Industrial and Commercial Bank of China (ICBC): Overview and Account Opening Guide

The Industrial and Commercial Bank of China (ICBC) is the world’s largest bank by total assets and one of China’s “Big Four” state-owned commercial banks. Founded in 1984 and headquartered in Beijing, ICBC has grown rapidly to serve both domestic and international clients, with operations in over 45 countries.

With its strong financial position, extensive branch network, and growing role in global trade finance, ICBC is a key choice for individuals and corporations seeking access to China’s banking system and cross-border services.

Bank Profile

• Founded: 1984
• Headquarters: Beijing, China
• Market Cap (2025): ~USD 470 billion
• Global Presence: 45+ countries, including Singapore, London, and New York
• Key Services: Retail and corporate banking Trade finance and RMB clearing Investment banking and asset management Private banking for high-net-worth clients Cross-border RMB settlement services

ICBC has played a central role in supporting China’s Belt and Road Initiative (BRI), making it an important partner for companies engaged in international trade and infrastructure projects.

Why Choose ICBC?

• The largest bank in the world by assets
• Key facilitator of RMB internationalization and cross-border trade
• Strong presence in Asia, Africa, and Europe
• Specialized services for corporates involved in China-related projects
• Competitive fees for domestic and international remittances

Account Types Available

1. Personal Accounts (Mainland China) RMB checking and savings accounts Multi-currency foreign exchange accounts
2. Corporate Accounts Domestic corporate accounts for Chinese companies Cross-border accounts for foreign enterprises with China operations Specialized trade finance and settlement accounts
3. Private Banking Available to high-net-worth individuals (threshold varies by region, typically USD 1 million+) Wealth management, estate planning, and offshore investment solutions

Account Opening Requirements

For Individuals (China Residents):

• Valid Chinese ID card
• Proof of residence (household registration or rental agreement)
• Employment or student information (optional for certain accounts)

For Non-Residents / Foreign Clients (Mainland or Offshore Branches):

• Valid passport
• Secondary ID (e.g., driver’s license)
• Proof of address (home country utility bill or bank statement)
• Work permit, study permit, or valid visa (if applying in Mainland China)
• Tax identification documents (to meet FATCA/CRS compliance)

For Corporate Clients:

• Business license or certificate of incorporation
• Articles of Association / Company charter
• Tax registration documents
• Identification of legal representatives and shareholders
• Proof of registered office address

Step-by-Step Account Opening Process

1. Initial Contact Visit a local ICBC branch (in China or overseas branches such as Singapore, London, or New York). Foreign clients often need to apply in person.
2. Document Submission Provide ID, proof of address, and supporting documents. Corporates must present business licenses and tax documents.
3. Compliance Review ICBC performs KYC (Know Your Customer) and AML checks. Additional screening applies for cross-border clients.
4. Approval Timeline Personal accounts: 3–7 business days Corporate accounts: 2–4 weeks, depending on the complexity and location
5. Account Activation Clients receive account details, debit/credit cards (if applicable), and access to online/mobile banking.

Advantages & Considerations

Advantages

• World’s largest bank with unmatched global asset strength
• Extensive branch coverage in China and abroad
• Strong RMB and cross-border settlement services

Considerations

• Language barriers may exist outside major cities
• Compliance can be strict for foreign clients without Chinese residency
• Digital banking apps may be less user-friendly for non-Chinese speakers

Frequently Asked Questions (FAQ)

Q1: Can foreigners open an ICBC account in China?
A1: Yes, but they must provide valid visas, passports, and proof of residence. Certain accounts may require in-person applications.

Q2: Does ICBC offer accounts in Singapore?
A2: Yes. ICBC Singapore provides corporate and trade finance services, as well as selected retail banking for local clients.

Q3: What is the minimum deposit required?
A3: For standard RMB savings accounts in China, the minimum deposit is usually very low (as little as RMB 1). Private banking requires much higher thresholds.

Internal Link Suggestions

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

ICBC, Industrial and Commercial Bank of China, account opening, Chinese banks, global banking

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