What Documents Are Required to Open a USD Account at Bank of China? A Comprehensive Analysis and Practical Recommendations!

What Documents Are Required to Open a USD Account at Bank of China? A Comprehensive Guide and Recommendations

In the context of global economic integration, an increasing number of individuals and businesses are engaging in cross-border financial transactions. Whether for studying abroad, overseas investment, international shopping, or foreign trade, having a U.S. dollar account has become increasingly important. As one of China's leading commercial banks, Bank of China's procedures and required documentation for opening a USD account are of great interest. This article provides an in-depth analysis of the documents needed to open a USD account at Bank of China, based on current financial policies and user feedback, along with practical suggestions.

I. Required Documents for Individuals Opening a USD Account

According to Bank of China's official website and relevant financial policies in 2025, the following documents are typically required for individual customers to open a USD account

1. Valid Identification Documents

Including original copies of a resident ID card, temporary ID card, or passport, all of which must be within their validity period.

2. Bank Card or Savings Book

A RMB savings card or current account book from Bank of China is usually required, as the USD account will be linked to this RMB account.

3. Account Opening Application Form

Customers must complete a personal account opening application form on-site and sign the relevant agreements.

4. Risk Assessment Questionnaire

In accordance with regulatory requirements, banks are required to conduct suitability assessments, and some customers may be asked to complete an investment risk assessment questionnaire.

5. Proof of Fund Source if applicable

If the transaction amount is large or involves frequent foreign currency transactions, the bank may request documentation regarding the source of funds to comply with anti-money laundering AML regulations.

Important Note

Starting in 2025, the State Administration of Foreign Exchange SAFE has further strengthened the management of foreign exchange accounts. While the annual foreign exchange purchase limit for individuals remains at USD 50,000 in equivalent value, banks now place greater emphasis on verifying the authenticity of transaction backgrounds. It is recommended that customers prepare supporting documents for fund usage, such as proof of study, travel, or investment, before opening an account.

II. Required Documents for Companies Opening a USD Account

For corporate clients, USD accounts are primarily used for cross-border settlements and international trade transactions. The required documents are more complex and typically include

1. Original and Copy of Business License

Must be valid and stamped with the company seal.

2. Legal Representative’s ID Card Original and Copy

3. Authorized Agent’s ID Card and Power of Attorney

If the legal representative is not handling the process personally, a power of attorney and the agent’s ID are required.

4. Organization Code Certificate or Unified Social Credit Code Certificate

5. Foreign Exchange Registration Certificate if applicable

Foreign trade companies usually need to complete foreign exchange registration before opening a foreign currency account.

6. Corporate Charter and Shareholders’ Resolution some banks may require these

7. Other Documents Required by the Bank

May include a corporate account application form, reserved signature card, and foreign exchange income and expenditure declaration form.

Recommendation

Before opening a USD account, companies are advised to communicate in advance with a Bank of China relationship manager to ensure all required documents are prepared and to avoid delays due to incomplete materials.

III. Overview of the Account Opening Process

Whether for individuals or corporate clients, the general process for opening a USD account is as follows

1. Appointment Optional

You can book an appointment via Bank of China’s official website or mobile banking app to reduce waiting time.

2. Submit Documents at a Branch

Bring all required documents to any Bank of China branch that offers foreign exchange services.

3. Complete Forms and Undergo Review

Bank staff will review the documents and input the information into the system.

4. Set Password and Receive Account Details

Upon approval, customers can set a password and receive their account information.

The entire process can usually be completed within one business day. However, in more complex cases, additional documents or extended review periods may be required.

IV. Frequently Asked Questions and Practical Tips

1. Is it necessary to purchase foreign exchange before depositing USD?

No. If you already have USD cash or receive USD from abroad, you can directly deposit it into your USD account. Alternatively, you may first purchase USD from your RMB account.

2. Can I open an account remotely?

Currently, Bank of China does not offer full remote account opening for USD accounts. Individual customers must personally visit a branch with valid identification. Corporate clients may authorize an agent, but complete documentation is required.

3. Is there an annual fee for the account?

Personal USD accounts generally do not incur annual fees. However, some branches may charge a small account management fee if the account remains inactive for a long period. It is advisable to check with your local branch beforehand.

4. Can I use online banking or mobile banking for the USD account?

Yes. Bank of China supports online and mobile banking for USD accounts, enabling convenient operations such as transfers, balance checks, and foreign exchange purchases.

V. Conclusion

With the increasing frequency of international interactions, having a USD account has become a necessity for many individuals and businesses. As a major state-owned commercial bank, Bank of China offers mature, secure, and reliable USD account services. Whether you are an individual or a business, it is advisable to prepare all required documents in advance and communicate fully with bank staff to ensure a smooth account opening process.

Additionally, staying updated on changes in China's foreign exchange regulations is essential to ensure legal and compliant use of your USD account. Through this detailed guide, we hope you now have a clearer understanding of the procedures and documentation required to open a USD account at Bank of China. Proper planning and compliance will help support your international lifestyle or business development effectively.