Bank of China
Bank of China is a multinational financial institution, one of the biggest Chinese banks. Plus, it is the fourth-largest bank in the world in terms of total assets. If you plan to run a business in the Chinese market, it would be better to set up a Chinese bank account. The availability of a local bank account enables you to manage payments in RMB, making it easier to operate your business. Continue reading our guide to learn about Chinese bank features, account types, and the process of opening an account.
History
A Look Back at the Bank’s History
The bank’s history dates back to 1905, when the Qing government established the Da Qing Bank in Beijing. In 1917, the Bank of China opened its first branch in Hong Kong. A significant milestone came in 1929 with the opening of a branch in London, marking the bank’s entry into the international arena.
By 1937, the Bank of China had expanded further, launching branches in Medan, Mandalay, Ipoh, and other cities. Following World War II, the bank expanded its global presence by establishing offices in Tokyo, Bangkok, and several other international locations.
Starting in the 2000s, the bank closed numerous branches, including one in Singapore. Following these changes, the company acquired shares in various financial institutions, significantly increasing its capital.
By 2009, the bank had grown into China’s second-largest lender and was ranked fifth globally by market value. In 2019, it took another significant step by launching its research center, known as the Bank of China Research Institute. Then, in 2023, it launched a nationwide initiative to narrow the wage gap among employees, further boosting its reputation with clients.
Services
The Main Bank Services and Account Types
Bank of China offers its clients a wide range of services, including various account types for personal and business use. For personal banking, you can open different deposit accounts, including savings, current (checking) accounts, and fixed-term deposits. Let’s look at the main types of accounts you can open with the Bank of China.
| Type of account | Minimum deposit | Features |
| Personal Saving Accounts | From $500 | These accounts help individuals grow their savings by earning interest on deposited funds (depends on your account currency). The Bank of China offers traditional savings options, as well as convenient e-savings accounts that can be accessed and managed entirely online. The bank also offers a Panda Junior Dual Currency Savings Account, explicitly designed for children. |
| Personal Current Accounts | From $500 | These accounts make it easy to handle daily financial tasks, such as making deposits, withdrawing cash, and transferring funds. |
| Student Prime Accounts | Not Fixed | This account type enables students to deposit funds and utilize direct debits for making regular payments. Students also receive a free monthly statement sent to their mailing address. Cash withdrawals from ATMs can be made without any extra fees. |
| Personal Deposit Accounts | From $200 | These accounts provide high interest rates for deposits (from 0.20% to 3.60%). |
| Corporate Foreign Currency Account | From $1400 | This account is an excellent choice for achieving business goals. You can hold and manage a boatload of foreign currencies. |
| Basic Business Transaction Account | May vary, depending on the business type | This account allows you to manage multiple transactions with no monthly maintenance fee. It gives you access to mobile banking and free transfers. You’ll also receive a debit card and enjoy quick access to electronic statements. |
Why Should You Choose the Bank of China for Opening an Account?
You will benefit from opening an account with the Bank of China in many ways. Initially, providing daily transactions in the local market will be easier, mainly if you sell or buy goods or services in China. Additionally, you may avoid high transaction fees, as you won’t need to exchange currency or incur additional charges associated with using an international debit or credit card. The Great Wall International Debit Card allows you to withdraw money from ATMs without extra fees.
On top of that, you’ll get access to various services, including mobile payment options like WeChat Pay and Alipay, which are widely used in China. Opening an account with this bank is also a good call for clients planning to live in China long-term. It makes paying for rent, utilities, and other daily living expenses much more manageable.
Opening an account with the Bank of China makes investing in Chinese markets much easier. To become an investor in China, you must typically have a local bank account. You can buy and sell local stocks, bonds, and other investment opportunities with it.
Documents
Required Documents to Open an Account
If you plan to open an account with the Bank of China, the first step is to gather all the required documents. As a foreigner, you need to prepare several types of documents:
- Your passport, ID card, or driver’s license (keep in mind that applicants must be 16 or above to open a personal current account).
- Residence permit (if you live in China). It can be a work or student permit.
- Your address can be verified with a utility bill in your name or a rental agreement.
- Application form, where you should indicate your personal details.
Additionally, in some cases, you need to provide proof of employment or study. For example, it can be a certificate from your university or employer. You need to take copies of the original documents before going to the bank or opening an account online.
Requirements
How to Open a Bank Account in China in Person?
As we noted, you should start with gathering the necessary documents. After that, you should find Bank of China branches in your city. Regarding North America, you may find bank branches in towns such as Chicago, New York, and Los Angeles. Of course, if you live in China, picking the bank for account opening will not be an issue. Based on our experience, we have prepared instructions on how to open an account with the Bank of China:
- Go to the official bank branch with the required documents.
- Find a manager to help you fill out the application form. If you apply in China, most probably, the form will be in Chinese, so you might need a translator.
- Wait until the bank verifies your documents. The bank representatives will verify your identity and confirm the authenticity of your documents.
- Set up your account. After your documents have been approved, the bank will complete your account setup and provide you with all the relevant details.
Please note that you should make an initial deposit before your account is ready for use. Afterward, you can receive a bank card and set up mobile banking for convenient online transactions.
Documents
How to Open a Chinese Bank Account From Foreign Country?
If you live abroad, you can also open an account in the Bank of China. First, you need to obtain a local phone number and use it for account registration. Plus, you need to gather the required documents and take photos of them:
- Valid passport (both the original and a photocopy of your document).
- Chinese visa, as the bank will verify the expiry date.
- Proof of your address (residence permit or rental contract).
- Other documents that we have listed before.
After that, you have only one way – go to the branches (if your country has one). For instance, you can find bank branches in several major US cities.
In total, the bank has over 400 branches across the world, where you can open an account to enjoy its benefits. Our team will be happy to explain all the features and potential pitfalls of this procedure to you and recommend the most suitable bank branch for account opening.
Common Challenges And How to Deal With Them
You should be aware that opening an account at the Bank of China may have some potential pitfalls. Since we have helped open many accounts in this bank, we are familiar with the common issues associated with this procedure. Therefore, we may share this information with you, along with tips on how to address these difficulties.
The first trouble you may face is a language barrier, as in most cases, bank staff do not communicate in English when you open an account in a Chinese bank branch. Therefore, you should find a translator or use special translation applications.
The next thing that may seem like a lot is the list of required documents if you apply for a bank account in China. You should ensure your passport and visa are valid. In particular, your passport should be valid for at least six more months. Moreover, your visa must clearly demonstrate your legal status in China. All documents should be translated into Chinese and have official notarization.
Plus, in most cases, you need to have a Chinese mobile number to create an account in the Bank of China. This number will be used for verification. Also, be sure to consider any additional fees or minimum balance requirements. Make sure to check how much you’ll need to deposit to keep your account active.
If you need professional help with bank account opening, there’s a simple way – by working with Lawtter Solutions. Our experts will assist you with opening an account with the Bank of China, handling the paperwork, and organizing all necessary payments in advance.
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