Bank of China (BOC): Overview and Account Opening Guide

Bank of China (BOC), founded in 1912, is one of China’s oldest and most international banks. As a member of the country’s “Big Four” state-owned commercial banks, BOC plays a crucial role in global finance, particularly in RMB internationalization and cross-border trade finance.

Headquartered in Beijing, the bank has a presence in more than 60 countries and regions, including Singapore, London, New York, and Hong Kong. As of 2025, BOC ranks among the top 10 global banks by market capitalization, with assets exceeding USD 4 trillion.

Bank Profile

• Founded: 1912
• Headquarters: Beijing, China
• Market Cap (2025): ~USD 310 billion
• Global Presence: 60+ countries and regions
• Key Services: Retail and personal banking Corporate and institutional banking Trade finance and cross-border settlement Private banking and wealth management Investment banking and treasury operations

Why Choose BOC?

• One of the most international Chinese banks with branches worldwide
• Leading provider of cross-border RMB clearing and settlement
• Strong trade finance and corporate banking solutions
• Wide retail banking coverage across Mainland China
• Competitive international services for expats and corporates

Account Types Available

1. Personal Accounts RMB and multi-currency checking/savings accounts Debit and credit cards Foreign exchange accounts
2. Business Accounts Corporate settlement and trade finance accounts Foreign currency and RMB clearing accounts Cross-border treasury solutions
3. Private Banking Targeted at high-net-worth individuals (USD 1–2 million+ threshold) Global wealth management, estate planning, and offshore trust services

Account Opening Requirements

For Individuals (China Residents):

• Valid Chinese ID card
• Proof of residence (hukou, lease contract, or utility bill)
• Employment/student information if required

For Non-Residents / Foreign Clients:

• Valid passport
• Proof of overseas address (utility bill or bank statement)
• Valid Chinese visa/residence permit (if opening account in China)
• Tax identification number (for FATCA/CRS compliance)

For Corporate Accounts:

• Certificate of Incorporation / Business license
• Articles of Association / Operating agreement
• Tax registration certificate
• Registered office address proof
• Identification of legal representatives and shareholders

Step-by-Step Account Opening Process

1. Initial Contact Visit a BOC branch in China or international offices (e.g., Singapore, London, New York, Hong Kong). Corporate and private clients are usually handled by relationship managers.
2. Document Submission Provide identity, residency, and financial documents. Corporate accounts require incorporation papers and shareholder details.
3. Compliance Review BOC performs KYC and AML checks. Non-resident accounts may undergo extra due diligence.
4. Approval Timeline Personal accounts: 3–7 business days Corporate accounts: 2–3 weeks Private banking: 3–5 weeks
5. Account Activation Clients receive account credentials, cards, and access to e-banking platforms.

Advantages & Considerations

Advantages

• Oldest and most internationally connected Chinese bank
• Strong in trade finance and cross-border RMB settlement
• Broad overseas network compared to other Chinese banks

Considerations

• Compliance may be stringent for foreign clients
• English-language support can vary by branch
• Some overseas branches focus only on corporate clients

Frequently Asked Questions (FAQ)

Q1: Can foreigners open a BOC account in Singapore?
A1: Yes. Bank of China Singapore offers both retail and corporate services to foreign clients, subject to standard compliance checks.

Q2: What is the minimum deposit for opening an account?
A2: For personal accounts in China, deposits can start as low as RMB 1–100. For international or premium accounts, higher balances are required.

Q3: What is BOC’s role in RMB internationalization?
A3: BOC is one of the main banks authorized by China’s central bank to handle RMB clearing globally, making it a leader in cross-border RMB transactions.

Internal Link

• Link from Global Top 20 Banks by Market Cap 2025 → “Bank of China (BOC)” anchor text
• Related banks: [ICBC Guide], [China Construction Bank Overview], [Agricultural Bank of China Account Opening]

Bank of China, BOC, account opening, Chinese banks, corporate banking, private banking, RMB settlement

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles