Can foreigners open bank accounts in China?Malaysia to open an account in China

How do foreigners apply for a bank account in China?

马来西亚People go to China's 123 tier cities to open an account to share!

a lot ofMalaysians want real-name authentication for Alipay,as well asWeChat payment real-name authentication, are wondering how to open a bank account in China?

This article is about the experience of a foreigner opening a bank account in China in early March 2018. He also wants to giveWeChat paymentVerified.

he knows a lotE-commerce,Small tradePractitioners, are very interested in this topic, so I wrote this article.

Let's take a look!

(From December 2023, 12, China will open visa-free entry to Malaysia for 1 days. The content of this article is for reference only)

The experience of Malaysians opening a bank account in China

In early March 2018, I went to China to handle the goods.

But this mission is very different from usual:

1. The first is to visit relatives.
2. Also, I want to open a Chinese bank account.

After so many years between China and Malaysia, it is through friends or freight forwarders to help transfer RMB to suppliers.

However, with the increase in the number of micro-business agents, this method is actually not very convenient, so this task is to open a Chinese bank account for myself.

ApplicationChinese mobile number

The first condition to open a bank account in China:

• You need a Chinese calling card to receive "Verification code. "
• This is what we call TAC.

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• eSender virtual phone numberThe code can be used without a SIM card or international roaming. Even if people are not in China, they can send and receive SMS verification codes for Chinese mobile phones.

Apply for a China Bank Account

After having a Chinese mobile phone number, the next step is to go to the bank to apply for a bank card.

However, it should be noted that:

• Bank agent offices cannot open bank cards.
• You need to go to a branch or branch to open a bank account, but some branches are open on Saturdays and some are closed on Saturdays, so you must pay attention to the time.
• We also made a small oolong here, that is, we went to a first-tier city in China to open a bank account. After queuing up, the customer service said that tourist visas cannot be opened here.

Then, we went to the nearby Bank of Communications.

For account opening and online banking, our bank customer service department requires us to fill out forms including:

1. Chinese mobile number
2. Address in China (there is no relative's address to fill in; if there is no relative's address, the hotel address can be used, but don't say this is the hotel address)

Then hand over your passport to them and verify your passport:

• After they scan our passport and send the verification code, they will enter it into the machine at the counter for verification.
• Next, they will help us activate online banking, and tell us carefully how to download the Bank of China app, how to check, and more...
• End

OK, the main goal of visiting China here is complete!

Alipay scan code checkout

After Alipay is bound to a Chinese bank card, we will try it out in a nearby supermarket ▼

• Alipay can check out with just a swipe, and it feels very convenient to use in terms of payment password or fingerprint recognition.

After the transaction is successful, the money will be debited directly from the Chinese bank account:

• Next, the bank will send a text message telling us the transaction amount and the remaining amount?
• Alternatively, you can check in the bank's app.

But it should be noted:

• Non-Chinese can only transfer from demand deposits to time deposits.
• Non-Chinese people cannot invest in financial products such as funds and Yu’e Bao.

The above is what happened in March 2018.

Bank of China has a high threshold for foreigners to open accounts

Starting from April 2018, most banks in first-tier cities in China will raise the threshold for foreigners to open accounts.

Netizen A said深圳Account opening is very strict

I just came back from Shenzhen and asked for a temporary residence permit and a work permit issued by the relevant unit (only a business visa is useless).

The four major banks have been there, as has the local Industrial Bank. I heard that Shenzhen is very strict now.

Therefore, if we want to open a Chinese bank account in a first-tier city in China, we need to prepare the following materials:

1) A business visa is required

• Most banks in first-tier cities in China do not accept tourist visas.
• This allows familiar suppliers to provide us with visa references.
• you can applyunlimitedOne-year entry and exit business visas.

2) The lease agreement needs to prove the right to live in China.

• This threshold is relatively high, and the lease contract requires us to open the real name of the account.
• You can seek help from familiar suppliers or relatives and friends.

Netizen B: OnStock account

Find a stock bank such as Guosen Securities and open a stock account:

• It's a lot easier for them to send you a letter asking you to get a bank account.
• It is best to have a business visa, some banks ignore any visa.

At present, the control of Chinese banks is stricter than before:

• In the future, it may become increasingly difficult for foreigners to open bank accounts in China.

Netizen C: ICBC has the highest proportion of account openings

• Opening an account with the Industrial and Commercial Bank of China in Shenzhen is relatively easy.
• All you need is your passport, valid Chinese visa, taxpayer number and Chinese mobile phone number.
• The Industrial and Commercial Bank of China has the highest proportion of account openings.

Netizen D: Foreigners can easily open an account at a bank

• I went to Everbright Bank. There is a branch near our home, which is very convenient.
• I asked them if foreigners could open an account and they said yes.
• So they went through the account opening procedures for me.I handed over my passport and he took a look at the visa. He didn't ask about Q1 visa or Q2 visa.
• Then he started copying documents frantically, and finally asked me what my taxpayer number was.

Netizen E: Foreigners go to China Construction Bank to open an account

• It is relatively easy to open an account with China Construction Bank. I didn't ask any questions. I went to China Construction Bank in Doumen, Fuzhou to open it.
• If every overseas person goes to Fuzhou to open a bank account, it may be more difficult for banks in Fuzhou to open an account in the future.
• Therefore, to open a bank account in China, it is not necessary to go to Fuzhou. We can go to other second- and third-tier cities in China to open a domestic bank account in China.
• Call your local bank for the latest situation before you go.
• If you can't go to China to open a bank account, the problem should be found in yourself.

The following is the list of second and third tier cities in China ▼

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Thanks to netizens for sharing their latest experience of opening a Chinese bank account.

We will continue to share this information, and hope this article can help you as a reference.

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