Opening a bank account in China

Find out what you need to open an account with HSBC China.

Below are the most common types of accounts opened in China

There are a number of RMB and FCY account types available to FIEs incorporated in China, including but not limited to the following accounts:

Foreign currency account types	Inflow	Outflows	Comments
Capital Account (most preferable to have as a Bank)	To receive capital injections and capital increases	Payments for current items and approved capital-items	In principle only one account can be opened with a bank located in the same city as the company, which requires SAFE approval
Settlement Account	Collections for current items foreign currency	Payments for current items and approved capital-items	SAFE approval not required
Foreign Debt Special Account	To receive loan proceeds from overseas	As specified in the loan agreement, but can't be reused to repay RMB loans	Foreign Debt registration and approval by SAFE required
RMB account types	Inflow	Outflows	Comments
Basic Account	To receive RMB to then make payroll & cash withdrawals	Cash can be withdrawn. Salary and bonus payments can only be used from the basic account.	Only one basic account can be opened irrespective of the number of banks used.
General Account	To receive RMB collections	All kinds of RMB payments except for cash drawing	Multiple accounts can be opened

Doing Business in China

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