State-owned, commercial, digital and private banks. Compare fees, WeChat Pay, Alipay, savings and mortgages.
This comparison puts 11 banks in China side by side, among them ICBC (工商银行), CCB (建设银行), ABC (农业银行), BOC (中国银行). They belong to different families, state, commercial, private, digital banks, and that distinction explains most of the pricing differences: a branch bank charges for the account and the branch network, an online bank rarely charges for the account but sends you to the phone, and a neobank costs almost nothing and almost never lends. The table compares account fees, the debit card, overdraft, savings, mortgages, foreign transaction costs and mobile payment, line by line and without an overall score, because an average hides exactly what matters to you. Dedicated offers are broken out for students, youth, vip and business, because the account that suits a student on no income is rarely the one that suits a business.
Select 2 to 4 banks.
State-Owned (Big 5)
Commercial
Digital
Private
| Criteria | ICBC (工商银行) State-Owned | CMB (招商银行) Commercial | WeBank (微众银行) Digital |
|---|---|---|---|
Account Fee | Free (basic account) | Free (All-in-One basic) | See the bank's price list |
Debit Card (UnionPay) | UnionPay | UnionPay + Visa | Pas de carte physique |
Minimum Balance | None (basic) | None | None |
Overdraft | Credit depending on profile | Credit depending on profile | Credit depending on profile |
Mobile App | Mobile app | Mobile app | Mobile app |
Branches | Branch network | Branch network | 100% digital (via WeChat) |
WeChat Pay / Alipay | WeChat Pay + Alipay linked | WeChat Pay + Alipay (perfect integration) | Native WeChat Pay (Tencent) |
Savings Rate | Demand and time deposits (rates posted by the bank) | Demand and time deposits (rates posted by the bank) | Demand and time deposits (rates posted by the bank) |
Mortgage (住房贷款) | Mortgage linked to the 5-year LPR (3.50% as of 20/09/2026) | Mortgage linked to the 5-year LPR (3.50% as of 20/09/2026) | Not available |
Wealth Management (理财) | Wealth products, funds, gold, bonds | CMB Wealth (top wealth mgmt), funds, gold | Products via WeChat (Licaitong) |
Credit Cards | UnionPay, Visa, MC (wide range) | Best CC range in China (UnionPay/Visa/MC/AE) | Not available |
Apple Pay / Huawei Pay | Apple Pay + Huawei Pay + UnionPay QR | Apple Pay + Huawei Pay | Via WeChat Pay only |
Checks | Business checks only | Business only | Not available |
Foreign Fees | See the bank's price list | See the bank's price list | See the bank's price list |
Welcome Bonus | Per current promotions | Per current promotions | Per current promotions |
Students, youth, VIP and business.
| Bank | Available | Offer | Price | Card | Details |
|---|---|---|---|---|---|
ICBC (工商银行) | 校园卡 | Depends on age | UnionPay | Youth terms | |
CCB (建设银行) | 校园卡 | Depends on age | UnionPay | Youth terms | |
ABC (农业银行) | 校园卡 | Depends on age | UnionPay | Youth terms | |
BOC (中国银行) | 校园卡 | Depends on age | UnionPay | Youth terms | |
CMB (招商银行) | 一卡通 Campus | Depends on age | UnionPay | Youth terms | |
CITIC Bank (中信银行) | 校园卡 | Depends on age | UnionPay | Youth terms | |
Ping An Bank (平安银行) | 基本账户 | Depends on age | UnionPay | Youth terms | |
WeBank (微众银行) | 微众银行账户 | Depends on age | – | Youth terms | |
MYbank (网商银行) | 网商银行账户 | Depends on age | – | Youth terms | |
Minsheng Bank (民生银行) | 基本账户 | Depends on age | UnionPay | Youth terms | |
BoCom (交通银行) | 校园卡 | Depends on age | UnionPay | Youth terms |
* Most banks offer a free campus card (校园卡) for students with UnionPay.
Our recommendations based on your situation.
Free campus account, good app.
CMB: benchmark app, Zhao Zhao Bao for flexible savings. ICBC: the country's largest branch network.
Good value, modern app.
CMB: top app, advanced wealth mgmt, best CC range. Ping An: bank+insurance+health ecosystem.
Competitive mortgage and in-branch advice.
ICBC: largest mortgage lender, large network, rates linked to the 5-year LPR (3.50%). CCB: historic housing specialist.
Best for forex and international services.
BOC: forex specialist, best international network, QDII. BoCom: HSBC partnership.
Fast SME loans and e-commerce financing.
MYbank: Taobao/Tmall data-driven loans, Alipay integrated. WeBank: Weilidai via WeChat, instant micro-loans.
Wealth management and premium services.
CMB: best retail service in China, lounges, exclusive wealth. ICBC: world's largest bank, institutional strength.
For app and retail services: CMB. For network and mortgages: ICBC. For pure digital: WeBank (WeChat) or MYbank (Alipay). For international: BOC. Whichever bank you pick, expect to open the account in branch with your passport and a Chinese mobile number, since remote onboarding is not available to foreign customers.
Both are essential in China. WeChat Pay (Tencent) dominates social and daily use, Alipay (Ant Group) dominates e-commerce and finance. Most Chinese use both. Link your bank card to both. Plan to activate both apps: many small merchants display only one QR code, and linking a foreign bank card is now possible, with a commission charged on small amounts.
Yes. Since 2015, deposit insurance has protected up to ¥500,000 per depositor per bank, principal and interest combined. Above that, savers usually spread their money across several banks.
Yes, with a valid passport and visa. The Big 4 and CMB accept foreigners. You must visit a branch with your passport. A Chinese phone number is required. You will also need an active Chinese phone number to receive verification codes, plus proof of residence or employment, which some branches ask for.
The LPR (Loan Prime Rate) is the benchmark for loans in China, published monthly by CFETS under the PBOC's guidance. As of 20 September 2026, the 1-year LPR is 3.00% and the 5-year LPR, the mortgage benchmark, 3.50%. Banks apply a spread depending on the borrower's profile and local property policy.
Yes. WeBank (Tencent) and MYbank (Ant Group) are licensed banks supervised by the NFRA (formerly CBIRC), and deposits are protected up to ¥500,000. They are built into WeChat and Alipay but issue no physical card and have no branches, which limits their use for a foreigner who needs to prove cash deposits.
BOC is the forex specialist with the best rates and fees for international transfers. ICBC and BoCom (HSBC partnership) are also good options. Transfers are subject to the annual $50,000 per person limit. Every outbound transfer requires supporting documents showing the source and purpose of the funds, and the bank reports the transaction to the State Administration of Foreign Exchange.
PBOC manages the official credit system (征信系统). Your score depends on repayment history, outstanding loans, and credit card usage. Additionally, Ant Group (Alipay) has Zhima Credit (芝麻信用) which is widely used for online services.Individuals may obtain a few free copies of their central bank credit report each year, and it is worth checking it before applying for a mortgage to correct any error or late payment record.
The Chinese banking market is the world's largest by total assets, dominated by the big state banks: ICBC, CCB, ABC, BOC and BoCom. The PBOC runs monetary policy and the NFRA supervises banks. The 5-year LPR, the mortgage benchmark, stood at 3.50% on 20 September 2026.
China has a very large number of banking institutions. Joint-stock banks (CMB, Ping An, CITIC, Minsheng) offer more innovative services than the big state banks, and city and rural commercial banks serve local needs.
WeChat Pay and Alipay have transformed Chinese banking: QR code payment has become the norm, from supermarkets to taxis. WeBank and MYbank, digital banks backed by Tencent and Ant Group, offer micro-loans and savings directly in these apps.
Chinese mortgages (zhùfáng dàikuǎn) are linked to the 5-year LPR, 3.50% as of 20 September 2026, plus a spread set by the bank under local policy. Minimum down payments and second-home rules vary by city. Housing provident funds (gongjijin) offer lower-rate loans to contributing employees.
For a China resident, ICBC or CCB offer the most extensive ATM and branch networks. China Merchants Bank (CMB) is considered to offer the best customer service and mobile app. For expats, Bank of China and HSBC China facilitate international operations. Link your account to WeChat Pay and Alipay upon opening – it's essential for daily payments. For savings, compare term deposit rates between banks (smaller banks often offer better rates). Foreigners can open accounts with their passport and residence permit or work visa.
* Data checked in October 2026 (LPR of 20/09/2026, CFETS); it may vary. This comparison is for informational purposes only. Deposits protected up to ¥500,000.