When foreigners come to set up business in China, it will be more convenient for foreigners if they open a Chinese bank account. Opening a  bank account in China is actually an easy process, not a nightmare for  foreigners  as they might expect. Here the following are some frequently asked questions on bank account open for foreigners who set up business in China. If you have any further inquiries, please contact Hongda.

Q: Can foreigners open an account in China?
Answer: Yes. Foreigners can easily open a savings account at most banks in China.

Q: when set up the company in China, how to open a bank account?
Answer: If you want to open a bank account when you have set up a company in China, all the directors of the company must go to the bank personally. At the same time, you should inform us to be prepared. You can choose to open a bank account in Hong Kong or foreign banks in China, and the bank account in Hong Kong called local bank account while the mainland's called offshore bank account. The bank accounts usually contains the following categories: HKD saving account, foreign currency savings account (including all the foreign currency), HKD checking account.

Q: Which cities in Mainland China can foreigners open offshore account? And how to operate the offshore bank account opened in Shenzhen while you are in another city?
Answer: At present, foreigner can open offshore bank account in Shenzhen, Shanghai, Guangzhou as well as Xiamen's Hong Kong Bank. If it is not convenient for clients come to Shenzhen personally to open bank account, they can have authenticating signature in Beijing, Shanghai, Hangzhou. Clients can open bank account via passwords, telephone, fax to inform the bank operate it in long distance. So far the operation via online banking service have been accepted by several banks. 

Q: What is the difference in operation between Hong Kong local account and Mainland China's offshore account?
Answer: There are several differences between in Hong Kong local account and Mainland China's offshore bank account. The first one is that the funds in Hong Kong bank account are free to pass in and out, while the offshore account opened in foreign bank in mainland China are supervised by China's financial institutions. Therefore, offshore accounts in mainland China can't deposit in cash. The second difference is in bank charge.The charge of the Hong Kong local account is nominal, while offshore accounts in mainland China charge a fee. The third aspect is that the account opening documents in different. The mainland China ID card holders can open offshore accounts. But Hong Kong local account requires the holder must have a passport or Hong Kong and Macau Pass. The fourth difference is that Hong Kong local account has multiple functions, while offshore account's functions are limited to a certain degree. The last difference is that the speed of opening bank account in Hong Kong is much faster than in mainland China.

Q: Can a company open multiple bank accounts? Is there a necessary connection between them?
Answer: There is no distinction between basic account and non-basic account in Hong Kong local account. So a company can open multiple bank accounts according to its need. All the bank accounts' status and functions are the same while they are not necessarily associated with each other from the perspective of the opening bank. However, you need to concentrate all the bank account's transactions on behalf of all the listing submitted before doing account.

Contact Us
If you have further inquiries on bank account open in China, please do not hesitate to contact Hongda at anytime, or calling Hongda hotline at 0755 2586 2199, or emailing to info@0086rich.com., we will provide you more detail information or suggestions on bank account open for foreigners who doing business in China.