Expatsh.com

We have contacted the Bank of China, ICBC and the Agricultural Bank of China and obtained information from them which explains how an Expat' can open a Personal USD Bank Account with those banks here in Shanghai.

Below are the basic requirements needed, as explained to us by the relevant banks and hope that this gives you an insight into how this can be done and what documentation is required. For specific details relating to your own personal requirements, we would suggest that you contact the bank itself.

Bank of China

To open a USD Bank Account with the Bank of China, you must take your Passport with you along with a Residence Permit if you have one (although not mandatory) and once you complete an application form, this is sufficient to open the account. There is minimum deposit of $500 USD with Bank of China to open this account.

Bank of China have just introduced a Multi-Currency Account for Expats and it is called the "Savings Deposit Account Passbook" whereby you can deposit a certain amount of major currencies. This can be done on presentation of your passport and a fee of 5 RMB to set up the account.

ICBC

To open a USD Bank Account with the ICBC, you must take your Passport with you along with a Residence Permit if you have one (mandatory). You must also have an authorised translation of your name in Chinese which allows them to open an account in your Chinese name - this can be authorised by a notary. Once you complete an application form along with the aforementioned items, this is sufficient to open the account. There is a minimum deposit with ICBC of $300 USD to open this account. Currently, there seems to be no firm guidance from ICBC as to the full regulations so we advise you to check with the major branch of ICBC.

Agricultural Bank of China

To open a USD Bank Account with the Agricultural Bank of China, you must take your Passport with you along with a Residence Permit if you have one (although not mandatory) and once you complete an application form, this is sufficient to open the account. There is a minimum deposit of $100 USD with The Agricultural Bank of China to open this account.

Expats can set up an RMB account with the Agricultural Bank of China and to do this, they need to present their passport and pay a setting up fee of 1 RMB.

That is the complete procedure as we have been explained this. We hope that the information provided gives you an idea of what is involved and we do repeat that it is wise to discuss your own personal circumstances with the Bank in question.

For details of Banks, see our Banks section.