How to Open an Overseas Bank Card in China? A Comprehensive Guide to All You Need to Know!

How to Open a Foreign Bank Account in China Everything You Need to Know

In today’s increasingly globalized world, more and more Chinese citizens are paying attention to overseas financial matters. Whether for studying abroad, traveling, cross-border online shopping, or overseas investment, having a foreign bank card has become increasingly important. However, opening a foreign bank account in China is not as straightforward as opening a local one. It requires understanding relevant policies, procedures, and potential restrictions.

1. Growing Demand for Foreign Bank Cards in China

According to multiple media reports in 2025, with the rise in outbound travel, studying abroad, and overseas spending by Chinese residents, the demand for foreign bank cards has significantly increased. For example, China Merchants Bank's 2025 Cross-border Payment Trends Report showed that in the fourth quarter of 2025, overseas transaction volumes by Chinese users grew by more than 40% year-on-year, with the most notable growth seen in transactions denominated in USD, EUR, and JPY.

With the rapid overseas expansion of Chinese cross-border e-commerce platforms such as TikTok Shop, Shein, and Temu, more sellers and consumers are paying attention to how to use foreign bank cards for settlement and payment. This has made opening a foreign bank account a necessity for many people.

2. Can You Directly Open a Foreign Bank Account in China?

Currently, most foreign banks do not allow Chinese residents to directly open overseas bank accounts from within China. This is due to international financial regulations such as Anti-Money Laundering AML and Know Your Customer KYC requirements. However, the following methods can help Chinese residents legally and compliantly open foreign bank accounts

1. Apply through overseas banks’ branches or partner banks in China

Some international banks have branches or partnerships with local banks in China, offering channels to apply for overseas accounts. For example, HSBC and Citibank have operations in China and allow qualified clients to apply for overseas accounts. HSBC’s Global Banking Service, for instance, enables customers in China to apply for accounts in Hong Kong or Singapore, typically requiring asset proof, income documentation, and a reasonable justification for the account.

2. Open an account in person after arriving in the target country

For individuals planning to live, study, or work abroad long-term, the most straightforward method is to open a bank account after arriving in the destination country. This approach is the most reliable and provides full banking services, including debit cards, credit cards, and online banking. For example, in 2025, many Chinese students in the U.S. successfully opened accounts at Chase or Bank of America and used WeChat or Alipay for cross-border payments.

3. Remote account opening through digital or virtual banks

In recent years, some digital or virtual banks have supported remote account opening, especially those based in Singapore, the UK, or the U.S. These banks complete the process through video verification and electronic signatures, without requiring physical presence. Revolut, Monzo, and Wise formerly TransferWise, for instance, allow Chinese users to open accounts remotely, typically requiring a valid passport, proof of address, and video identity verification. These accounts are mainly used for online payments and cross-border transfers and cannot be used for cash withdrawals at ATMs in China.

4. Use overseas account services offered by Chinese banks

Some Chinese banks, such as Bank of China, ICBC, and China Merchants Bank, offer overseas account services that allow customers to apply for foreign bank accounts domestically. These are usually partner bank accounts with limited functionality but offer the advantage of convenience and compliance. For example, Bank of China’s Great Wall Cross-border Service allows customers to apply for partner bank accounts in countries such as the U.S., the UK, and Australia at the time of opening a domestic account, making it suitable for purposes like studying or traveling abroad.

3. Key Considerations When Opening a Foreign Bank Account

1. Compliance Issues

According to the State Administration of Foreign Exchange, individuals in China have an annual foreign exchange quota of $50,000. Exceeding this limit requires proof of legitimate use. Large transactions using foreign bank cards should comply with foreign exchange regulations to avoid being flagged as illegal capital outflows.

2. Identity Verification and Documentation

Opening a foreign bank account typically requires documents such as a passport, visa, proof of income, and address verification. Some banks may also ask for a letter of recommendation from an employer or school to ensure the account is used for legitimate purposes.

3. Maintenance Fees

Some foreign banks charge annual or monthly fees, especially for credit card accounts. Users should understand these costs in advance to avoid unnecessary expenses from inactive accounts.

4. Cybersecurity and Information Protection

When opening an account remotely, users must upload personal identification and passport documents. It’s essential to choose reputable and secure platforms to avoid data breaches. Prioritize banks or platforms with strong reputations.

4. Use Cases and Benefits of Having a Foreign Bank Card

Having a foreign bank account not only facilitates overseas spending but also offers advantages in the following areas

Tuition and Accommodation Payments Direct payment of tuition and living expenses, avoiding exchange rate losses.

Cross-border E-commerce Settlement Easier receipt or payment of funds on overseas platforms.

Overseas Investment Participation in U.S. stocks, funds, or cryptocurrency investments.

Travel Spending ATM withdrawals and card payments abroad, reducing the hassle of currency exchange.

For example, in the first quarter of 2025, many Chinese investors used U.S. bank accounts to invest in the U.S. stock market and benefited from the rising market.

5. Conclusion

Although there are certain barriers to opening a foreign bank account in China, it is still achievable through legal channels and proper planning. Whether through overseas services offered by domestic banks, remote account opening via digital banks, or physically opening an account abroad, users should fully understand relevant policies, prepare necessary documents, and ensure compliant use.

As the international financial environment evolves and technology advances, the process of opening foreign bank accounts will become more convenient and compliant. For individuals with cross-border financial needs, understanding and mastering this knowledge in advance will help better navigate the financial challenges and opportunities brought by globalization.