🇨🇳 China · Business Banking
Opening business and personal bank accounts, remote options, required documents, and fees.
Quick answer
China's banking is dominated by large state banks and is highly digital (Alipay and WeChat Pay are used almost everywhere). Foreigners can open accounts with a passport and often proof of local ties; a Chinese phone number is usually needed for mobile payments. The People's Bank of China is the central bank.
Banks are overseen by the People's Bank of China (PBOC) and the National Financial Regulatory Administration (NFRA). A company needs its business licence to open a corporate bank account.
- A basic deposit account is the company's primary RMB account and is required before others can be opened.
- Cross-border and foreign-exchange transactions are subject to SAFE administration.
- Account opening requires the business licence, legal-representative ID and company seal.
Official authorities
- People's Bank of China (PBOC)
Central bank.
- National Financial Regulatory Administration (NFRA)
Supervises banking and insurance.
Frequently asked questions
Can foreigners open a bank account in China?
Yes — typically with a passport, and often a local phone number and proof of address, work or study; requirements vary by bank and city.
How important are mobile payments?
Very — Alipay and WeChat Pay are used almost everywhere; linking them to a Chinese account or card makes daily life much easier.
Are there currency controls?
Yes — China has foreign-exchange controls with annual limits on converting and moving currency; check current rules before large transfers.
Official-information aggregation, not legal advice. Always verify on the authority's own site.
Top Commercial Banks
- 1
World's largest bank by total assets; extensive global network.
- 2
Second-largest bank in China; strong in infrastructure and mortgage lending.
- 3
Largest rural banking network in China; comprehensive nationwide service.
- 4
Most internationally focused of the Big Four; key cross-border and trade finance bank.
- 5
Fifth-largest state bank; strong in corporate banking and international settlement.
- 6
Widest physical branch network via post offices; focuses on personal savings and rural finance.
- 7
Premier joint-stock bank; top-rated retail banking app and credit card products.
- 8
Leader in interbank and green finance; strong corporate banking.
- 9
Technology-focused commercial bank; American Express credit-card partner in mainland China.
- 10
Backed by CITIC Group; broad corporate and retail banking services.
- 11
First non-state commercial bank; known for small and medium enterprise lending.
- 12
Fintech-driven retail bank under Ping An Group; popular digital banking app.
- 13
Backed by China Everbright Group; retail and corporate banking.
- 14
Beijing-headquartered national joint-stock bank; SME and retail focus.
- 15
Guangdong-based national bank; active credit card and consumer finance.
- 16
Zhejiang-headquartered; strong in supply-chain finance and trade credit.
- 17
National joint-stock commercial bank; corporate and retail banking services.
- 18
Tianjin-based national joint-stock bank; corporate and SME finance.
- 19
Largest city commercial bank by assets; strong in SME and consumer lending in Beijing.
- 20
Major Shanghai city commercial bank; retail and corporate banking.
Bank ordering: Annual reports and NFRA public data. Big Six state-owned + national joint-stock + leading city commercial banks, ordered by approximate total assets.
Credit Cards
Dual-network variants available (UnionPay + Visa/MC); wide domestic and overseas acceptance.
Annual fee: Free / 刷卡免年费
China Merchants Bank
Top-rated retail credit card in China; strong digital banking app; wide reward ecosystem.
Annual fee: Free / 刷卡免年费
Bank of China
Dual-currency international card; popular for overseas payments; competitive BOC FX rates.
Annual fee: ¥0–¥200/yr
China Construction Bank
Comprehensive consumer card; UnionPay QuickPass NFC tap-to-pay.
Annual fee: Free / 刷卡免年费
CITIC Bank
Airline miles co-brand with Air China (PhoenixMiles); bonus miles on dining and travel.
Annual fee: ¥200+/yr
Only Amex co-brand in mainland China; Membership Rewards points usable in China.
Annual fee: ¥2,000+/yr
Ping An Bank
Digital-first; cashback on lifestyle spending; integrated with Ping An finance ecosystem.
Annual fee: Free / 刷卡免年费
Agricultural Bank of China
Dual-network (UnionPay + Visa/MC) settlement; wide rural and urban acceptance.
Annual fee: ¥0–¥180/yr
China Everbright Bank
Flagship retail card; dining, retail and travel reward tie-ups.
Annual fee: Free / 刷卡免年费
Bank of Communications
Long-established retail card; points redeemable for goods and airline miles.
Annual fee: Free / 刷卡免年费
Cards: Editorial overview. UnionPay dominates domestically; dual-network (UnionPay + Visa/MC) cards available. Verify at issuer sites.
Government portals
- China Government Portal — State Council official portal — policy releases, public services, and government documents
- Ministry of Foreign Affairs — China's foreign policy and consular services — passport, visa, and consular protection info
- National Immigration Administration — Visas, permanent residency, and border control for foreigners entering China
- State Taxation Administration — Personal income tax filing, business tax registration, and VAT invoice verification