STANDARD CHARTERED BANK CHINA

Opening an account with Standard Chartered Bank China (China)

Cost for the private persons from 0€

Cost for the legal entities from 3700€

Opening Term: 3 weeks

Remotely: yes

Standard Chartered Bank China is one of the oldest international banks in the Chinese financial market. The bank's first branch was opened in Shanghai back in 1858. Today, SC Bank China has branches in 30 cities across China and is part of the international banking group Standard Chartered.

The bank offers corporate clients comprehensive solutions for international payments and foreign exchange operations, as well as trade finance for working with Chinese counterparties. A business account with SC China is not only an opportunity to open an account in Chinese yuan, but also includes the following options:

  • accounts in foreign currencies;

  • international payments and SWIFT transfers;

  • foreign exchange operations at the best rate;

  • Cash Management;

  • solutions for international trade and Trade Finance.

To manage corporate accounts, SC China offers clients the Straight2Bank digital platform, which combines tools for account management, trade finance, and cash management.

Opening an Account with SC Bank China for a Foreign Company

One of the main advantages of SC Bank China is its focus on international business, so the bank works not only with companies registered in China. Standard Chartered Bank provides a separate account opening procedure for foreign and offshore companies that have economic ties with China.

The possibility of opening a corporate account with SC China is considered by the bank on an individual basis. During the review, the compliance department will analyze the company's jurisdiction of registration, ownership structure, actual business activity, information about directors and ultimate beneficial owners, the sources of their funds, the company's main counterparties, and the nature of future transactions.

Business Account with SC Bank China

Two types of accounts can be opened for international companies:

  • RMB Settlement Account: a corporate account in Chinese yuan (RMB/CNY). This account is needed by companies that settle payments with Chinese buyers, suppliers, and other counterparties. The RMB Account has a mandatory average monthly balance requirement of CNY 40 000, but account opening and maintenance are free of charge.

  • FCY Account (Foreign Currency Account): an SC China account in a foreign currency (EUR, CHF, USD). It is intended for foreign exchange and international operations, including SWIFT transfers.

Business clients can hold both types of accounts at the same time, which is a significant advantage for international companies that work with both the Chinese and international markets. Opening an account with the Chinese bank SC Bank China is a convenient tool for foreign companies that:

  • import or export goods from China;

  • make regular payments to Chinese suppliers and manufacturers;

  • receive payments from counterparties in China;

  • operate in the markets of China, Hong Kong, and other Asian countries;

  • need to make international payments and SWIFT transfers.

Maira Consult will help you open an account with the Chinese bank SC China remotely or with a personal visit to a bank branch in China.

STANDARD CHARTERED BANK CHINA advantages

1

Benefits for international trade and trade finance

2

Yuan accounts for non-residents

3

Personal support for business clients

4

Cross-border foreign currency payments

5

Access to the Standard Chartered international network

General Information

Types of accounts

Corporate accounts.

Accounts for individuals.

Business accounts.

Multi-currency accounts.

Personal visit

To open an account with SC China, the director must visit a bank branch in person to complete identification. A business account in China can be opened on an individual basis.

Service rates

RMB Settlement Account (local account):

  • corporate account opening: 0 CNY;
  • monthly maintenance: 0 CNY.

FCY account (foreign currency account):

  • corporate account opening: 0 CNY;
  • EUR account maintenance: from CNY 180/month;
  • CHF account maintenance: from CNY 150/month.

Additional banking services such as SWIFT, MT101 and Straight2Bank internet banking are charged separately.

Useful information

Official website: www.sc.com

Stages of account opening

01

Preparation of documents

To open an account with SC Bank China, you need to fill out a questionnaire and provide us with information about the company's activities and counterparties. Together with the questionnaire, you submit the company's corporate documents and the personal identification documents of the director and each of the beneficiaries.

02

Analysis of documents

Maira Consult lawyers analyze the business structure, documents and information provided. Then we compile the full client file and complete the bank's questionnaires.

03

Submission of documents

To open an account in China, we send the client file to the bank manager for preliminary review.

04

Passing verification

The company director completes identification and signs the bank questionnaires during a personal visit to a bank branch in China. However, on an individual basis, SC Bank China may open an account through a remote procedure, without the director's personal visit.

05

Compliance Check

At this stage, the compliance department reviews the client's business and may request additional information about the beneficiary's activities and source of funds.

06

Account opening

After the business account is opened, SC China issues a token. In addition to the token, 2 Chinese SIM cards are required to manage the account.

Answers to the Most Common Questions:

Yes, Standard Chartered Bank China has account opening procedures for foreign companies and companies whose beneficiaries are non-residents of the PRC. Eligibility to open an account is determined individually after KYC and a compliance review of the company's structure, its activities, its beneficiaries and their sources of funds, and the economic rationale for doing business with China.
Standard Chartered offers accounts in Chinese yuan (RMB/CNY) and foreign currency account services (FCY Account Services). The availability of a specific foreign currency depends on the type of business and its operating model, and is confirmed individually for each client.
At Standard Chartered Bank in China, the RMB Settlement Account is used for settlements in Chinese yuan (RMB/CNY). The FCY Account is a foreign currency account (Foreign Currency Account) used for foreign exchange and international transactions. Corporate clients that make settlements in both yuan and other currencies can open both types of accounts at the same time.
Yes, Standard Chartered in China supports international payments and SWIFT transfers. Separate fees apply to incoming and outgoing payments for a foreign currency account (FCY Account). For example, the fee for an incoming SWIFT payment starts from USD 7.5.
For corporate clients with a local yuan account (RMB Settlement Account), an average monthly account balance of CNY 40,000 is required.
Straight2Bank is Standard Chartered's digital banking platform for corporate clients. It is used to manage corporate accounts, payments and other banking operations. The platform is especially convenient for international businesses that need centralized control over payments and cash flows.

Other banks in this region

Bank NameCost from (EUR)
OCBC BANK8000
BANK OF COMMUNICATIONS7000
ZHEJIANG CHOUZHOU COMMERCIAL BANK8000

Our Contacts

Phone

+380 97 527-66-30

Client Relations Department

+380 73 427-66-30

Email

[email protected]

Address

Kyiv, 01054, Ukraine,

40B Ivan Franko St., office 207

Legal information

MAIRA LLC

EDRPOU code: 38202700

Jurisdiction: Ukraine

Working hours

Monday to Friday: 09:00 to 18:00

Saturday and Sunday: closed

We respond to inquiries within 15 to 30 minutes during working hours

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International Law Company Maira Consult