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

What an NRA account is

An NRA account is an account of a foreign company at a bank in mainland China. It follows the rules of China’s foreign exchange regulator and the People’s Bank of China: the account number carries an NRA prefix, and the bank processes payments from it to Chinese companies as cross-border — against contracts and invoices. A similar account in the free trade account system — an FTN — is opened by OCBC and Standard Chartered.

How it differs from a regular account

• No cash: foreign cash can’t be deposited to or withdrawn from a foreign currency NRA without the approval of China’s foreign exchange regulator, and a yuan NRA also works without cash.
• Currency and yuan in separate accounts: foreign currency on an NRA can’t be sold for yuan without the regulator’s approval, and HSBC carries out such exchange only in the Shanghai Free Trade Zone. For settlements in yuan, a separate yuan NRA is opened: at Chouzhou only during the director’s visit, and Standard Chartered doesn’t open a yuan NRA.
• No Stripe or PayPal: the account isn’t opened in Hong Kong, and some accounting apps can’t be connected to it either.
• Reference to match the documents: from an NRA, as from any account, the recipient’s Chinese bank matches the payment reference with the supplier’s documents — state the contract number, the invoice number and a short description of the goods.

Who it suits and who it doesn’t

An NRA makes sense when a company from the UAE, Hong Kong or another country pays Chinese suppliers regularly, has no company of its own in China and setting one up just for an account isn’t worth it.

• Purchases are one-off and small — you don’t need a separate account: pay from your UAE company’s account in CNY or USD with the documents done properly.
• The company is new and turnover is below USD 1 million a month — it’s faster to connect a payment platform with account details at partner Chinese banks: that takes 3–7 business days.
• Your own WFOE is justified only for real operations in China: production, a warehouse, staff, sales within the country.

Which banks open NRA accounts

We work with four banks, and their requirements differ. Terms are based on our practice as of October 2026; the decision always rests with the bank.

• OCBC, Shenzhen — NRA and FTN with no link to China or Asia, no office and no deposit, for trading, logistics, consulting and IT; OCBC runs FTN accounts through its Shanghai Free Trade Zone unit. Expects turnover from USD 1 million a month; the forms are signed remotely.
• HSBC, Shanghai — for a business already linked to China or Asia: an operating Chinese company with an account in China for about six months and turnover from USD 1 million a year; for a new company — a related company’s history or letters of intent. The forms are also signed remotely.
• Standard Chartered, Shanghai — if the group has a Chinese company older than one year with invoices of more than RMB 10 million and turnover from USD 2 million a year. Only with the director’s personal visit.
• Zhejiang Chouzhou — an NRA in USD and EUR through a representative: the director confirms the intention by video, and the account is opened on the day of the visit. A company’s first account requires a special code — 7–10 business days.

What you need to open one

1. 1Company documentsCertificate of incorporation, articles of association in Chinese and English or with a translation, the company seal and the director’s personal seal, originals of documents on changes to directors and shareholders.
2. 2Proof of activityContracts, invoices, bills of lading, bank statements — at Chouzhou for the last 6 months. For a new company, OCBC and HSBC open an account on letters of intent with real suppliers and buyers or a related company’s history: the bank checks that the counterparties exist.
3. 3Director and tokensThe director’s original passport with a Chinese translation and a copy of the finance manager’s passport. At OCBC and HSBC there are two tokens — for the director and the finance manager; making them takes about 2 weeks after opening.