How to open a Chinese bank account: A guide for businesses
Last update: 14 Aug 2025
Trying to open a Chinese business bank account from Singapore and finding it harder than expected? You’re not alone.
But here’s the good news: you may not need a Chinese bank account at all.
If your main goal is simply to pay Chinese suppliers quickly and in renminbi (RMB), you can do that without opening a local account – thanks to multi-currency business accounts from providers like WorldFirst. These accounts let global businesses send payments in renminbi, manage FX and trade efficiently, all without registering a local entity or flying to China.
In this guide, we’ll show you how it works. We’ll walk through:
- Why opening a Chinese business bank account from Singapore can be more challenging than expected
- Why a WorldFirst multi-currency account is a better option for companies trading with China
- Why might you still need a local Chinese bank account?
- Chinese bank account vs. RMB account vs. multi-currency account
- Still want to open a Chinese bank account? 5 options to consider
With a WorldFirst multi-currency account, you can hold and send CNH, send CNY, convert FX 24/7 and pay Chinese suppliers directly without opening a local bank account. Open your WorldFirst World Account for free here.
Why opening a Chinese business bank account from Singapore can be more challenging than expected
Despite strong trade ties between Singapore and China, opening a business bank account in China remains a slow, complex and highly manual process. Here’s why so many companies prefer to use an alternative option:
- You typically need a local legal entity. Most banks require a registered Chinese entity, usually in the form of a wholly foreign-owned enterprise (WFOE), along with a local office, legal representative and tax registration. This setup can take months and specialist support to complete.
- You’ll usually need to go to China yourself. Most Chinese banks still require in-person verification, handwritten signatures or biometric scans – often requiring a company director to travel to China.
- You’ll need to navigate the different requirements of individual banks. There’s no single, standardised process, with some banks asking for company chops (i.e. official seals) and others rejecting applications based on your industry or ownership structure.
- You may face language and admin hurdles that can slow things down. Applications are typically processed in Mandarin and often follow local administrative norms that are unfamiliar to foreign companies. Without a Chinese-speaking team member or local partner, even basic steps like replying to a Know Your Customer (KYC) request can lead to weeks of back-and-forth.
- The process is slow, even when done correctly. Even if you tick all the boxes, approvals can take weeks or months, delaying your ability to pay suppliers, manage CNY cash flow or move quickly on business opportunities.
In short, it’s only worth trying to open a Chinese bank account if you really need to. In many cases, though, you don’t.
Why a WorldFirst multi-currency account is a better option for companies trading with China
If your goal is to trade with China – to pay suppliers on 1688.com or settle invoices in renminbi – you don’t actually need to open a Chinese bank account. Instead, WorldFirst offers a faster, simpler alternative.
WorldFirst is a global payments provider that helps over one million SMEs worldwide manage international trade, FX and supplier payments with speed and confidence. With a World Account from WorldFirst, you can open a CNH (offshore renminbi) account from Singapore, without needing a Chinese legal entity or a local presence.
With your World Account, you can:
- Hold and send CNH (offshore renminbi) directly from Singapore
- Pay Chinese suppliers directly without a WFOE or local bank setup
- Manage FX, payments and reporting from a single, user-friendly screen
- Track all payments in a dashboard built for global business
Here’s how it works.
Set up your World Account and get approved in 24 hours
Opening a World Account is fast, fully digital and typically completed within 24 hours. You won’t need to fly to China, visit a bank or set up a local entity.
Here’s what you’ll need to provide during onboarding:
- Your ACRA business registration (BizFile extract)
- Director’s NRIC or passport
- Proof of business address (e.g. utility bill or lease agreement)
- Basic business details including:
- Expected trading volume
- Primary use case (e.g. paying suppliers, receiving CNH payouts)
To set up your account, visit the World First portal where you’ll complete an application form covering basic information about your company or business.
For anti-money laundering purposes, WorldFirst will verify your identity and once approved (usually within one to two working days), you can quickly start collecting, holding and sending CNH from your central dashboard.
Get paid in CNH and pay in CNY – no Chinese bank account required
You’ve found the right suppliers, made sure that the product margins work, and can see that demand is growing. Now it’s time to set up a payment flow that doesn’t hold you back.
With WorldFirst, you can use your RMB wallet to pay Chinese suppliers in their preferred currency (CNY, CNH or USD) directly from your verified business account. That means your payments arrive under your company’s legal name, not a third-party remitter, which helps streamline reconciliation and build credibility from day one. When invoices and payments match, you avoid shipment delays and earn supplier trust – something that’s especially important if you’re negotiating faster production cycles or better teams.
Unlike traditional ways international businesses pay Chinese suppliers – typically via telegraphic transfers (TTs) or bank wires – you don’t need SAFE registration and you won’t be asked to provide paperwork for every transaction once you’re verified. Instead, WorldFirst uses the China National Advanced Payment System (CNAPS) to process RMB payments, so your funds are routed through the same local clearing network as traditional bank wires in China.
Plus,, if you’re also selling into China through platforms like Tmall Global, JD Worldwide or Kaola, you can receive payouts straight into your WorldFirst wallet. From there, you can hold the funds in renminbi, convert them to SGD or USD when rates are favourable or use them to pay suppliers, all without setting up a Chinese bank account or local company.
Plus, if you’re sourcing products from Chinese wholesale platforms like 1688 or Taobao, you can use those same funds to pay suppliers directly in CNY, CNH or USD, simplifying your end-to-end cash flow across the entire China trade ecosystem.
- Read more: How to start sourcing products from China
Use smarter FX tools to reduce the costs of international transfers
Managing foreign currency exchange manually or relying on your bank’s default rates can quickly eat into your margins. For example, converting SGD to CNH through a traditional bank often comes with poor rates, hidden fees and limited visibility that can add up fast when settling large invoices.
WorldFirst gives you smarter FX tools designed for cross-border businesses, meaning you can lock in competitive rates, automate conversions and manage CNH alongside your other currencies:
- Full control over FX conversions. As trade with China grows, you can convert SGD, USD or EUR into CNH 24/7. Buy CNH at any time, including weekends and holidays, and see conversions in real-time so that you know what rate you’re getting.
- Lock in exchange rates with forward contracts. What’s more, if you’re working with large orders or repeat payments, you can also lock in a favourable rate for up to 24 months. It gives you price certainty over your cost of goods sold (COGS) and helps you manage cash flow more confidently – especially useful if you price in SGD but pay in CNH.
- Use firm orders to set a target rate. Not in a rush to convert? You can set your ideal FX rate (e.g. when SGD strengthens against CNH) and WorldFirst will automatically trigger the conversion when that rate is reached, instead of you having to watch the markets or refresh rate pages.
You can use the WorldFirst dashboard to see your FX activity, balances, recent conversions, rates achieved and upcoming payments.
Better manage and understand your spending with the virtual World Card
When managing your global finances, it can be difficult to get clarity on your spend in different regions and currencies. That’s why we developed the World Card, a virtual card for businesses that helps you better manage your expenses, simply and securely.
The virtual card links directly to your World Account and you can use it to pay online – for ads, suppliers, subscriptions, logistics and more – in over 150 currencies.
With a World Card, you’ll:
- Generate new cards instantly. Create virtual cards in seconds, with no physical delivery needed. Issue multiple cards for different team members, projects or services with just a few clicks.
- Spend globally and save locally. Pay in 150+ currencies via Mastercard. Hold any of the 15 supported currencies (including USD, GBP, EUR, SGD and HKD) and you won’t pay any FX fees.
- Get full control over spending. Set custom limits per card. Track every transaction in real time. Say goodbye to bulky invoices and surprise charges.
- Manage your money safely with built in security. Each transaction is protected by 3D Secure (3DS) and Address Verification System (AVS), reducing fraud risk and keeping your funds safe.
You’ll also receive up to 1.2% cashback on eligible business spending, with no minimums or limits. We credit it straight to your World Account every month.
Benefit from money-management tools built for business
Once your World Account is set up, you can streamline supplier payments with tools designed for growing businesses. These aren’t just time-savers. They help reduce human error, build trust with suppliers and free up your finance team to focus on more strategic tasks.
- Automate your invoicing with saved payees. Rather than re-enter supplier details every time you pay a new invoice, with WorldFirst, you can save payees (including RMB wallet details, company names and payment preferences) and create reusable templates for common transaction types. These might include standard procurement payments, partial deposits or monthly retainer fees.
- Schedule recurring payments. If you’re managing long-term supply contracts or repeat purchase orders, you can schedule payments to go out weekly, monthly or quarterly. With full control over timing and amount, this reduces the risk of late payments and helps with cash flow planning.
- Keep your finances safe with user permissions. As your team grows, you can assign roles and permissions to different users, from procurement managers to finance leads. WorldFirst lets you add multiple users to your account and assign custom permissions based on their role, from basic viewer access to payment approval authority.
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
When might you still need a local Chinese account?
For many Singapore businesses, using a foreign currency account is the simplest and fastest way to start paying Chinese suppliers. But there are a few cases when opening a domestic Chinese account is still necessary, especially if you’re planning to establish a long-term presence in China.
Here’s when it makes sense – or may even be necessary – to open a local bank account:
- You’re setting up a WFOE or rep office. If you’re registering a WFOE or representative office in China, you’ll typically need a Chinese bank account. That’s because most local operations from tax reporting to payroll and utilities require RMB payments through a domestic, entity-linked account.
- You’re collecting revenue from Chinese platforms. If your business sells within China on platforms like JD.com, Douyin or certain domestic marketplaces, you may be required to open a local account to receive CNY payments. These platforms often only disburse funds to Chinese bank accounts, particularly for sellers with a local storefront or operating licence. However, it’s worth remembering that for platforms like 1688.com, Taobao or Alibaba.com, you can source and pay suppliers in CNH (offshore renminbi) through the WorldFirst integration.
- You’re paying local salaries or renting premises. If you’ve hired a team on the ground or signed a lease for warehouse or office space, Chinese labour and property regulations often require payments to be made from a domestic account, not a cross-border one. This ensures compliance with local laws and tax systems.
Chinese bank account vs RMB account vs multi-currency account
If you’re trying to pay suppliers, partners or platforms in China, there are a few different types of accounts you’ll come across. However, these serve different needs.
Only one gives you the flexibility to trade in CNH without setting up a Chinese business entity: a multi-currency account. And for many Singapore-based SMEs and e-commerce sellers, that’s the difference between getting started this week or waiting months.
Here’s a breakdown of the three most common options:
| Account type | Who it’s for | Setup requirements | Currencies held |
|---|---|---|---|
| Multi-currency account with a cross-border provider (e.g. WorldFirst) | Import/export businesses, e-commerce sellers, SMEs trading | Online onboarding, Singpass verification, no Chinese address needed | 10–30+ currencies incl. CNH |
| Chinese business bank account | Chinese companies or foreign companies with a WFOE or local office | Chinese business licence, company chops, local Chinese director, China office address | CNY (onshore RMB) |
| RMB business account at a Singapore bank (e.g. DBS) | Singapore-based companies with RMB exposure | Singapore business registration, NRIC/FIN, office address, often face-to-face onboarding | SGD + CNH (offshore RMB) |
So, why does this matter? You might assume that you need a Chinese bank account just to pay a supplier in renminbi, but that’s only true if you transact in CNY, the onshore version of the currency – and only if you’re setting up a business within China.
If you’re just paying into China, CNH (offshore RMB) is usually accepted by suppliers and much easier to work with.
With a multi-currency account like WorldFirst, you can:
- Hold and convert CNH alongside SGD, USD, EUR and more
- Pay Chinese suppliers using local payment rails, including CNAPS without needing a WFOE or local bank account
- Skip the red tape of setting up a legal entity in China
- Manage FX, balances and payments all in one place
Still want to open a Chinese bank account? 5 options to consider
If you’ve decided you do need a local Chinese bank account, perhaps because you’re opening a WFOE for example, then here’s what the process typically looks like at the major banks.
These overviews apply to business accounts, not personal banking. Requirements vary slightly by branch but all of them share one thing in common: you’ll need to go through a fairly lengthy, often paper-heavy application process that requires an in-person visit and a locally registered business entity.
1. Bank of China (BOC)
Bank of China is one of the most internationally recognised of China’s state-owned banks and is a common choice for foreign companies setting up a WFOE. However, account opening is anything but easy.
You’ll need to present a full set of necessary documents, including your business licence, articles of association, official company seals (chops), proof of office lease in China, and a valid passport of your legal representative. An in-person visit is mandatory, and onboarding includes thorough KYC and due diligence checks.
If you already have a Chinese subsidiary and long-term plans in the region, BOC’s banking services are a solid choice. But for SMEs or remote businesses, the setup process can be a major hurdle.
Read more on the Bank of China website.
2. ICBC (Industrial and Commercial Bank of China)
ICBC is the world’s largest bank by total assets and is known for being quite conservative when it comes to onboarding foreign entities.
The application process is rigorous, often requiring multiple rounds of documentation and sometimes even interviews with bank staff. In addition to standard business paperwork, companies may be asked to provide local phone numbers, tax registration, and proof of physical premises in China. The legal representative must typically visit a branch in person.
For multinationals or companies with well-established Chinese operations, ICBC offers scale and stability. But it’s generally unsuitable for first-time entrants or lightweight digital businesses.
Read more about the ICBC here.
3. China Construction Bank (CCB)
China Construction Bank is another of the Big Four state-owned banks and is frequently used by companies in sectors like logistics, infrastructure and real estate.
CCB’s onboarding requirements are comparable to BOC and ICBC, meaning you’ll need a local legal entity, residence permit and proof of address, and other required documents. However, processes vary widely by branch and region, with some branches having made recent improvements to their online banking tools. Some customers report smoother experiences in tier-one cities like Shanghai or Shenzhen, while others encounter unpredictable delays elsewhere.
For businesses working closely with Chinese public sector partners, CCB can be a logical fit though it remains a complex route for most international SMEs.
Learn more here.
4. Agricultural Bank of China (ABC)
Agricultural Bank of China has a strong domestic focus and is less experienced in serving foreign businesses compared to the other Big Four.
While it’s possible to open a business account as a foreign company, the process is typically slower and more inconsistent. Policies and documentation requirements can vary significantly from branch to branch, and the bank’s digital systems may feel dated compared to more commercial or tech-forward institutions.
ABC may be a fit for companies operating in rural areas or sectors like agriculture. But for international ecommerce sellers or import/export businesses, it’s rarely the most efficient choice.
Visit the ABC website to learn more.
5. China Merchants Bank (CMB)
China Merchants Bank is a commercially focused bank known for a better customer experience and more modern digital banking tools than many of its state-owned counterparts.
Some businesses report that CMB offers slightly faster account opening processes and a more user-friendly internet banking experience. However, it still requires you to register a legal entity in China and provide all the standard business documentation – including your local office lease and the presence of a legal representative during the onboarding process.
CMB can be a helpful middle ground for tech-savvy businesses or those with customer operations in China who still want a smoother experience than the Big Four typically provide.
Read more on the CMB website.
You don’t always need a Chinese bank account to trade with China
Opening a business bank account in China is no small task. If you’re based in Singapore and your primary goal is to pay suppliers or receive payments from Chinese partners, there’s now a much easier way. With a multi-currency World Account from WorldFirst, you can:
- Hold and send RMB (CNH) directly – no Chinese entity or address required
- Pay 1688 suppliers, manufacturers and logistics partners with ease and credibility
- Manage FX with greater speed, visibility and control
For Singapore-based ecommerce sellers, import/export businesses and fast growing brands, this is the simpler, faster and smarter way to trade with China – without the admin burden of opening a local bank account.
Get started with your WorldFirst account today and start trading on your terms.
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