Last year, Xiao Li, who runs a cross-border e-commerce business, had his Hua Mei Bank Velo account suddenly frozen because the documentation regarding the source of funds was incomplete. He quickly submitted the missing documents, and it took him two weeks of back-and-forth before the account was unfrozen.

In 2026, U.S. banks significantly tightened their screening process for non-resident account openings. As one of the U.S. banks most frequently used by mainland Chinese, Hua Mei Bank’s new regulations this year are particularly noteworthy. Today, we’ll clarify the key points.

01

New Requirements for Opening Accounts in 2026

According to the regulatory guidelines for nonresident account openings issued by the Office of the Comptroller of the Currency (OCC) in 2026, U.S. commercial banks must conduct substantive due diligence on the source of funds and the purpose of the account for nonresident applicants. Applications submitted with only a passport will be rejected outright.

Data from Hua Mei Bank for the first quarter of 2026 shows that 471 TP3T personal account applications were rejected, primarily because applicants failed to provide complete proof of funds.

When opening an account now, banks typically ask you to explain where the money comes from, what it will be used for, and what your estimated annual transaction volume is.If your funds come from cross-border e-commerce revenue, you’ll need to provide platform settlement records, bank statements for the receiving account, tax return records, and other relevant documents.

Even after your account is approved, it’s not a one-time process. Hua Mei Bank conducts periodic due diligence on existing accounts held by foreign entities every 12 months, requiring the submission of the most recent proof of address, proof of business operations, and a statement explaining the source of funds. If these documents are not submitted within 15 business days, the account will be restricted from transactions; if more than 30 days pass, the account may be frozen outright.

02

Fees and Account Rules

The fee schedule for Hua Mei Bank's Velo accounts in 2026 is roughly as follows: There is no account opening fee for personal accounts; a $10 monthly maintenance fee applies if the average monthly balance is less than $2,500, but this fee is waived if the balance meets the requirement.

For cross-border transfers, there is a $10 fee per incoming transaction and a fee ranging from $25 to $45 per outgoing transaction, plus an intermediary bank fee of $15 to $30. The first deposit must be made within 30 days of account activation—a minimum of $2,500 for personal accounts and $10,000 for business accounts—otherwise the account will be automatically closed.

Here's a pitfall: dormant account management fees.If there are no active trades for 12 consecutive months, individual accounts are charged $10 to $20 per month, and business accounts are charged $30 per month. Many people open accounts and then leave them unused for long periods, resulting in their balances being completely depleted.

In addition, starting in 2026, new online accounts at Hua Mei Bank will be issued virtual cards by default; physical cards must be requested separately. Physical cards will automatically expire if not activated within 90 days of being mailed.

03

Red Lines for Compliance

You can't just use a U.S. bank account however you like. In 2026, regulators established several clear red lines.

First, it must not be used for cryptocurrency transactions, cross-border gambling, or illegal money transfers.Once risk control measures are triggered, the account will be permanently frozen, and the information will be reported to the OCC’s anti-money laundering database.

Second, no transactions may be conducted with countries or regions subject to OFAC sanctions.Even funds that are involved unintentionally can result in the account being frozen.

Third, if your annual gross revenue exceeds $100,000, you must voluntarily file a return with the IRS.Failure to report may result in a fine ranging from 5% to 20% of the transaction amount.

Fourth, Chinese tax residents are also required to report information on their foreign accounts.Under the FATCA and CRS frameworks, account information will be shared with Chinese tax authorities.

For cross-border e-commerce sellers, the greatest value of a Hua Mei Bank account lies in receiving payments from platforms, paying suppliers, and conducting settlements in U.S. dollars. However, it is essential to ensure that every transaction has a genuine trade basis.

04

Tips for Opening an Account

If you really need a U.S. bank account, we recommend that you first think carefully about three questions.

First, is the intended use genuine?Is it for receiving payments from cross-border e-commerce, investing in U.S. stocks, or simply saving money? The required documents vary depending on the purpose.

Second, is there a complete chain of evidence regarding the funds?Banks now look beyond simply whether money has been deposited into an account; they also want to know where the money came from and why it was deposited.

Third, whether you can afford the maintenance costs.Account management fees, transfer fees, foreign exchange costs, and tax filing costs must all be factored in.

Opening a bank account in the U.S. in 2026 has gone from being “easy” to “difficult to maintain.” Rather than relying on luck, it’s better to lay a solid foundation for compliance first.

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