Opening a Bank Account with Zhejiang Chouzhou Commercial Bank (China)
Opening a bank account with Zhejiang Chouzhou Commercial Bank (China) has become the only way for many international trading companies to save their operational activities from the total pressure of Western compliance. While European financial institutions and popular neobanks are massively blocking transactions in the Asian direction, demanding endless verifications of the source of funds, businesses suffer colossal losses due to cash shortages and contract disruptions.
Fact: When classic financial havens close their doors to non-residents, the only smart step is to relocate settlement centers directly to the jurisdiction where your main production facilities and suppliers are concentrated.
Zhejiang Chouzhou Commercial Bank is a large Chinese commercial bank founded in 1987, which has an extensive branch network throughout Zhejiang Province (including Hangzhou, Shanghai, Ningbo, and other major cities).
The bank is oriented toward servicing small and medium-sized enterprises (SMEs) and provides the opportunity to open NRA (Non-Resident Accounts) for foreign companies engaged in trading activities. It is also possible to open personal (individual) accounts for individuals.
Important feature: This bank is one of the few financial institutions that operates stably and reliably with non-residents, including companies whose directors and shareholders are non-EU citizens.
Article Author:
Liudmyla Dziuba
Corporate lawyer
Article Author
Ludmila Chilik
Corporate lawyer
What to Actually Verify in Chouzhou Bank Procedures: Key Conditions and Advantages
To successfully pass compliance at Zhejiang Chouzhou Commercial Bank, simply filling out a standard form is not enough. The bank carefully assesses the economic substance of your activity and the reality of your business model.
Below is our checklist of parameters and conditions that you should familiarize yourself with before submitting an application for account opening:
Account Type: NRA (Non-Resident Account). Opening personal (individual) accounts for individuals is also possible.
Permitted activities: Trading and logistics companies; other types of business — subject to additional approval.
Account currencies: HKD, USD, EUR. Important: an account in CNY (Yuan) is opened and processed separately.
Opening format: Remotely or in person (with a visit of the director to the bank).
Deadlines and speed: On average, processing takes 3–4 weeks. An NRA account is opened on the day of the visit to the bank. An account in CNY is processed and opened within 1–2 weeks after the visit of an authorized representative or the director.
Economic substance: Usually requires the presence of counterparties or business ties with China.
Signature registration: It is necessary to manufacture and register a personal stamp of the director with their name (name chop).
Office confirmation: It is necessary to provide photographs of the office (or a lease agreement if the company is registered in Mainland China).
Approvals and limits: After receiving official approval, account opening is guaranteed. There are no restrictions on transfers or account balances.
Technical requirements: Internet banking is set up for two users. Communication with the bank is carried out through a working group in WeChat. Two Chinese SIM cards are also required (we provide this service).
Main Tariffs for Transfers and Maintenance of NRA Accounts
Below is a summary table with current rates according to the official price list of Chouzhou Commercial Bank for outward and inward payments, as well as additional fees for telecommunications (SWIFT/Telex).
Type of Operation / Service
Fee Rate
Notes and restrictions
Opening an NRA account
200 CNY per account
Charged on a one-time basis upon opening
Maintenance of an inactive NRA account
Equivalent of 10 USD / month
Applied if there is no movement of funds on the account for 6 months or more (charged from the following month).
Resetting internet banking password
200 CNY per operation
Fee is charged starting from the 3rd password reset attempt within 3 months
Outward TT payment (NRA account) — Domestic
2% of the amount (min 50 CNY) + telecommunications fees
For interbank transfers within China
Outward TT payment (NRA account) — International
2% of the amount (min 50 CNY) + telecommunications fees
For cross-border transfers outside of China
Transfers within Chouzhou Bank (between branches)
1% of the amount (min 50 CNY, max 1000 CNY)
Telecommunications fees (post/telegraph) are not charged in this case
Transfers within the same Chouzhou branch
Free of charge
Commission and telecommunications fees are absent
Transfers via branch (Corporate clients)
*Up to 10 000 CNY – 5 CNY per transaction
*10 000 – 50 000 CNY – 10 CNY per transaction
*50 000 – 100 000 CNY – 15 CNY per transaction
*100 000 – 500 000 CNY – 20 CNY per transaction
*Over 1 000 000 CNY – 0.002% of the amount
Fixed fee for executing a payment
Adjustment / Return of transfer
100 CNY per document + telecommunications fees
Applied in case of clarifying details or returning a payment
🚩Restrictions:
Transactions with counterparties from the Russian Federation are prohibited.
The account cannot be used with PayPal, Stripe, or certain accounting applications due to the specific nature of the NRA format and Chinese jurisdiction.
The account may be restricted or closed if funds come from a company that the bank has determined to be in violation of the law.
Account Opening Procedure with a Personal Visit and Remotely
Remote account opening procedure
- Submission of Application: The client provides the necessary documents and fills out a questionnaire in English.
Translation and Screening: We translate the questionnaire into Chinese and submit the documents to the bank for preliminary approval (pre-approval).
Office Verification (Substance):
Companies from Mainland China: physical office presence is mandatory. A bank manager obligatorily conducts an inspection of the object and photo verification.
Foreign companies: an on-site inspection is usually not required. For the KYC procedure, it is sufficient to provide photographs of the office and the address (in any jurisdiction).
Bank Analysis: The bank reviews the provided documents. The client provides additional documents required for account opening.
Processing of the Special Code: We ensure the translation of documents and submit them to the bank to obtain a special code (mandatory if the company opens an NRA account for the first time). At this same stage, two Chinese phone numbers, verified to a real name (real-name verified), are connected.
Coordination and Shipping: After receiving the special code, you coordinate the schedule of the authorized representative’s visit to the bank. The client sends the originals of corporate documents, stamps, the original passport of the director, and a copy of the financial manager’s passport to the bank in China.
Identification: On the day of account opening, the director undergoes video identification with the bank manager. The bank records the video call as part of the KYC procedure. During the video call, the director answers questions about the company, confirms the intention to open the account, and confirms the authority of the trusted person (representative).
Visiting the Bank and Activation: After identification, the representative visits the bank, and the account is opened on the very same day. We help with the activation and delivery of tokens.
Account opening procedure with a personal visit
Initial Stage: The client provides documents, we translate the questionnaire into Chinese, and submit it for pre-approval. Office verification follows the same scheme (for mainland companies — physical office presence + bank site inspection are mandatory, for foreign ones — office photos and address).
Feature for CNY: First, the director undergoes video identification via WeChat from their foreign office and shows the office premises. After this, the director must personally visit the bank for a face-to-face interview.
Special Code: The bank reviews the documents and issues preliminary approval. The client provides additional documents. We ensure translation and submit documents to obtain the special code (processing takes 7–10 working days). Two Chinese numbers are required.
Preparation for the Trip: After receiving the code, we coordinate the schedule of the director’s visit to the bank. We prepare all documents (translations of corporate documents, passports, lease agreements, stamps, etc.) along with instructions and a trip plan.
Final Visit: The director personally visits the bank, having with them: originals of corporate documents, originals of personal documents, stamps, and 2 Chinese phone numbers. The account is opened on the same day, and bank tokens are issued to the client. We help with token activation.
Mandatory requirements for both procedures: Have the original passport of the director (plus Chinese translation) and a copy of the financial manager’s passport (plus Chinese translation), as well as 2 Chinese SIM cards.
Complete list of required documents
For submission to the compliance department of Zhejiang Chouzhou Commercial Bank, it is necessary to prepare the following package of documents:
✔ CI (Certificate of Incorporation) — original.
✔ Actual BR (Business Registration Certificate) — original.
✔ NNC1 (Registration form, not older than 1 year) — original.
✔ Actual form NAR1 (Annual Return) — original.
✔ AA (Articles of Association) — in Chinese and English.
✔ Stamps of the company and the director (Chops).
✔ All changes and amendments (forms ND2A, ND4, BSIT, etc.) — originals.
✔ Special code (Special code) — original.
✔ CNY Certificate (CNY Certificate) — original (if available).
✔ Passport of the director (original) + translation into Chinese.
✔ Passport of the financial manager (copy) + translation into Chinese.
✔ 2 Chinese phone numbers, verified to a real name (real-name verified).
Financial Conditions and Associated Costs
The cost of the service from Locman is 8,300 EUR for remote account opening. Processing of the special code is included in the price upon the first submission of the application (restoration of the special code is paid separately).
Additional mandatory and associated costs:
Services of a local representative — from 100 EUR per month (paid in advance by quarter or for half a year/year).
Company check / extract (Company Search) — the cost is determined separately for each jurisdiction before reviewing documents (for companies from Hong Kong and the UK — free of charge).
Translation of documents — 50 EUR (in individual cases, the cost can be discussed individually).
Two Chinese phone numbers — 300 EUR.
Office rent in China (exclusively for Chinese companies) — 1700 EUR.
KYC procedures for office confirmation — 200 EUR.
Company and director stamps — 50 EUR.
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How We Do It at Locman
Thanks to the presence of our local representatives in China, the process of submitting original documents and activating tokens takes place without delays.
Do not let harsh compliance and blockages stop your import business. Order remote opening of a non-resident account at Zhejiang Chouzhou Commercial Bank with Locman specialists today
— we will handle all bureaucratic procedures, translations, and communication in WeChat so that you receive a working tool for settlements with China in 3–4 weeks.
Yes. Most foreign companies can open an NRA (Non-Resident Account) through a remote procedure. The director must complete a mandatory video identification, while the account is opened by an authorized representative at the bank.
The bank primarily serves international trading, import-export, logistics, and distribution companies. Applicants are generally expected to demonstrate genuine business operations and commercial relationships with Chinese counterparties.
Yes. An NRA account is specifically designed for international settlements with Chinese suppliers and business partners. It supports transactions in USD, EUR, and HKD. If required, a separate CNY account can also be opened.
These are part of the bank’s compliance and security procedures. Chinese SIM cards are required for online banking authentication, transaction verification, and communication via WeChat.
The account opening process typically takes 3–4 weeks after all required documents have been submitted. The NRA account is usually opened on the day of the representative’s or director’s bank visit.
