How to open a Chinese bank account online (as a UK business)
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Opening a Chinese bank account isn’t easy. But sending business payments to China can be tricky if you don’t have access to local banking.
International transfers through traditional banks often take more than five days to settle via SWIFT, and you’re often hit with poor exchange rates and high fees. Those delays can strain partner relationships and disrupt cash flow when you’re trying to grow.
That’s why many businesses try to open a Chinese business bank account, so they can hold CNH, take advantage of better exchange rates and pay suppliers faster through local rails.
One alternative is not a bank at all, but a multi-currency World Account from WorldFirst.
With a World Account, you get local CNH account details – without needing a Chinese address, bank account, or residency. You can receive and hold more than 20 currencies (including CNH) and pay partners worldwide using local payment networks, with settlements typically completed within 24 hours instead of days.
Read on to learn:
- How WorldFirst makes it easier to do business in China – all online
- Three options for creating an account with a local bank in China
Ready to simplify global payments? Register for your World Account today for free.
How WorldFirst makes it easier to do business in China – all online
WorldFirst’s World Account is a fully online, all-in-one account for managing foreign currencies, supported by teams in 30+ offices globally – including two in China.
It’s also the official payment partner to 1688.com, allowing for instant payment to hundreds of thousands of Chinese suppliers. Plus, there are 150,000+ Chinese suppliers using WorldFirst themselves, and payments from one World Account to another are instant – and free.
You can open a CNH account and use it in many of the same ways you’d use a local Chinese bank account – but without the obstacles and complexities typically involved with traditional Chinese banks.
For instance, you don’t need to be a Chinese resident, have a registered Chinese company or provide a local business address. There’s no in-person visit, piles of paperwork or long approval timelines. You simply apply online and get approved, typically within 24-48 hours.
So while WorldFirst isn’t a domestic Chinese bank, we deliver what most businesses are looking for when they want to open a Chinese bank account online: speed, simplicity and local-style access to China’s payment system.
Here’s what you can do with your World Account:
Hold and pay in CNH without needing a Chinese bank account
The World Account is a multi-currency business account that lets you receive and hold 20+ currencies – including CNH – for free. That means you can get paid in those currencies, hold those balances and convert them when the exchange rate works in your favour.
For example, you might receive GBP from UK buyers and keep the funds in pounds until the rate is right. When you’re ready, you can convert those funds into CNH and hold them directly in your CNH account – all through WorldFirst.
As your CNH balance comes with local account details, you can pay Chinese partners just like a local business would. Local CNH transfers are typically faster and more cost-effective than sending money via SWIFT through a traditional bank.
Beyond CNH, you can also send payments in 100+ currencies to 200+ destinations. This gives you the flexibility to operate globally without needing to go in person to apply for foreign bank accounts.
Read more: The best way to pay Chinese suppliers: A guide for cross-border businesses
Make fast, low-cost USD payments to China using local rails
A large number of Chinese businesses and suppliers are happy to be paid in USD. The problem is that converting to USD and sending payments internationally through traditional banks is still slow and expensive. Transfers can take days to clear, and every step adds extra fees.
As WorldFirst is not a bank, it addresses this with its banking partnerships across mainland China and Hong Kong. Instead of pushing payments through slow international routes, our partnerships with more than 50 Chinese banks enable us to use local rails to pay USD straight into Chinese bank accounts.
In fact, 90% of these payments arrive on the same day, making WorldFirst one of the fastest ways to pay USD into China.
Faster settlement can be a major competitive advantage. Same-day payments mean you can pay suppliers quickly, secure stock when demand spikes and jump on new opportunities before competitors do. Paying Chinese suppliers early may even encourage them to offer discounts or better terms, putting money back in your pocket.
Read more: Doing business in China: 5 key strategies and expert insights
Pay 1688 suppliers directly with WorldFirst’s exclusive integration
1688.com is one of the biggest wholesale marketplaces in China and is home to more than 10 million suppliers.
With our exclusive integration with 1688.com, you can pay suppliers directly in CNH through your World Account. No other global payment provider offers a direct integration with 1688, which means WorldFirst gives you a secure, compliant way to pay without middlemen or red tape.
This integration lets you source products faster and for less. You avoid unnecessary foreign exchange steps, reduce fees and save time by purchasing directly on the platform. Payments are immediate, so your orders can be processed and shipped more quickly.
This direct payment integration can help you strengthen supplier relationships. When your suppliers are paid instantly and in full, you’re seen as a reliable, premium buyer – and that can give you access to better pricing, priority supply and flexible order adjustments.
Read more: How to source wholesale using 1688.com outside China
3 options for creating an account with a local bank in China
A World Account lets you hold CNH, convert funds and make fast payments when it suits you – and you get to avoid the travel and paperwork usually required by domestic banks.
That said, if you still want to open accounts with a domestic Chinese bank, there are those with global branches you may be able to visit in person to submit an application form.
1. Bank of China (BOC)
Bank of China offers business and current accounts in multiple currencies, including RMB, GBP, EUR, USD and HKD. UK customers benefit from online banking and international remittance services. The bank also provides a dedicated relationship manager to support day-to-day banking needs.
UK branches are located in London, Birmingham, Manchester and Glasgow. Both UK limited companies and overseas companies are eligible to apply.
2. Industrial and Commercial Bank of China (ICBC)
ICBC offers corporate accounts for businesses with ties to China or Chinese markets. Multi-currency accounts are available, including RMB (onshore CNY or possibly RMB/CNH depending on arrangements), USD, EUR and GBP.
The bank provides international payments and remittance services, which are useful for transfers between the UK and China. Larger corporate clients can access a dedicated relationship management team to help navigate cross-border trade and compliance.
ICBC’s UK branch is located in London.
3. China Construction Bank (CCB)
CCB London is authorised and regulated to provide full corporate banking services in the UK. The branch supports RMB and GBP clearing, corporate deposits, trade finance and cross-border payments, which can be useful for companies trading between the UK and China.
One World Account for your global operations
You don’t need a Chinese bank account to do business in China. WorldFirst keeps things simple by letting global businesses create bank-free, multi-currency accounts completely online.
With a World Account, you get local account details to hold CNH, can convert when rates are favourable and pay suppliers quickly using local payment rails.
Plus, with our transparent pricing, there are no monthly account charges, it’s free to receive and hold funds, and payment fees start as low as £0.30. Plus, transfers between World Accounts are instant and free, and currency conversion fees are capped at 0.50%.
By keeping everything online, WorldFirst lets you focus on growing your business instead of worrying about traditional banking headaches.
Open a World Account today for free and simplify the way you pay, get paid and manage foreign currencies.
Abdul Muhit has 17 years' experience in banking and payments, spanning across regulation, payment networks, acquiring, issuing and treasury. He has served across strategic and delivery roles in product, technology and operations functions at global companies including JP Morgan, KPMG and Visa."
Abdul Muhit
Author
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