Which Banks Offer NRA Accounts? A Comprehensive Analysis of Selection and Key Considerations

Which Banks Can Open an NRA Account? A Comprehensive Guide to Your Options and Key Considerations

As global economic integration deepens, more businesses and individuals are engaging in cross-border trade, investment, and financial management. In this context, the Non-Resident Account NRA has become an essential tool in international financial activities. Particularly for companies or individuals conducting business in China but registered outside the country, opening an NRA account can facilitate RMB settlements and help mitigate currency exchange risks. So, which banks can open NRA accounts? This article will provide a detailed overview of the current major banks offering NRA services, based on recent financial policies and market trends, along with practical recommendations.

1. What is an NRA Account?

An NRA Non-Resident Account is a Renminbi RMB or foreign currency account opened by an overseas entity or individual at a bank within mainland China, primarily used for handling cross-border payments, settlements, and investments. According to the regulations of the People’s Bank of China PBOC, NRAs are applicable to the following categories of entities

Overseas registered companies and financial institutions

Individuals who are not Chinese tax residents

Foreign organizations without a permanent establishment in China

The main advantage of an NRA account is its RMB settlement capability, while being partially exempt from China’s strict foreign exchange controls, allowing for greater flexibility in capital flows.

2. Which Banks Support NRA Account Opening?

Currently, many large Chinese commercial banks offer NRA account services, as do some foreign banks operating in China. Below is a list of major banks that support NRA accounts, along with their key features

1. Industrial and Commercial Bank of China ICBC

As the largest bank in China by total assets, ICBC offers NRA account services through numerous branches nationwide. Its services are particularly suitable for large multinational corporations. In 2025, ICBC further optimized its online NRA account management process, allowing clients to perform certain account management tasks via its corporate online banking platform.

2. China Construction Bank CCB

CCB has extensive experience in NRA account services, especially in free trade zones such as Shanghai and Tianjin, where it provides more flexible fund management solutions for overseas clients. CCB also supports the integration between NRA accounts and FT Free Trade accounts, enhancing capital efficiency.

3. Bank of China BOC

With a strong global presence, BOC has a competitive edge in NRA account services. Its numerous overseas branches enable localized support for international clients. In 2025, BOC launched a cross-border express service tailored for NRA account holders, streamlining international payment procedures.

4. China Merchants Bank CMB

CMB has actively expanded its cross-border financial services in recent years. Known for its user-friendly interface and transparent fee structure, CMB is especially popular among small and medium-sized enterprises SMEs. In early 2025, CMB introduced an automatic currency conversion feature for NRA accounts, significantly improving liquidity.

5. HSBC Bank China, Citibank China, and Other Foreign Banks

Foreign banks such as HSBC and Citibank typically offer greater flexibility in NRA services, especially for global clients. They provide multi-currency account options and seamless integration with their global banking systems, making them ideal for multinational corporations managing funds in China.

3. Account Opening Requirements and Required Documents

While specific procedures may vary slightly between banks, the following are the general requirements and documents needed to open an NRA account

Basic Requirements

The applicant must be a non-Chinese tax resident

Provide valid business license or identity documents

Clarify the source and intended use of funds

Appoint a local contact in China if applicable

Required Documents

Certificate of company registration and articles of association

Identity proof of legal representative

Completed account opening application and signed agreements

Authorization letter issued by the overseas entity

SWIFT/BIC code if RMB settlement is involved

Some banks may also request a business plan or transaction history to assess compliance.

4. Use Cases and Advantages of NRA Accounts

Common Use Cases

Cross-border Trade Settlement Use RMB to receive and make payments, avoiding exchange rate losses

Profit Repatriation Foreign companies can deposit profits into an NRA account before transferring them overseas

Free Trade Zone Operations Combined with FT accounts, enabling centralized fund pool management

Wealth Management for Foreign Individuals NRA account holders can invest in certain domestic financial products

Key Advantages

Less Foreign Exchange Control Funds can flow more freely within certain limits

RMB Settlement Convenience Ideal for overseas companies with frequent trade with China

Improved Capital Efficiency Supports multiple currencies, reducing intermediary costs

Enhanced Credibility Holding an account with a major Chinese bank boosts trust among business partners

5. Key Considerations and Common Issues

While NRA accounts offer many benefits, several important points should be noted

1. Regulatory Compliance

Although NRA accounts offer more flexibility, they must still comply with PBOC and SAFE State Administration of Foreign Exchange regulations. Prohibited activities include money laundering and tax evasion. Banks regularly monitor account transactions.

2. Account Maintenance Costs

Some banks charge annual fees or minimum balance fees for NRA accounts. It’s advisable to understand the fee structure before opening an account and choose a bank offering cost-effective solutions.

3. Transfer Restrictions

Although cross-border transfers are permitted, each transaction must comply with reporting requirements. Large transfers may require additional approval.

4. Bank Risk Control and Due Diligence

With increased anti-money laundering AML and counter-terrorism financing CTF measures, banks have tightened their review processes for NRA accounts. Clients should prepare comprehensive background documentation in advance to expedite the application.

6. Conclusion

As a vital link between China and the global financial system, the NRA account is increasingly adopted by overseas businesses and individuals. From ICBC to HSBC, major banks are rolling out customized services to meet diverse client needs. Whether you are an SME owner engaged in import/export or a foreign individual looking to invest in China, using an NRA account wisely can significantly enhance your capital efficiency.

However, while enjoying the convenience, it is essential to stay updated on policy changes and banking regulations to ensure compliance and stability in account usage. Choosing a reputable bank with comprehensive services is the first step toward a smooth and efficient cross-border financial journey.