Banking & Finance for Foreigners in China: Complete Guide (2025–2026)
Stay2CN Guide | Long-Term Living — Banking & Finance | Updated May 2026Managing money in China requires understanding local banking practices. Here's the complete guide for expats.
Opening a Bank Account
Requirements:
• Valid passport
• Chinese phone number
• Proof of address (rental contract or hotel registration)
• Residence permit (for long-term) or visa (for short-term, depends on bank)
Best banks for foreigners:
• Bank of China (BOC): Most international experience, best for wire transfers
• ICBC: Largest network, accepts many foreigners
• China Merchants Bank (CMB): Good app, English support at some branches
• HSBC/Standard Chartered: International banks with China branches
Tips:
• Go to a main branch (not small sub-branches) — more experience with foreigners
• Some banks require residence permit; others accept any visa
• Bring a Chinese-speaking friend if possible
International Transfers
Sending money INTO China:
• Wire transfer to your Chinese account
• Wise (formerly TransferWise): cheaper rates, but check China availability
• Western Union/ MoneyGram: available but higher fees
Sending money OUT of China:
• Must prove income was legally earned and taxes paid
• Annual limit: up to $50,000 equivalent for individuals
• Required: tax receipts, employment contract, bank statements
• Process at bank with foreign exchange window
Currency Exchange
• Exchange at banks (best rates) or airports (convenient but worse rates)
• Avoid street exchangers — illegal and risky
• Keep exchange receipts — needed if converting back later
Mobile Banking
• All major banks have apps (mostly Chinese)
• UnionPay cards work everywhere in China
• International cards (Visa/Mastercard) accepted at major chains but not street vendors
Tax Basics for Foreigners
• Individual Income Tax (IIT) applies if residing >183 days/year
• Tax rate: 3–45% progressive (most expats pay 10–20%)
• Download "个人所得税" app for tax filing
• Annual reconciliation: March 1–June 30
Pro Tips
• Set up online banking immediately — queues at branches are long
• Keep all tax documents and payslips organized
• Use Alipay/WeChat Pay linked to your Chinese bank card for daily expenses
• Notify your home bank before large transfers
Banking questions? Ask below!
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