Personal accounts: China

Updated 5 October 2026

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China is the largest trading partner for many countries, and an account with a Chinese bank is needed by those working with Chinese suppliers, living in China or doing business there. Banks are supervised by the National Financial Regulatory Administration and the People's Bank of China, and foreign exchange is controlled by the State Administration of Foreign Exchange. The yuan is not freely convertible, so the client's status and the account's purpose decide which operations are available.

Foreign exchange rules

An individual can exchange currency within an annual limit, usually about $50,000 per person. The bank checks outgoing and incoming international transfers by purpose and asks for supporting documents for large amounts: a contract, an invoice, proof of income. Companies make foreign exchange payments under foreign trade contracts, and the bank matches them to real deliveries of goods or services.

Account currency and transfers

A Chinese bank usually opens a yuan account and, if needed, a foreign currency account in US dollars or euros. Incoming international payments are credited to the currency account, and conversion to yuan happens within the limit and with a stated purpose. For regular supplier payments and salary it is convenient to open both accounts at once and agree the purpose of large transfers with the bank in advance.

What the bank checks

• a passport and a valid visa or residence permit in China;
• an address in China and a local phone number;
• for a company, its licence, articles and beneficial owners;
• the purpose of the account and source of funds.

Timing and the bank visit

Chinese banks almost always open accounts in person: the client or the company's legal representative visits the branch with original documents, and the bank verifies identity and asks about the account's purpose. With a full file the account is opened in one visit, while enabling foreign exchange and mobile payments may take a few more days. Foreign-language documents usually need a Chinese translation.

Why applications are refused

• the foreigner has no visa or stay permit suitable for an account;
• the purpose is unclear or payments do not match the stated activity;
• the source of funds is unproven;
• links to sanctioned countries and persons.

What we do

We assess the chances for your status, choose a bank, prepare documents and translations, and support the branch visit. A manager will calculate the cost in the chat.

A personal account in China

A foreigner opens a personal account at a Chinese bank with a passport and a valid visa or residence permit, usually in person at a branch. The bank will ask for a local phone number and address, and for some services proof of work or study. The account is needed for salary, rent and the mobile payment services popular in China, which are linked to a bank card. A tourist on a short-term visa may get only a limited account or be refused.

How a personal account is opened

1. Documents. Passport, visa or residence permit, local phone and address.
2. Bank. We choose a bank that works with foreigners in your city.
3. Visit. We support the branch visit and the application form.
4. Card and mobile payments. You get a card and connect phone payments.

What we do

• Personal account - opening assistance

See also

Company formation · Business account · Investment property · Country taxes · All country programs

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