How to set up banking in China as a foreigner
Opening a bank account in China as an expat: difficulty level, required documents, digital banking options, and international transfer tips.
Your relationship with money changes when you move abroad. Here's how banking works in China and what expats wish they'd known sooner.
Banking Overview in China
| Feature | Details |
|---|---|
| Currency | Chinese yuan (CNY) ¥ |
| Bank Account for Foreigners | No |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in China
Opening a bank account in China as a foreigner may have some restrictions. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in China. While you may be able to send money to China, full local account features may not be available. Check their website for the latest on China-specific services.
N26
N26 is not currently available in China. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from China, consider these factors:
- Exchange rate: The currency is CNY. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in China is approximately €1,320 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to China:
- China Merchants Bank
- China Construction Bank
- Important:
- Note that different banks in China may have different policies on opening accounts to foreigners. Some banks do not allow non-Chinese nationals to open accounts at all, while others may have a specific list of requirements for expats who want to open an account.
- Note that the list of documents you will need may vary from one bank to another. Some banks may also require you to provide proof of address.
- At the bank, you will first need to take a number. If you are not sure how to do this or the ticket machine is in Chinese, you can go to the information desk and say that you need to open a bank account. Or, if you don't speak Chinese, show them a note from your translator app or “想开一个银行账户” (I would like to open a bank account).
- When registering your bank account, make sure to double-check that your name is spelled correctly. Name spelling mistakes are quite common and may lead to problems in the future. Note that your full name may also be too long to enter into the Chinese bank system. In this case, it will be shortened by several letters.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Get Your Free VerdictFrequently Asked Questions
Can I open a bank account remotely before moving to China?
Remote account opening is generally not available in China. You will likely need to visit a branch in person with your documents.
How do ATM withdrawals work in China?
ATMs are widely available in China. Your bank's ATM network is usually free; out-of-network ATMs may charge ¥1-5 per withdrawal. International cards may incur additional fees.
Does Wise (TransferWise) work in China?
Wise has limited functionality in China. You may need to rely on traditional banks for transfers.
Is cryptocurrency banking available in China?
Cryptocurrency regulation in China varies. Some banks allow crypto-related transactions while others restrict them. Dedicated crypto exchanges operate in many countries. Check local regulations before trading or holding crypto assets in China.
How do international money transfers work from China?
You can transfer money from China via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.