GOFIRM

Bank account opening

A bank account in China and payments to Chinese suppliers

An account with a Chinese bank for a foreign company — without a legal entity in China: OCBC, HSBC, Standard Chartered and Zhejiang Chouzhou open accounts. We match the bank to your profile and build a reliable payment route to your suppliers.

Message us on WhatsApp
No WFOE
An NRA account at OCBC, HSBC, Standard Chartered or Chouzhou
No visit
Required from the director at OCBC, HSBC and Chouzhou
3–4 weeks
Usual opening time; tokens take about 2 more weeks
from USD 1 million
Monthly turnover OCBC expects

This service in other countries

UAETurkeyHong KongGeorgiaKazakhstan
Everything we do in China

In short

A foreign company can open a non-resident (NRA) account in China without its own Chinese entity — at OCBC, HSBC, Standard Chartered or Zhejiang Chouzhou. Opening usually takes 3–4 weeks, tokens about 2 more weeks; OCBC expects turnover from USD 1 million a month.

Checked 4 November 2026 · Elizaveta Germash

Cost of a mistake

Returned payment

A payee name unlike their bank’s records, or a payment to a third party, and it comes back: fees on both sides, FX losses, delayed shipment.

How to avoid it

You can open an account in China without a Chinese company — what matters is understanding its rules

A foreign company doesn’t have to set up a WFOE: OCBC, HSBC, Standard Chartered and Zhejiang Chouzhou open NRA accounts for non-residents. But the banks’ thresholds differ, and for one-off purchases an account in Hong Kong or the UAE is enough.

  • OCBC — no link to Asia needed

    The Shenzhen branch opens NRA and accounts without a link to China, an office or a deposit — for trading, logistics, consulting and IT. Expected turnover — from USD 1 million a month.

  • Shanghai expects an operating business

    The Shanghai branches expect an operating company in China or Asia and real turnover. Standard Chartered opens an account only with the director’s visit and requires a lease agreement.

  • Russia and Belarus — the first filter

    OCBC, HSBC and Standard Chartered don’t take clients with any link to Russia or Belarus. Chouzhou accepts such directors and shareholders, but direct payments with counterparties from Russia are not possible.

  • A route that fits the task

    NRA — for regular settlements with China; Hong Kong with — if you have a link to Asia; the UAE — if your company is already there. Your own — only for real operations in China.

Expert tip

For a new company, OCBC and HSBC open an account on the basis of letters of intent or a related company’s history. The letters must be with your real suppliers and buyers: the bank checks that the counterparties exist and that the application describes the same business.
Elizaveta GermashElizaveta GermashLawyer · Bank accounts

Banks

Four banks that open NRA accounts for foreign companies

OCBC China

OCBC China

Shenzhen branch — no link to Asia needed

More about the bank
  • NRA and FTN
  • No link to Asia
  • Remote, via DHL
  • Turnover from USD 1 million a month
Account type
NRA and
Currencies
USD, EUR, HKD, RMB, AUD, GBP, SGD, others on request; CNY — separately
Business activity
Trading, logistics, consulting, IT; others case by case
Opening
Remotely — forms by DHL plus the original passport — or the director’s visit
Timeline
3–4 weeks from a complete package, tokens — about 2 more weeks
Turnover
From USD 1 million a month
Link to Asia
Not required; no office in China or deposit needed
New company
Valid letters of intent or a related company’s history
Payments
No turnover limits; letters of credit available; free conversion in online banking
Tokens
2: one creates a payment, the other approves it
Bank contact
WeChat group with the manager
Closures and freezes
Rare

Terms based on our practice as of October 2026; current fees are on the bank’s website. The decision to open an account is made by the bank.

Choosing a bank

Which bank will open an account for your company?

Three questions show which banks remain and why the others drop out. The decision to open an account is made by the bank.

Do you have an operating company in China or Asia?

Company turnover

Can the director visit the bank in China?

4 of 4 fit

  • OCBC

    OCBC · Shenzhen

    NRA and FTN · remote, via DHL · no deposit needed

    Doesn’t accept raw materials, energy or the jewellery industry; a change of director or shareholder is undesirable

    Fits
  • HSBC

    HSBC · Shanghai

    NRA · remote, via DHL · HSBCnet from CNY 180 a month

    For a new company — a related company’s history or letters of intent

    Fits
  • Chouzhou

    Chouzhou · Zhejiang

    NRA in USD and EUR · through a representative · account on the day of the visit

    Requires the director’s personal seal, two Chinese SIM cards and proof of business activity

    Fits
  • Standard Chartered

    Standard Chartered · Shanghai

    NRA and FTN · visit only · 1 token

    After opening — currency exchange of more than USD 100,000 and a deposit of 50,000 RMB for 3 months

    Fits

Who it suits

Who it suits — and when to choose something else

A good fit if

  1. 01You need a corporate account with a Chinese bank without a WFOE — for a company from the UAE, Hong Kong or elsewhere.
  2. 02You buy from Chinese suppliers regularly and want a stable payment route.
  3. 03You live, work or study in China and need a personal account for everyday spending.
  4. 04Your payments to China bounce back or get stuck, and you want to understand why.
  5. 05You are planning production, a warehouse or an office in China and are considering a WFOE.

Consider something else if

  1. 01The company is new and turnover is under USD 1 million a month. For paying suppliers, it’s faster to set up a payment platform with bank details from Chinese partner banks.Payment platforms
  2. 02Your purchases are one-off and small. You don’t need a separate account: pay from your UAE company account in CNY or USD, with the paperwork done properly.UAE
  3. 03You need a WFOE only to get an account. It means registered capital, accounting, taxes and reporting — without operations in China, an NRA account is enough.Hong Kong
  4. 04You need direct settlements with counterparties from Russia. None of these banks processes them, and OCBC, HSBC and Standard Chartered don’t accept clients with links to Russia or Belarus.
  5. 05You’re asked to pay through third parties or into managers’ personal accounts. We won’t take that on: payment must go directly to the supplier company named in the contract.

Benefits

What you get

A route that fits your volume

We design the setup around where your company is registered, the amounts and the payment frequency. If you need an account in Hong Kong or the UAE, we help open it within the same project.

NRA account, end to end

We choose one of the four banks, prepare the package, help formalise letters of intent with your counterparties, arrange the signing of forms and delivery of the originals — and see you through to the tokens being issued.

Documents banks will clear

We check the contract, invoice, bank details and payment reference before the payment goes out. Matching names and amounts eliminates most returns.

Investigating returned payments

If a payment comes back, we find out where and why: correspondent bank, supplier’s bank, currency control. And we change what’s needed for the next payment.

Preparing for a visit to a Chinese bank

For a personal account, we tell you which documents to bring, what questions you’ll be asked and what to do if you’re turned down. You go to the branch yourself, but well prepared.

Everything visible in the client portal

Stages, payment documents and bank requests are all in the portal. You can see where the project stands and whose move it is.

How to choose

How to choose a payment route to China

A good route is one where the payer, the payee, the contract and the invoice all match, and the banks on both sides understand the deal.

  1. 01

    NRA account with a Chinese bank

    A non-resident account without your own company in China. OCBC doesn’t require a link to Asia, HSBC and Standard Chartered expect an operating company in the region, Chouzhou opens yuan as a separate account.

  2. 02

    Hong Kong account in CNH

    Close to the Chinese banking system: yuan payments go through in a way suppliers’ banks are used to. Requires a business link to Asia and, as a rule, a Hong Kong company.

  3. 03

    UAE account sending CNY or USD

    If your company is already in the UAE, you don’t need a separate account: many UAE banks send payments in yuan and dollars. What matters is that the bank understands your suppliers and goods.

  4. 04

    Payment platform

    A multi-currency account with bank details from Chinese partner banks in 3–7 working days, with no turnover or deposit required. A good start, but it isn’t a bank: there are no letters of credit or loans.

  5. 05

    Chinese company (WFOE)

    Justified if you have real operations in China: production, a warehouse, staff, domestic sales. It gives you an account, but requires bookkeeping and reporting.

  6. 06

    The supplier’s currency

    Ask your supplier which currency and which account they use to receive payments from abroad. Paying in the currency their bank expects removes some of the queries.

  7. 07

    Volume and regularity

    For occasional purchases, your existing account is enough. For a regular flow, set up a main route and a backup — in case of delays or a bank request.

Let’s discuss the details

Has a payment to China bounced or got stuck?

Send us the contract, the invoice and the bank’s return notice — we’ll work out what the bank objected to and what to change in the next payment.

Account opening

What we need from you while the bank opens the account

The process depends on the bank: forms by courier, a representative with a video call, or a personal visit. You only need to travel to China for Standard Chartered, and for a yuan account at Chouzhou.

You
03

Signatures and passport

You sign the forms as instructed and return them with the director’s original passport.

GOFIRM
01

Package for a pre-check

We put the package together and send it to the bank manager for a preliminary check.

04

Bank visit

On the day the documents arrive, an authorised person takes them to the bank.

the same day
Bank
02

Forms by courier

The bank sends the original forms by DHL with signing instructions.

05

Review and opening

The bank reviews the package and opens the account.

3–4 weeks
06

Tokens

Two tokens — for the director and the finance manager.

about 2 weeks

From you — signatures as the bank instructs and the director’s original passport; no need to travel to China.

Process

8 steps from the first conversation to the result

Every step is visible in the client portal: what’s happening now and whether we need anything from you.

Steps on your side: 4 of 8

We handle it · 3Needed from you · 4Bank · 1

  1. We establish what you need: an NRA account, a personal account, a route for paying suppliers or a company in China. We look at where your company is registered and what accounts it already has.

Documents

What you’ll need

NRA account: company documents

  • Certificates of company and business registration — for a Hong Kong company, the and , originals
  • For a Hong Kong company — or , an original no older than one year
  • Articles of association — in Chinese and English, or with a translation
  • Company seal and the director’s personal seal
  • Documents on changes of directors and shareholders — originals
  • Office lease agreement in China — mandatory at Standard Chartered; at Chouzhou a photo of the overseas office replaces it

NRA account: director and business activity

  • The director’s original passport and a Chinese translation; a copy of the finance manager’s passport
  • Chinese SIM cards: at Chouzhou — 2 numbers registered under real names; HSBC accepts foreign ones
  • Contracts, invoices, bills of lading, bank statements — at Chouzhou for the last 6 months
  • For a new company — letters of intent or a related company’s history
  • Details of the two token holders — the director and the finance manager

For paying a supplier

  • Contract with the supplier: exact names of the parties, subject matter, currency, bank details
  • Invoice or proforma invoice referencing the contract
  • Supplier’s bank details: payee name in English exactly as held by the bank, account number, SWIFT
  • Shipping documents — packing list, bill of lading — for large payments and at the bank’s request
  • Description of the goods and their end use — if the bank asks about export controls

For a personal account in China

  • Passport
  • Valid visa or visa-free entry stamp — requirements vary by branch
  • Chinese phone number — often needed for SMS and online banking
  • Residential address in China
  • Proof of purpose: employment contract, work permit or proof of enrolment — on request

Timing and budget

What makes up the budget

For most clients, the main cost isn’t the account itself but the cost of payments and the price of mistakes: returns, FX losses, delayed shipments.

  • International transfer feesDepends onCharges from your bank, correspondent banks and sometimes the beneficiary’s bank. Depends on the currency and the route.WhenPer payment
  • Currency conversionDepends onThe FX spread when sending CNY, CNH or USD. Double conversion costs more than direct conversion — for example, dirhams to dollars, then to yuan.WhenPer payment
  • Returned paymentDepends onFees on both sides and FX losses if the money comes back after conversion. Plus a delayed shipment.WhenOn return
  • NRA account feesDepends onPer the banks’ published tariffs, indicative as of October 2026. HSBC — CNY 3,500 to open an account for a non-resident and CNY 1,000 a month for account service if the average balance is below CNY 1.5 million. Standard Chartered — online banking CNY 300 a month, CNY 150 for small businesses. OCBC — online banking CNY 80 a month. Chouzhou — CNY 200 to open an account, transfers from the NRA 0.2%, minimum CNY 50.WhenMonthly and per transaction
  • Deposit and commitments after openingDepends onOCBC doesn’t require a deposit, nor does HSBC under its rules, but HSBC may offer a deposit or a payment package. After opening, Standard Chartered expects currency exchange of more than USD 100,000 and a deposit of 50,000 RMB for 3 months.WhenAfter opening
  • Account in Hong Kong or the UAEDepends onIf the route requires a new account — opening, minimum balance, maintenance.WhenAt opening and monthly
  • WFOE registration and upkeepDepends onRegistered capital, registration, office, bookkeeping, audit and taxes in China. Only makes sense with real operations.WhenAt registration and annually
  • Documents, courier and travelDepends onTranslation of the passport and articles of association into Chinese, courier delivery of the bank forms and the original passport. For Standard Chartered, a personal account and a yuan account at Chouzhou — a trip to China.WhenBefore applying and for the visit
  • Our supportDepends onChoosing the bank and route, the NRA package and contracts, checking deal documents, investigating returned payments.WhenAt the start and as payments are made

Getting it right

Common mistakes — and how to avoid them

Click a card to see how to do it right · 0 of 7 open

  1. 01 What people often do

    Paying to new bank details from an email or messenger without checking.

  2. 02 What people often do

    Giving the payee name “roughly”: an abbreviated name, a transliteration by eye.

  3. 03 What people often do

    Paying into a manager’s personal account or the supplier’s “partner” company.

  4. 04 What people often do

    Writing “payment” or “invoice payment” as the payment reference.

  5. 05 What people often do

    Applying without checking the owners’ nationality and links against the bank’s rules.

  6. 06 What people often do

    Counting on connecting Stripe or PayPal to an NRA account.

  7. 07 What people often do

    Sending a first large payment to a new supplier without testing the route.

FAQ

Expert answers

Elizaveta Germash — Bank accounts

Yes, without a Chinese company — through an NRA account. The simplest option is OCBC in Shenzhen: no link to China or Asia is needed, but the bank expects turnover from USD 1 million a month. HSBC and Standard Chartered in Shanghai — if you already have an operating company in China or the region. For one-off purchases, a UAE account may be enough.

Elizaveta Germash · Bank accounts

Sources

  1. HSBC China — Tariff of Accounts and Services (from 1 October 2026)
  2. OCBC China — business price list
  3. Standard Chartered China — business tariffs
  4. Standard Chartered China — 2026 price list (from 1 September 2026)
  5. Zhejiang Chouzhou Commercial Bank — 2026 price list
  6. HSBC China — digital business banking (HSBCnet)

Deadlines, amounts and rules are based on these sources as of the check date. Rules change: check with us before deciding.

News & insights

Related reading

Guide6 November 2026

China NRA account: what it is, who it suits and which banks open it

An NRA account is an account of a foreign company at a bank in mainland China, opened without a legal entity of your own in China. We explain how it differs from a regular account, who it suits, which banks open it and what to prepare before applying.

No WFOE · OCBC and Chouzhou don’t need a company in China; HSBC and Standard Chartered expect an operating Chinese company in the group

Often goes with this

What else you may need

Bank Accounts

Hong Kong

5 banks · HSBC, Hang Seng, OCBC, DBS and CITIC

Bank Accounts

UAE

2–8 weeks · To open a corporate account

Legal Services

Contracts and Transactions

EN + AR · Two versions with a prevailing-language clause

Next step

How do you pay China without returned payments?

Tell us where your company is registered, which suppliers you work with and in what volumes. We’ll propose a payment route and tell you whether an NRA account in China is worth opening.

Elizaveta GermashElizaveta GermashLawyer · Bank accounts
Preferred way to reach you

By sending a request, you agree to the processing of your data under our privacy policy.

Or reach us directly: WhatsApp · +971 58 520 7952