Old Wang, who runs a cross-border e-commerce business, opened a company in Hong Kong last year and set up a Hong Kong bank account. However, he still had to settle his U.S. dollar payments through a third-party platform, which charged a fee of 2%-3% each time. Over the course of a year, he lost more than 100,000 yuan in currency conversion fees alone. Later, he opened a U.S. bank account and started receiving payments directly from Amazon U.S., eliminating the middleman’s markup.

For cross-border e-commerce businesses, foreign trade companies, and overseas investors, U.S. bank accounts are no longer just a ”nice-to-have”—they’re a necessity. However, when many people hear ”U.S. bank account,” they immediately think of “having to fly to the U.S., needing a U.S. address, and requiring an SSN.” The reality is that by 2026, Chinese citizens will be able to open U.S. bank accounts remotely from within China through compliant channels.

In today’s post, we’ll compare three major U.S. banks that are friendly toward China—East West Bank, Cathay Bank, and Silicon Valley Bank (which has been taken over by the FDIC but can still serve as a model)—to help you find the account opening option that best suits your needs.

01

Hua Mei Bank: The Top Choice for the Chinese Community, with the Lowest Entry Barriers

East West Bank is the largest Chinese-American bank in the United States. Headquartered in California, it has more than 130 branches nationwide. Its biggest advantages are: it is extremely accommodating to Chinese customers, supports remote account opening, does not require a U.S. address or a Social Security Number (SSN), and offers Chinese-language customer service.

Account Opening Requirements:The minimum deposit for individual accounts is $500, and for corporate accounts, it is $5,000. Corporate accounts must provide U.S. company registration documents (such as a certificate of incorporation or an EIN letter). If you do not have a U.S. company, you may open an account indirectly through a Hong Kong or BVI company, but this will require additional compliance reviews.

Account opening process:1. Fill out the application form online → 2. Upload your passport and proof of address (utility bill or bank statement) → 3. Video interview (in Chinese) → 4. Make a payment to activate your account → 5. Receive your bank card and online banking password. The entire process takes about 2–3 weeks; if all required documents are submitted, the account can be activated in as little as 1 week.

Fee Structure:Monthly fee: $8–$12 (waived if the minimum balance is maintained); $15 per incoming wire transfer; $30 per outgoing wire transfer; ACH transfers are free. Hua Mei Bank’s ACH transfers are a standout feature—there are no fees for transfers within the U.S., making it ideal as a receiving account for Amazon, eBay, and PayPal.

Intended Audience:Cross-border e-commerce sellers (receiving payments from Amazon U.S.), U.S. real estate investors (collecting rent and paying property management fees), families of students studying in the U.S. (sending money to pay tuition), and individuals who need a U.S. dollar account for asset allocation.

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02

Cathay Bank: The Top Choice for Business Accounts, with Strong Cross-Border Transfer Capabilities

Cathay Bank is also a long-established Chinese-American bank in the United States, founded in Los Angeles in 1962. Compared to Hua Mei Bank, Cathay Bank has a stronger corporate banking presence, particularly in cross-border trade finance and foreign exchange.

Account Opening Requirements:The minimum deposit for an individual account is $1,000, and for a corporate account, it is $10,000. Corporate accounts require the submission of U.S. company registration documents, an EIN, articles of incorporation, proof of director identity, and other relevant documents. Account opening procedures for non-U.S. residents are subject to stricter scrutiny and typically require an in-person interview (which can be conducted at a branch in Hong Kong or the U.S.).

Account opening process:1. Schedule an account opening → 2. Visit a Hong Kong or U.S. branch for an in-person interview → 3. Submit a complete set of company documents → 4. Activate the account by transferring funds after approval → 5. Receive online banking access. The process takes approximately 3–4 weeks.

Fee Structure:Monthly fee: $12–$15 (waived if the minimum balance is met); $20 per incoming wire transfer; $35 per outgoing wire transfer. Cathay Bank’s strengths include relatively favorable foreign exchange rates and specialized cross-border trade financing products, making it well-suited for companies engaged in import and export operations.

Intended Audience:Businesses with cross-border trade needs (requiring letters of credit and trade financing), individuals who frequently need to exchange U.S. dollars for renminbi, and companies seeking to establish a business credit history in the United States.

03

Digital Banking: An Emerging Option That’s Fast

In addition to traditional banks, digital banks are also on the rise in the United States in 2026. Examples include Mercury, Brex, and Wise Business—these banks have no physical branches and operate entirely online, offering extremely fast account opening—in some cases, accounts can be opened on the same day.

However, these digital banks share a common requirement: you must first have a U.S. company (an LLC or C-corp), and the company must have a U.S. address (a registered agent address is acceptable). Individuals without a U.S. company generally cannot open an account.

Mercury:The most popular startup bank in the U.S., offering multi-currency accounts, virtual cards, and API integration. Account opening is free, with no monthly fees and free ACH transfers. However, it only accepts applications from U.S. companies and requires a U.S. registered agent address. The account opening review process takes approximately 3–5 business days.

Wise Business:Formerly known as TransferWise, it supports over 50 currencies worldwide, has a low barrier to account opening, and is available to both individuals and businesses. Its advantages include transparent exchange rates and low intermediary fees, making it suitable for receiving cross-border payments from multiple countries. However, Wise Business is not a ”bank” in the traditional sense in the United States; rather, it is a licensed money services provider with limited FDIC insurance.

04

List of Required Documents for Opening an Account

Regardless of which bank you choose, the following documents are required: Passport (valid for at least 6 months), proof of address (utility bills or bank statements from the past 3 months), U.S. company registration documents (if opening a business account), EIN letter (Employer Identification Number, issued by the IRS), and an ITIN or personal tax ID (required by some banks).

About the ITIN:If you are a non-U.S. resident without an SSN and need to open a bank account or file a tax return in the U.S., you can apply for an ITIN (Individual Taxpayer Identification Number). According to the latest IRS regulations effective in 2026, an ITIN is valid for three years and must be reapplied for upon expiration. An ITIN can be used not only to open a bank account but also to invest in U.S. stocks (reducing dividend withholding tax from 30% to 10%).

About the EIN:If you want to open a U.S. business bank account, you must first obtain an EIN. You can apply for an EIN online (on the IRS website) or by mail. Online applications are processed the same day, but this is limited to U.S. IP addresses. Users in China typically need to seek assistance from a registered agent or a professional agency to complete the application.

05

A Guide to Avoiding Pitfalls When Opening an Account in 2026

Pitfall 1: Hiring an agent to handle the process.Many agencies on the market claim to ”guarantee the opening of a U.S. bank account,” with fees ranging from 5,000 to 20,000 yuan. In reality, both Hua Mei Bank and Cathay Bank allow you to apply directly online or in person at a Hong Kong branch—there’s no need to go through an agency. All an agency can do is help you fill out forms and translate documents, which you can do yourself.

Pitfall #2: Neglecting CRS reporting.By 2026, CRS information exchange will have become routine. If you have opened a bank account in the United States, Chinese tax authorities can obtain your account information through the CRS. Be sure to accurately report your overseas accounts and income to avoid having back taxes assessed due to failure to report.

Pitfall 3: Long-term account inactivity.Bank of America charges a ”dormant account fee” for inactive accounts (typically those with no transactions for 6–12 months) and may even close the account outright. It is recommended that you make at least one small transaction each quarter to keep your account active.

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