finance team or a licensed accounting firm. Government fees and licensed firms' fees are settled by the client at cost.
China Field Notes · by Daona