How to open a bank account in Shangai, China

Written by Yiming Wang

China is a country with a long history and each region has its own unique culture and customs.

Shanghai, a place known as the Magic City by the Chinese people, is the economic center of China and an excellent tourist city. In Shanghai, you can see the Western Architecture of the Bund mingling with the skyscrapers of Lujiazui in the Pudong district, you can also find ancient teahouses in the alleyways of the old streets and bars that surprise people in the Bungalow of Hengshan Road. It receives thousands of tourists and foreigners every year to explore, study, or work.

It receives thousands of tourists and foreigners every year to explore, study, or work.

In this article, you will find out how to open a bank account in China (Shanghai).

China Banking Sector

China’s commercial banking industry includes 6 state-owned commercial banks, 12 national joint-stock commercial banks, 19 private commercial banks, 41 foreign-incorporated banks, 135 urban commercial banks, 1,634 village commercial banks, 1,500 rural commercial banks, and 721 rural credit cooperatives (including 26 rural cooperative banks). State-owned large commercial banks are large commercial banks under the direct control of the Ministry of Finance of the People’s Republic of China and CENTRAL HUIJIN INVESTMENT LTD.

In China, there are six state-owned commercial banks in total: Bank of China, Industrial and Commercial Bank of China, Bank of Communications, Agricultural Bank of China, China Construction Bank, and Postal Savings Bank of China.

Here is a list of the largest and highest quality banks in China that I recommend applying to in Shanghai in terms of assets, deposits, and loans.

Bank of China

The Bank of China is the longest continuously operating bank in China, and was officially established in February 1912 to perform the functions of a central bank, an international exchange bank, and a specialized international trade bank. Bank of China is the most globalized and integrated bank in China, with offices in mainland China and 62 countries and regions outside China, and Bank of China Hong Kong and Macau branches serve as local note-issuing banks. Bank of China is the sole official banking partner of the 2008 Beijing Summer Olympic Games and the 2022 Beijing Winter Olympic Games and is the only “Double Olympic Bank” in China.

https://www.boc.cn/en/index.html

Industrial and Commercial Bank of China

ICBC was founded on January 1, 1984, and on October 28, 2005, the Bank was restructured into a joint stock limited company, and on October 27, 2006, the Bank was listed on both the SSE and the SEHK. The Bank has a high-quality customer base, diversified business structure, strong innovation ability, and market competitiveness. With service as the foundation of the Bank, the Bank insists on creating value through service and provides comprehensive financial products and services to 9.691 million corporate customers and 704 million individual customers worldwide.

https://www.icbc.com.cn/en/column/1438058319784067131.html

Bank of Communications

Founded in 1908, the Bank of Communications is one of the oldest banks in China and was re-established on April 1, 1987, as the first national state-owned joint stock commercial bank in China, with headquarters in Shanghai. In 2022, the Bank was ranked 10th among global banks by Tier 1 capital. With more than 2,800 branches in China and 23 overseas branches and representative offices, the Bank provides comprehensive financial services to 2.46 million corporate customers and 190 million retail customers, including deposit and loan, industrial chain finance, cash management, international settlement and trade finance, investment banking, asset custody, wealth management, bank cards, private banking, and treasury business.

http://www.bankcomm.com/BankCommSite/shtml/jyjr/en/2600212/list.shtml?channelId=2600212

Types of Bank Accounts for personal banking

-Debit card

-Credit card

Foreign non-resident

Documents that should be prepared.

A valid, unexpired passport

Work certificate The work certificate shall include the name, position and other information of foreigners

The copy of the alien’s residence permit/the copy of the alien’s permanent residence permit shall be valid for more than one year and be more than one month from the expiry date

Bank of China

Application conditions.

All Chinese citizens aged between 18 and 65, with full civil capacity, legal and stable income, foreigners, and compatriots from Hong Kong, Macao, and Taiwan who have the right of residence in China can apply for Bank of China credit cards locally.

Requirements

The applicant shall still fill in an application form for individual account opening and comprehensive services and a declaration of individual tax resident identity, provided that he/she has all the necessary information for account opening.

Card handling fee.

The applicant should provide his/her telephone number for receiving bank SMS and verification.

ICBC

Application conditions.

Foreigners can open personal accounts in domestic banks with valid passports. There is no limit on the amount.

Materials required.

After bringing all the necessary information for opening an account, you only need to fill in a personal customer information registration form.

Card handling fee.

Warm prompt: The applicant should provide his/her telephone number for receiving bank SMS and verification.

This article was written by Yiming Wang, a graduate student at NYU.

Click here to see how to open an account in >26 other countries

About me. George Benaroya

References

https://www.boc.cn/; https://www.icbc.com.cn/; http://www.bankcomm.com/BankCommSite/shtml/jyjr/cn/7158/list.shtml?channelId=7158; https://www.eet-china.com/mp/a134164.html