How to open a bank account in VTB Bank (PJSC) Shanghai Branch

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

August, 2020

Last contact

November, 2025

Last update

October, 2025

branch of the Russian financial group VTB. Aimed at servicing large businesses and operations between Russia, the CIS and China;
target clients of Chinese banks are trade companies; in rare cases banks can open accounts for service companies or companies that conduct activity related to IT;
when opening an account, preferred companies are those incorporated in Hong Kong and China; companies from other jurisdictions need a preliminary approval;
the bank opens savings (deposit) and settlement accounts. NO retail banking, corporate banking only;
when opening an account, a visit from the director of the company to the bank is required;
at present, the bank no longer considers non-resident accounts and only accepts mainland Chinese companies;
accounts can be opened in EUR, USD, CNY;
during the current pandemic, no visit to the country is required: the bank opens accounts based on notarized and legalized documents;
there are restrictions on yuan payments for Chinese non-residents. Chinese residents are subject to the foreign exchange control of China and have to provide the relevant documents, depending on the purpose of payments;
no minimum account balance;
Internet banking is available;
opportunity to get pre-approval;
account opening term – from 1,5 months

GSL rating

Beginning of cooperation

August, 2020

Last contact

November, 2025

Last update

October, 2025

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

Not rated

Global rating

Not rated

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

2008

History

The VTB Bank has been operating in China since 2008 and is the only Russian Bank with a financial license to conduct banking operations in China

Personnel

The bank has English- and Chinese-speaking staff

Bank’s shareholders

VTB Bank’s majority shareholder is the Russian Government, which, through the Federal Agency for State Property Management, owns 60,9% of the Group's share capital. The rest of the shares belong to GDR holders and minority shareholders, both individuals and legal entities

Confidentiality

Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

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Minimum requirements

0

Minimum balance, €

No restrictions

Transactions permitted per month

0

Initial deposit of funds, €

0

Deadline for the initial deposit, month

Minimum balance, €

No minimum balance for settlement accounts

Transactions permitted per month

No restrictions on the number of transactions

How fast payments are executed

Same day or the next day

Tariffs and services

100

Outcoming transfer, €

0

Incoming transfer, €

400

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Transfer fee is 0,2% (min. USD 25 – max. USD 205). The bank’s fee schedule is available from the consultant when opening an account

Incoming transfer, €

No fee on incoming transfers

Account maintenance, €/year

The monthly account maintenance fee for Chinese residents is CNY 300, for non-residents - USD 40. If during the year there are no movements in the account and it has a zero balance, the account will be closed

Distant access to the account

Internet banking is available. Provision of software for services and cryptographic protection of information, client connection - free of charge. Internet banking fee - USD 15 per month

Financial products

Conducts both domestic and cross-border transactions in various currencies, including RMB, RUB, USD, EUR. Is a member of CFETS - China Foreign Exchange Trade System and market maker for RUB trading. We have considerable experience in direct RMB/RUB conversion, as well as in settlements on foreign trade contracts in rubles and RMB. Provides services to its Customers under the laws of China and Russia

Account opening procedure

Days to open for incoming transfers

case by case

Days to open for outcoming transfers

Case by case

References

Not necessary

Purpose of the account

Savings & current

Visit to the bank

When opening an account, a visit from the director of the company to the bank is required

Required

Corporate documents (using a company incorporated in Hong Kong as an example):
- Certificate of incorporation;
- Business registration certificate;
- Form NAR1 (or NNC1 for a new company);
- Articles of association.

Business profile of the company:
- KYC questionnaire, including a detailed description of the company’s activity and its economic indicators, information on the desired currencies and proposed incoming / outgoing payments;
- Contracts with existing counterparties and invoices thereto (or contracts of intent or contracts of an existing company that conducts analogous activity);
- Bank statements (if there is none, one can provide bank statements of an existing company that conducts analogous activity);
- Business plan or presentation of goods / services;
- Detailed description of the company’s activity.

Documents for individuals in the structure of the company:
- Passport copy;
- Copy of a document proving the residential address (must be not older than 3 months and translated into English);
- Director’s CV.

Types of accounts

Savings

Chances to open an account

Predictable

Business description

The bank aims at servicing large businesses and operations between Russia, the CIS and China.

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