Guide to open a Renminbi account for business in Hong Kong

The demand for Renminbi (RMB) accounts among Hong Kong businesses has surged significantly. These accounts allow businesses to receive payments in RMB, make payments to suppliers, and mitigate losses from foreign exchange risks. Additionally, they help build trust and foster cooperative relationships with Chinese partners. This article serves as a guide on opening a RMB account in Hong Kong, detailing the various account types, the account opening process, and the necessary documentation.

Different types of China bank accounts

There are three types of China bank accounts, namely full-function accounts, limited-function accounts and small-sum payment accounts.

How can Hong Kong residents open a Mainland China bank account?

Hong Kong residents can now open China bank accounts at designated banks in Hong Kong. In most cases, they can use their Hong Kong mobile numbers registered under the Real-name Registration Programme, eliminating the need for a Mainland China number. However, it should be noted that while opening an account in Hong Kong, Category I "Full-Function Accounts" cannot be opened; only Class II or Class III Renminbi accounts are available. To open a Class I account, you must personally visit a bank in Mainland China. Regardless of the account type, applicants must be at least 18 years old.

• Attestation Service for Account Opening (account opening in Hong Kong): Through designated banks in Hong Kong, such as Bank of China (BOC), Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Agricultural Bank of China (ABC), etc., individuals can open only Class II or III Renminbi accounts. These accounts are managed by Mainland China banks, and personal information or passwords cannot be changed at local Hong Kong branches.

• Account opening in China: To open an account, one must personally visit a branch of a Mainland China bank. Here, Class I, II, and III accounts are available, requiring proof of a Mainland China address and other relevant documents.

Documents required to open a China bank account

In general, the following documents are required to open a Mainland China bank account:

• Hong Kong Permanent Identity Card (HKID)

• Mainland Travel Permit for Hong Kong and Macao Residents (valid for three to six months)

• Mobile number registered under the Real-name Registration Programme in Mainland China or Hong Kong

• Proof of address for the last three months, such as utility bills, household registration, passport, etc. (if required)

How do I open a bank account in China?

To open a bank account in China, start by selecting a bank. It is generally recommended to select the major traditional banks such as ICBC, CCB, BOC etc., given their widespread branch networks. Once you have identified a convenient branch, you can either visit the bank in person or schedule an appointment for added convenience.

You will need to prepare your Mainland Travel Permit for Hong Kong and Macao Residents and a verified China mobile number. At the bank, choose the type of bank account you wish to open and complete the necessary forms, including your name, the travel permit number, China and Hong Kong addresses, mobile phone number, etc. After information is verified, you can set up your online banking and create a password for the bank card.

Many Hong Kong residents opt to open accounts in Shenzhen due to its proximity and the presence of numerous large bank branches. Popular areas include the Futian High-speed Railway Station vicinity, where branches of BOC and ICBC can be found, among others.

How do I open a Chinese bank account in Hong Kong?

As previously mentioned, you can open a Mainland China bank account in Hong Kong via Attestation Service. Select a bank with branches in Mainland China, such as BOC, ICBC, CCB, ABC, HSBC, and others. You can visit the branch in person or schedule an appointment by phone or through their official website. Gather all the required documents, provide the necessary information, and deposit the minimum account required to open the account (if applicable). Once the application is approved, you will be able to access services such as fund transfers, cash deposits, and withdrawals.

Required documents, time, fees, charges and other services 

1. Bank of China

Bank of China (BOC) offers the "Greater Bay Area (GBA) Account Opening Service", streamlining account setup within GBA in approximately 6 working days. To open an account, present a valid HKID and Mainland Travel Permit for Hong Kong and Macao Residents. Upon approval, you will be notified via SMS within a few working days. You can then visit the designated branch to collect your account details and activate the account. Once activated, you can make RMB transfers from your Hong Kong account to the Mainland China account using BOC’s online banking, mobile services, and other remittance services.

Important Notes:

• Applicants must be at least 18 years old. The service is applicable only to individual banking customers.

• You should hold a personal bank account with BOC

• A registered mobile number under the Real-name Registration Programme in Mainland China or Hong Kong is required

• You must present a valid HKID and Mainland Travel Permit for Hong Kong and Macao Residents

2. Industrial and Commercial Bank of China Limited

Industrial and Commercial Bank of China Limited (ICBC) offers "Greater Bay Area Account Opening" service, allowing you to open Class I and II Mainland China accounts at their branches. Simply visit a branch with the required documents to complete the application. Upon receiving your successful application notification, you can collect and activate your debit card. After setting up your password, the account is ready for RMB remittance services, though transaction fees may apply. The account can also be linked to major e-wallets in Mainland China for everyday expenses, shopping, and transportation.

Important Notes:

• Applicants must be at least 18 years old. The service is applicable only to individual banking customers.

• Must visit an ICBC branch in person

• A registered mobile number under the Real-name Registration Programme in Mainland China or Hong Kong is required

You must present a valid HKID and Mainland Travel Permit for Hong Kong and Macao Residents

3. China Construction Bank

China Construction Bank (CCB) has introduced the "Attestation Service for Account Opening", with an account opening process that takes approximately 10 working days. To open a Class II account, applicants must visit a CCB branch with their HKID, Mainland Travel Permit for Hong Kong and Macao Residents, and their Hong Kong or Chinese mobile number. Once you receive an SMS notification, you can return to the branch to collect your card and activate your account. After activation, you can monitor your account activities through the online banking platform, as well as link your account to Mainland China e-payment apps.

Important Notes:

• Applicants must be at least 18 years old. The service is applicable only to individual banking customers.

• Must visit an CCB branch in person to open a Class II account

• Must present your registered phone number

• Must present a valid HKID and Mainland Travel Permit for Hong Kong and Macao Residents

• Eligible transactions enjoy waived fees for cross-border remittance fees (subject to meeting the promotional conditions).

4. Agricultural Bank of China

Agricultural Bank of China (ABC) does not offer services for opening Mainland China accounts in Hong Kong. Hong Kong residents must visit Mainland China branches to apply for an account.

Linking your China bank account to WeChat Pay and AliPay

Once you open a China bank account, you can link it to e-wallets like WeChat Pay and Alipay for daily transactions. Here are the steps:

Linking WeChat Pay

1. Download and register on the WeChat app, and complete real-name authentication.

2. Navigate to the "My Wallet" section, and enter your bank card details and phone number.

3. After mobile verification, set a 6-digit payment password.

4. Your China bank account will then be successfully linked to WeChat.

Linking Alipay

1. Download and register on the Alipay app.

2. Log in and go to "Account Settings", click "Basic Information" and select "Immediate Certification".

3. Enter your personal account details, such as bank card information, and the registered mobile number under the Real-name Registration Programme in Mainland China, etc.

4. Complete mobile verification, upload the required ID, and finalise the authentication process within 24 hours.

Remittance through China bank accounts vs. all-in-one financial platform

While it is possible to open a China account in Hong Kong or directly in Mainland China, these accounts are only available to individual banking customers. The Class II and III accounts also come with daily transaction limits of RMB ¥10,000 daily and annual limit of RMB ¥200,000. Additionally, some banks may impose remittance fees, and customers also bear the cost of currency exchange, making it inconvenient and costly especially for SMEs or startups.

With the increasing availability of money transfer platforms, businesses now have more options. Airwallex, the one-stop platform offers Business Accounts to manage global finance and payments. Hong Kong businesses can open a Business Account on our website 24/7 without any account opening or monthly fees, skipping bank queues and paperwork.

The Business Account allows businesses to create domestic and foreign currency accounts with local bank details, including a CNY account in Hong Kong, offering convenience to managing CNY. You may make CNY payments via SWIFT with Chinese suppliers with contracts, invoices and other documents, or collect from customers. You can also enjoy competitive exchange rates, usually as low as 0.2% above the interbank rate. Approximately 85% of funds can be credited within hours or on the same day, and around 50% of transactions are completed instantly.

Frequently asked questions

1. Do I need to make an appointment to open an account in China in person?

You can visit a Mainland China bank in person and wait in line, or you can also visit the bank's official website in advance to check if they provide appointment services.

2. How long does it take to open a China bank account? 

In general, the account opening process generally takes about 3 to 10 business days, depending on the specific approval procedures of each bank. You can activate and start using the account once you receive notification of a successful application. Alternatively, after setting up a Business Account with Airwallex, you may instantly open a CNY Global Account in Hong Kong online with local bank details to collect funds, as well as make CNY payments via SWIFT to Chinese business partners, offering convenience for your business.

3. Will I get a bank card when opening a China account in Hong Kong?

Many banks offer the options of a debit card once you finish opening a China bank account. In the case for Airwallex, you may apply for a Borderless Card for company expenses.

Sources:

Information on banks was retrieved as of July 2024. Information provided is for reference only. Please refer to the official website of banks for the most up-to-date details.

Disclaimer: The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every 6 months. If you would like to request an update, feel free to contact us at [email protected].