CMB USD Account Setup Guide Step-by-Step Instructions

How to Successfully Open a USD Account at Industrial Bank A Detailed Guide and Process Revealed

In recent years, with the deepening of global economic integration, more and more individuals and businesses have become involved in international operations. As one of the world’s primary currencies, the U.S. dollar has become a necessity for many people, especially in scenarios such as studying abroad, overseas shopping, investment, and cross-border trade. Industrial Bank, as one of China’s leading commercial banks, is widely recognized for its foreign currency account services. So, how can you smoothly open a USD account at Industrial Bank? This article will walk you through the process and key considerations.

1. Understanding the Basic Functions of a USD Account

First, it's important to understand what a USD account does. A USD account is primarily used for holding U.S. dollar funds and supports operations such as deposits, withdrawals, transfers, currency conversion, and foreign exchange purchases. For those who frequently deal with overseas transactions, a USD account helps mitigate losses caused by exchange rate fluctuations and improves financial flexibility.

Industrial Bank's USD account can be linked with your RMB account, allowing seamless conversion between the two currencies via online banking or the mobile app. Some accounts also offer additional services such as USD fixed deposits and foreign currency wealth management products.

2. Prerequisites for Opening a USD Account

Opening a USD account at Industrial Bank is straightforward but requires meeting several conditions

1. Existing RMB Account A USD account must be linked to an existing RMB account at Industrial Bank.

2. Valid ID You must present your original ID card. If someone else is handling the process on your behalf, they must also provide their ID and an authorization letter.

3. Compliance with SAFE Regulations According to the State Administration of Foreign Exchange SAFE, individuals have an annual foreign exchange purchase limit of USD 50,000. Exceeding this requires proof of purpose.

4. In-person Visit Required for First-time Opening Although some services are available online, the initial account opening must be done in person at a bank branch.

3. Step-by-Step Guide to Opening a USD Account

1. Schedule an Appointment

To save time, book an appointment through Industrial Bank’s official website or mobile app. Choose a convenient branch and confirm that it offers foreign currency account services.

2. Prepare Required Documents

Before visiting the bank, ensure you have the following

Your original ID card

An existing Industrial Bank savings card or passbook

Supporting documents e.g., admission letter or business contract if the account is for study or business purposes

3. Fill Out the Application Form and Sign Agreements

At the branch, inform the teller of your intention to open a USD account. They will provide the necessary application form. After completing it, you will need to sign agreements such as the Foreign Currency Account Management Agreement and the Foreign Exchange Transaction Risk Disclosure Statement.

4. Set a Transaction Password

A USD account typically has a separate transaction password. It is recommended to use a different password from your RMB account for added security.

5. Complete Identity Verification and Risk Assessment

The bank will verify your identity and may ask you to complete a risk assessment questionnaire to ensure you understand the risks involved in foreign exchange transactions.

6. Account Activation

Once the process is completed, the bank will notify you that the USD account is successfully opened and ready for use. You can check your balance and transaction history via the mobile app or online banking.

4. How to Use Your USD Account Effectively

Opening the account is just the beginning. Here’s how to make the most of it

Foreign Exchange Transactions Convert RMB to USD or vice versa through the bank. Monitor exchange rates and perform transactions at favorable times.

Fund Transfers Use the account to send money overseas, such as for tuition payments or international purchases.

Foreign Currency Wealth Management Industrial Bank offers USD-denominated wealth management products, ideal for clients with surplus funds seeking stable returns.

USD Fixed Deposits USD fixed deposits often offer higher interest rates than RMB deposits, making them suitable for long-term USD holders.

5. Important Notes and Common Questions

Exchange Rate Risk The USD/RMB exchange rate fluctuates based on market conditions. Frequent conversions may result in losses.

Annual Purchase Limit Individuals are limited to USD 50,000 per year for foreign exchange purchases. Exceeding this requires proof of legitimate use.

Account Management Fees Some banks charge maintenance fees for inactive foreign currency accounts. Regularly check your account status.

Fund Security Enable SMS or app notifications to monitor account activity in real time.

Online Convenience Industrial Bank’s mobile app supports USD account inquiries, foreign exchange transactions, and transfers, making online banking highly recommended.

6. Strategic Planning Based on Current Trends

According to data released by the State Administration of Foreign Exchange in Q3 2025, personal foreign exchange demand has surged due to the rebound in overseas travel and international education. Many banks, including Industrial Bank, have improved their foreign currency services to enhance customer experience.

For example, Industrial Bank recently launched a one-click foreign exchange feature in its mobile app, allowing users to complete currency conversions without visiting a branch. While the RMB’s internationalization has slightly reduced the USD’s dominance in global payments, the dollar remains a key currency for international settlements.

Having a flexible USD account not only helps manage personal finances but also facilitates cross-border business transactions. Opening a USD account at Industrial Bank is a simple process - just prepare the necessary documents, understand the procedures, and use the account wisely. Whether for study, travel, or investment, a well-functioning USD account will be a valuable asset in your international financial activities.