Opening a Chinese bank account takes an average of three business days. This is the most unpredictable step in the entire process: the decision rests solely with the bank. It is common for Russian citizens to be rejected on their first attempt; this is standard practice, not a black mark. The recommended tactic is to apply to 2–3 banks simultaneously.
When to open: after setting up your seller account, not before.
The order is counter-intuitive: first the marketplace account, then the bank account. Once your WB account is approved, you can immediately upload product listings and prepare shipments while opening the bank account in parallel. By the time you need to pay the WB deposit (10 000 ¥, refundable), the account will be ready.
Tier 1 banks: multi-currency at the cost of strict compliance
ICBC, Bank of China, HSBC, and China Construction Bank offer multi-currency accounts (including USD), full-featured apps, and remote management. The downside for Russian citizens is enhanced compliance: dollar transactions carry sanctions risks, leading banks to be cautious, request extensive documentation, and delay processing. While there are no direct bans, rejections do occur.
Tier 2 banks: fast and no questions asked
Regional and city banks work only with yuan. There is no sanctions exposure, and a client from Russia is treated as a standard customer. Accounts open quickly with minimal documentation. The downside: mobile apps are often unavailable or in Chinese only, and transactions may require visiting a branch or using an accountant via power of attorney.
| Criteria | Tier 1 | Tier 2 |
|---|---|---|
| Examples | ICBC, Bank of China, HSBC, CCB | Regional and city banks |
| Currencies | CNY, USD, EUR | CNY only |
| Opening speed | 3 days to several weeks | ~3 business days |
| Attitude toward Russian citizens | Enhanced compliance, potential for rejection | Standard check, loyal |
| App | Full-featured, remote management | None or minimal |
| Best for | Multi-currency business | Yuan-based turnover, marketplaces |
For sales on WB and Ozon Global, revenue and settlements are in yuan, so a Tier 2 bank is sufficient. If you later need dollar transactions, you can always attempt to open a Tier 1 account.
How the opening process works
- Required package: passport, visa or registration, proof of address, and constituent documents (for corporate accounts).
- Submit applications to 2–3 banks in parallel.
- Bank verification: be prepared for questions about the source of funds and the nature of your business—answer calmly and specifically.
- Approval: usually takes 2–3 days for Tier 2 banks.
- Connect your payment system, and your account is ready to receive payouts.
Cash: possible, but not recommended
Technically, a bank will accept cash, but large sums raise questions about their origin. The safe chain is cashless: revenue → expenses → profit → tax → withdrawal. Every operation is supported by documents, preventing issues with both the bank and tax authorities. Read more in the article on taxes.
Frequently asked questions
Should I open a bank account before registering my seller account on Wildberries or Ozon?
No, you should set up your marketplace account first. Once your account is approved, you can begin uploading listings and preparing shipments while opening your bank account in parallel.
Which type of Chinese bank is better for receiving payouts from Wildberries and Ozon Global?
A Tier 2 regional or city bank is sufficient because marketplace revenue and settlements are handled in yuan. These banks offer a faster, more loyal account opening process for Russian citizens compared to Tier 1 banks.
What should I do if I am rejected by a bank when trying to open an account?
It is common for Russian citizens to be rejected on their first attempt, so you should apply to 2–3 banks simultaneously. This is standard practice and not a negative mark against your business.
How do I receive my funds from the marketplace into my Chinese bank account?
Marketplaces process payments through systems like LianLian Pay, Payful (GEP), or PandaPay. Funds are transferred from your payment system wallet directly into your bank account.