How Chinese Nationals Can Open a US Bank Account Analysis of Latest Policies and Procedures

Can Chinese Citizens Open Bank Accounts in the United States? An Analysis of the Latest Policies and Procedures

With the deepening of global economic integration, an increasing number of Chinese citizens need to interact with the U.S. financial system for purposes such as studying abroad, working, or investing. One of the most common concerns is whether Chinese citizens can open bank accounts in the United States. In recent years, the U.S. has continuously adjusted its financial regulations, which has affected the requirements for foreigners opening bank accounts. So, can Chinese citizens currently open bank accounts in the U.S.? What are the procedures involved, and what issues should be considered? This article provides a detailed analysis based on the latest policies and relevant information.

1. Basic Policies of U.S. Banks Toward Foreign Account Holders

Most major U.S. banks allow non-residents, including Chinese citizens, to open bank accounts, although specific requirements may vary from bank to bank. U.S. banks generally apply stricter scrutiny to foreign applicants due to regulatory requirements such as Anti-Money Laundering AML and Know Your Customer KYC. According to the Financial Crimes Enforcement Network FinCEN, under the U.S. Department of the Treasury, financial institutions must verify customer identities and maintain related records. For non-residents, this often means more complex procedures.

In 2025, several U.S. banks updated their international account-opening policies. Citibank continues to accept applications from qualified non-U.S. residents but requires additional identity verification documents. Meanwhile, Wells Fargo has further tightened restrictions on foreign customers without U.S. visa or residency records. These changes reflect a growing caution among U.S. financial institutions under increased compliance pressure.

2. Key Requirements for Chinese Citizens Opening Accounts in the U.S.

Although policies have become somewhat stricter, Chinese citizens still have opportunities to open bank accounts in the U.S., especially when there is a clear and legitimate reason, such as studying, investing, or engaging in cross-border trade.

Typically, the required documents include

1. A valid passport;

2. A U.S. visa or entry record B, F, H visas are commonly accepted;

3. Proof of address, such as a rental contract or utility bill;

4. A Social Security Number SSN or Individual Taxpayer Identification Number ITIN; some banks may accept temporary numbers;

5. Initial deposit amount varies by bank.

Some banks may also request a recommendation letter from an employer or educational institution to confirm the applicant’s legal status and financial capability in the U.S. For Chinese citizens without long-term residency plans, certain banks offer non-resident account options, which may have limited functionality but are still suitable for basic financial management.

3. Possibilities and Limitations of Remote Account Opening

In recent years, due to the pandemic and the trend toward digital banking, several U.S. banks have introduced remote account-opening services, allowing customers to complete the process without visiting a branch in person. However, these services remain largely inaccessible to foreigners, particularly Chinese citizens.

From late 2025 to early 2025, JPMorgan Chase and Bank of America revised their remote account-opening policies, requiring non-U.S. residents to hold a valid U.S. address and complete identity verification via video call. For applicants residing in mainland China, this process can be challenging and often yields low success rates.

By comparison, some smaller regional banks or digital banks, such as Chime and Varo Bank, impose fewer restrictions on remote account opening, although their service scope and security levels require careful evaluation. It is recommended that Chinese citizens seeking to open U.S. accounts prioritize large, mainstream banks and consult their international customer service departments in advance to understand the latest procedures and documentation requirements.

4. U.S.-China Financial Cooperation and Future Trends

Despite differences between China and the U.S. in certain areas, the two countries continue to maintain a degree of cooperation in the financial sector. In May 2025, China and the U.S. reached a new consensus on enhancing financial regulatory coordination, agreeing to deepen collaboration in areas such as anti-money laundering and cross-border payments. This development may bring greater convenience for Chinese citizens conducting financial transactions in the U.S.

At the same time, as the internationalization of the RMB progresses and Chinese investors show growing interest in overseas asset allocation, U.S. financial institutions are exploring more flexible service models. For example, Goldman Sachs recently launched multi-currency investment accounts targeting Asian clients, supporting RMB settlement and lowering the barrier for Chinese investors to enter the U.S. capital market.

5. Important Notes and Practical Tips

For Chinese citizens hoping to open a U.S. bank account, the following recommendations are worth considering

1. Prepare all necessary documents in advance Ensure that all documents are complete and meet the bank’s requirements to avoid multiple trips or rejection.

2. Choose the right bank Select a bank based on your needs, such as whether you require a checking account, debit card, or online banking services.

3. Understand fee structures Some banks charge higher maintenance fees or transfer fees for non-resident accounts; make sure you are aware of these before proceeding.

4. Be mindful of foreign exchange regulations China imposes an annual limit of $50,000 or equivalent on individual foreign currency transfers. Always declare and retain relevant documentation legally.

5. Seek professional assistance if needed You may consider consulting law firms, immigration agencies, or international banking specialists for support.

Conclusion

In summary, while it is still possible for Chinese citizens to open bank accounts in the U.S. under current policies, the process involves certain challenges and requirements. As Sino-U.S. financial interactions continue to grow, this process is expected to become smoother and more accessible over time. For Chinese citizens who need to open a U.S. bank account, staying informed about the latest policies, preparing thoroughly, and choosing appropriate channels are key to successful account opening.