A bank account

Before you begin

Why you need a Chinese bank account

A Chinese bank account is essential for daily life in Shenzhen. You’ll need it for:

• Receiving salary payments from Chinese employers
• Paying rent and utilities
• Setting up WeChat Pay and Alipay (mobile payment platforms)
• Accessing many app-based services
• Making local payments and transfers
• Some government services

Prerequisites

Required before opening an account:

• ✅ Valid passport (original)
• ✅ Valid visa or residence permit
• ✅ Police registration form (临时住宿登记表) - Required
• ✅ Local phone number - Required
• ✅ Chinese address - Your registered address

Helpful but not always required:

• Employment contract or proof of employment
• Letter from employer
• Proof of income

Estimated time and cost

• Time required: 30-60 minutes at bank branch
• Account opening fee: Usually free (as of January 2025)
• Minimum deposit: Varies by bank (typically RMB 0-100)
• Monthly fees: Most basic accounts are free, but verify with bank

Choosing a bank

Bank of China (中国银行)

Strengths:

• Most comprehensive international services
• Better English support at major branches
• More favorable terms for foreign currency exchange
• Good for international transfers
• Extensive branch network

Considerations:

• May have more paperwork
• Some branches may be busier

Best for: People who need international services, frequent currency exchange, or prefer English support

ICBC (Industrial and Commercial Bank of China - 工商银行)

Strengths:

• Extensive branch and ATM network throughout Shenzhen
• Robust online banking features
• Good digital banking platforms
• Widely accepted

Considerations:

• English support varies by branch
• May have less international focus

Best for: People who want extensive branch network and good digital services

China Merchants Bank (招商银行)

Strengths:

• Superior customer service
• User-friendly digital banking platforms
• Good mobile app
• Popular with expats in some areas

Considerations:

• Fewer branches than ICBC
• English support varies

Best for: People who prioritize customer service and digital banking experience

Other options

• HSBC: International bank with English support, but fewer branches
• Standard Chartered: International bank, limited branches
• Agricultural Bank of China (ABC): Large network, less English support
• China Construction Bank (CCB): Large network, less English support

The account opening process

Step 1: Choose a bank and branch

Finding a branch:

• Use bank websites or apps to find branch locations
• Look for branches in expat-heavy areas (Futian, Nanshan, Shekou) for better English support
• Check branch hours (typically 9:00 AM - 5:00 PM, Monday to Friday)
• Some branches may have Saturday hours

Best branches for English support:

• Bank of China branches in Futian, Nanshan, Shekou
• ICBC branches in central business districts
• China Merchants Bank branches in expat areas

Step 2: Gather required documents

Bring the following to the bank:

Required documents:

• ✅ Valid passport (original)
• ✅ Current visa or residence permit (original)
• ✅ Police registration form (临时住宿登记表) - Essential
• ✅ Local phone number - Must be active and in your name
• ✅ Chinese address (your registered address)

Additional documents that may be requested:

• Employment contract
• Letter from employer
• Proof of income
• Previous bank statements (from home country)

Step 3: Visit the bank branch

What to expect:

1. Arrive during business hours (typically 9:00 AM - 5:00 PM, Monday to Friday)
2. Take a number or wait in line
3. Inform staff you want to open an account (开账户)
4. Present your documents to the bank officer
5. Fill out application forms - Staff will help with this
6. Provide phone number - They will send verification code
7. Set initial password/PIN - For card and online banking
8. Make initial deposit (if required)
9. Receive bank card - Usually issued immediately or within a few days
10. Set up online banking - Staff can help with this

Processing time: Usually 30-60 minutes, but can be longer if busy or if additional verification is needed.

Language support:

• Major branches in expat areas often have English-speaking staff
• Bring a Chinese-speaking friend if possible
• Use translation apps as backup
• Some banks have English customer service hotlines

Step 4: Receive your bank card and set up services

What you’ll receive:

• Bank card (debit card) - Usually UnionPay
• Account number
• Online banking login information
• Mobile banking app access

Important next steps:

• Activate your card - Follow bank instructions
• Set up online banking - Download bank app
• Set up mobile banking - Link to WeChat Pay and Alipay
• Test your card - Make a small transaction to verify it works
• Set up transaction alerts - For security

Setting up mobile payments

WeChat Pay (微信支付)

Setup process:

1. Open WeChat app
2. Go to “Me” → “Services” → “Wallet”
3. Add bank card
4. Enter card details (card number, expiry, CVV)
5. Verify with SMS code sent to your phone
6. Set payment password

After setup:

• Scan QR codes to pay at stores
• Send money to friends
• Pay for services and utilities
• Access WeChat mini-programs

Alipay (支付宝)

Setup process:

1. Download Alipay app
2. Register account with phone number
3. Add bank card
4. Enter card details
5. Verify with SMS code
6. Set payment password

After setup:

• Pay at stores and online
• Transfer money
• Pay utilities
• Access various services

Account types

Basic savings account (活期账户)

Features:

• Standard account for daily use
• Usually no monthly fees
• Low or no minimum balance
• Interest on deposits (usually minimal)
• ATM access
• Online and mobile banking

Best for: Most people, daily banking needs

Current account (if available)

Features:

• For business use
• May have different requirements
• Check with bank if needed

Best for: Business owners, self-employed

Foreign currency account (if needed)

Features:

• Hold foreign currency
• Exchange services
• May have different requirements

Best for: People who need to hold foreign currency

Common issues and solutions

Issue: Bank requires employment proof

Solution:

• Some banks require employment contract or letter from employer
• If you don’t have employment yet, try different banks (Bank of China may be more flexible)
• Some banks accept other proof of income or financial status
• Consider opening account after securing employment

Issue: Bank staff don’t speak English

Solution:

• Visit branches in expat-heavy areas (Futian, Nanshan, Shekou)
• Bring a Chinese-speaking friend
• Use translation apps
• Call bank’s English customer service hotline for guidance
• Some banks have English-speaking staff at specific branches

Issue: Phone number verification fails

Solution:

• Ensure phone number is active and in your name
• Make sure you can receive SMS messages
• Check that phone number matches registration
• Some banks may require phone number to be registered for a certain period
• Contact phone provider if issues persist

Issue: Bank card not working

Solution:

• Verify card is activated
• Check that sufficient funds are available
• Ensure PIN is correct
• Check if card is blocked (contact bank)
• Test at different ATMs or merchants
• Contact bank customer service

Issue: Can’t link to WeChat Pay/Alipay

Solution:

• Ensure bank card is activated
• Verify phone number matches bank records
• Check that card supports mobile payments (most do)
• Try re-adding card
• Contact bank or payment platform support
• Some banks may require additional verification

Issue: Need to transfer money internationally

Solution:

• Bank of China typically has best international transfer services
• May require additional documentation
• Check fees and exchange rates
• Consider using international transfer services (Wise, etc.) as alternative
• Verify transfer limits and requirements

Tips and best practices

Before opening account

• Complete prerequisites first: Have registered address and phone number ready
• Research banks: Compare services, branch locations, English support
• Check employer preference: Some employers prefer specific banks for salary deposits
• Bring all documents: Have originals and copies ready
• Choose right branch: Opt for branches in expat areas for better English support

During account opening

• Ask questions: Clarify any fees, requirements, or services
• Set strong passwords: Use secure passwords for online banking
• Get contact information: Note branch phone number and customer service
• Verify all information: Check that account details are correct
• Test immediately: Make sure card works before leaving

After opening account

• Set up mobile payments immediately: Link to WeChat Pay and Alipay
• Download bank app: For easy account management
• Set up alerts: Transaction notifications for security
• Keep documents safe: Store account information securely
• Test all services: Online banking, mobile banking, ATM access

Security

• Protect your PIN: Never share with anyone
• Use secure passwords: For online and mobile banking
• Monitor transactions: Check statements regularly
• Report issues immediately: Contact bank if suspicious activity
• Keep card safe: Report lost/stolen cards immediately

Costs and fees

Account opening

• Opening fee: Usually free (as of January 2025)
• Minimum deposit: Varies by bank (typically RMB 0-100)
• Card fee: Usually included, but verify

Monthly fees

• Basic account maintenance: Usually free for basic savings accounts
• Premium accounts: May have monthly fees (check with bank)

Transaction fees

• ATM withdrawals:
  • Same bank ATMs: Usually free
  • Other bank ATMs: May have fees (typically RMB 2-4 per transaction)
• Transfers:
  • Online/mobile transfers: Usually free or low fees
  • International transfers: Fees vary by bank and amount
• Currency exchange: Fees and rates vary by bank

Resources

Bank websites

• Bank of China - May have English version
• ICBC - May require Chinese
• China Merchants Bank - May require Chinese

Helpful information

• Bank customer service hotlines (check bank websites)
• Branch locators on bank websites
• A Registered Address - Required before opening account
• A phone number - Required before opening account

Related articles

• A Registered Address - Prerequisite
• A phone number - Prerequisite
• Moving to Shenzhen - See “Bank account” section

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