Opening a bank account in Shanghai as a foreigner

Why you need a Chinese bank account

• Salary: Chinese employers pay into Chinese accounts (some can pay abroad, but local is standard).
• Everything app-related: Alipay and WeChat Pay work best when linked to a local account; rent, utilities, and most payments flow through them.
• Tax refunds from the annual reconciliation go to a Chinese account.
• Housing fund withdrawals when you leave China.
• Credit cards — banks are far more willing to issue them to foreigners who already bank with them.

Which bank to choose

Pragmatic choice: Bank of China or China Merchants Bank for daily life, plus (optionally) an HSBC/Standard Chartered account if you move money internationally a lot.

Documents you need

• Passport (original) — with a valid visa or residence permit
• Work permit / employment record — or your employer's bank introduction letter (在职证明)
• Police registration receipt (some branches ask; see the registration guide)
• Tax ID / foreign tax number — banks are required to ask about tax residence (CRS forms)
• Chinese phone number — required for SMS verification and mobile banking. Get the SIM first (see the SIM guide).

For an employer-salary account, HR usually gives you an introduction letter listing your name, passport, employer, salary and address. This makes everything smoother.

The visit, step by step

1. Pick a branch and call ahead

   Call or visit a branch in an international district (e.g. BOC near the French Concession). Ask: "Do you have English service and can I open an account as a foreigner?" Some branches are more experienced than others — just walk out and try another if they're unhelpful.

2. Bring your documents and go early

   Go early in the morning (before 11:00) to beat the queues. Expect a number ticket and a wait of 15-45 minutes.

3. Fill the forms

   The account-opening forms (开户申请书) are in Chinese. The staff will guide you. You'll open a Ⅰ类账户 (Class I: full-function) or Ⅱ类 (Class II: limited, for simple use). Salary accounts are normally Class I.

4. Set up mobile banking on the spot

   Download the bank's app (e.g. 中国银行 / 掌上生活 for CMB), register with your Chinese number and the card. Most apps have English mode — switch it on. Ask the staff to show you how, and insist they do it while you're there.

5. Get the card and link it

   You receive a debit card (usually immediately). Link it to Alipay and WeChat Pay right away so payments work.

After opening: mobile banking, cards, salary

• Tell your employer the account details (name, branch, account number, SWIFT for international payments).
• ATM limits: daily cash withdrawal is typically capped around ¥20,000 (domestic) — plenty for daily life.
• Credit card: after 3-6 months of salary history, apply for a credit card (CMB and BOC are foreigner-friendly). You'll need the same documents plus income proof.
• Keep the account active: some banks charge a small monthly fee for dormant accounts; salary deposits usually keep it free.

Moving money in and out

• In: international SWIFT transfers work fine; the receiving bank may ask for a purpose (salary, family support). Fees are small on the China side.
• Out: every individual has an annual foreign-exchange quota of USD 50,000 equivalent for current-account purposes. Within it, transfers with a stated purpose are usually smooth. Bigger amounts (buying property abroad, etc.) need supporting documents and are slower.
• WeChat/Alipay balance can be topped up from your card; cash-out (提现) to your account is free for most.