Introducing the Top 10 Banks in China

banks in China
writer-avatarKate Hansenpublished_atPublished:2025-09-25updated_atUpdated:2025-09-25est_read_timeRead time :10 Minutes
In this article, our focus is on general explanations, history, services, and advantages of top banks in China.

The banks of China are recognized as the main pillars of financial power in Asia and the world. China, with its massive and leading economy, has an extensive network of banks that play a key role in international trade, large-scale investments, and digital innovations. Choosing the best bank in China for merchants, investors, immigrants, or even tourists seeking secure, efficient, and international banking services can be challenging. In the following, you will get to know the top 10 banks in China and the features of each one. These banks are not only leaders in China's domestic economy but also serve as reliable partners for global users in areas such as yuan remittance, financing international projects, and digital banking. Given the increase in trade between Iran and China, selecting a bank that provides fast, low-fee services compatible with international needs is vital. In this article, our focus is on general explanations, history, services, and advantages of each bank, with an emphasis on practical aspects for users, such as yuan remittance, English-language applications, and compatibility with restrictions.

Criteria for Selecting the Best Banks in China

The criteria that should be considered in selecting a reputable bank include the following:

  • Financial strength and stability: Banks that have the ability to support large projects and global trade certainly have more credibility.
  • Safety and credibility: Banks with high credit ratings that pose less risk to customers.
  • Performance and innovation: Services such as digital banking, mobile applications, and competitive rates for deposits and loans are important criteria in selecting the best bank in China.
  • International services: The presence of foreign branches, support for SWIFT transfers, Alipay and WeChat Pay, and English-language applications for foreign customers are important factors to consider.
  • Focus on sustainability and technology: Banks that are active in fintech, green loans, and similar projects in China receive higher scores due to their impact on the future of the country's economy.

Top 10 Banks in China

Considering the criteria we examined in the previous section, we proceed to introduce the top 10 banks with complete explanations about each one.

ICBC

Industrial and Commercial Bank of China (ICBC): Global giant

The Industrial and Commercial Bank of China (ICBC) was established in 1984 and separated from the commercial banking operations of the People's Bank of China to become one of China's four major banks. This bank, with a deep-rooted history in China's economic reforms, quickly became one of the world's largest financial institutions. The main ownership of this bank is held by the Chinese government, but international investors also play a role in it.

💡 Key services: The Industrial and Commercial Bank of China offers services including asset management, brokerage services, financing large-scale projects, digital banking, and currency remittance. This bank is a leader in financing Belt and Road Initiative (BRI) projects and is an ideal option for merchants in Yuan transfers and collaboration with Middle Eastern banks. ICBC's mobile applications with English user interfaces have made access easier for foreigners.

Advantages: Extensive branch network in over 124 countries, strong support for SWIFT and digital payments, and focus on international projects, low remittance fees, and financial stability make this bank the best choice for large projects and global trade.

🔺 Recent developments: This bank is a leader in digital banking and has launched robotic advisory services. It has also invested in green projects, such as protecting the Yangtze River, and opened new branches in Persian Gulf countries like the UAE and Qatar.

ABC

Agricultural Bank of China (ABC): Specialist in agriculture & rural trade

The Agricultural Bank of China (ABC) was established in 1951 and formed from the merger of several financial institutions. This bank has been dissolved and restructured several times throughout its history to reach its current form. The Agricultural Bank of China has played a key role in China's economic development due to its focus on supporting the agricultural sector and rural areas.

💡 Key services: This bank offers commercial banking services, wealth management, and savings with competitive interest rates. The Agricultural Bank of China is a popular option for retail and corporate customers, especially in rural areas. ABC's mobile application with support for digital payments like Alipay is suitable for fast currency remittances.

Advantages: Extensive branch network across China and the world, high-interest savings services, and collaboration with international institutions like BNP Paribas for wealth management. For Iranians, ABC is a suitable option for remittance and investment due to its focus on yuan and agricultural trade.

🔺 Recent developments: This bank has an active presence in key countries like Russia and Saudi Arabia, has expanded its international collaborations, and has invested in digital payments and sustainable agricultural projects.

CCB

China Construction Bank (CCB): Leader in infrastructure projects

The China Construction Bank (CCB) was established in 1954 with the aim of supporting infrastructure projects and changed to its current name in 1996. This bank has played a key role in developing China's massive infrastructure, including railways and power plants.

💡 Key services: The China Construction Bank offers commercial banking services, investment, and infrastructure loans. This bank also has specialized investment funds, such as health funds for pharmaceuticals. CCB's applications with English interfaces are suitable for foreign customers.

Advantages: Extensive branch network in over 60 countries, support for Belt and Road projects, and collaboration with global institutions like Bank of America. In fact, this bank is an excellent option for financing large projects.

🔺 Recent developments: The China Construction Bank has invested in rental housing and green projects and has expanded its presence in global markets, including Indonesia and Russia.

BOC

Bank of China (BOC): The oldest with a focus on foreign trade

The Bank of China (BOC) was established in 1905 and is the oldest indigenous bank in China. After economic reforms in 1979, it became one of China's four main banks. This bank is famous for its role in printing banknotes in Hong Kong and Macau.

💡 Key services: It offers diverse services including personal and corporate accounts, currency remittance, loans, and foreign exchange. This bank is very suitable for foreign trade and international remittances, especially with yuan.

Advantages: With a strong presence in 57 countries, support for SWIFT and Western Union, and English-language applications, this bank is an ideal option due to its currency services and global network.

🔺 Recent developments: It is active in Belt and Road projects and has recently issued new financial bonds for financing global projects.

PSBC

Postal Savings Bank of China (PSBC): Focus on retail & digital

The Postal Savings Bank of China (PSBC) separated from the state postal administration in 2007 and quickly became one of China's largest retail banks. This bank has extensive access in urban and rural areas due to its integration with the postal network.

💡 Key services: It offers basic financial services for low-income customers and small enterprises. This bank is integrated with Alipay and has made digital payments easy.

Advantages: Massive branch network, advanced digital services, and competitive rates for savings. This bank is an excellent option for everyday transactions due to its support for digital payments.

🔺 Recent developments: It is a leader in blockchain technology and has received international investments from reputable foreign institutions.

bocom

Bank of Communications (BoCom): Old with offshore services

The Bank of Communications (BoCom) was established in 1908 and is one of China's oldest banks. It was revived in 1986 and became a joint-stock bank.

💡 Key services: It offers commercial banking services, securities, insurance, and offshore financial services. This bank is suitable for trade in Shanghai and international remittances.

Advantages: Branch network in key countries and focus on offshore services make it a good option for regional trade.

🔺 Recent developments: It has been added to the list of global systemically important banks and has grown in digital banking.

CMB

China Merchants Bank (CMB): Innovator in fintech

The China Merchants Bank (CMB) was established in 1987 and was China's first private joint-stock bank. This bank is famous for its innovation in fintech.

💡 Key services: It offers personal and corporate banking services, loans, foreign exchange transactions, and credit cards. Its advanced applications are suitable for startups.

Advantages: Focus on technology and e-commerce, with branches in global financial centers, make it an excellent option for startups and fintech.

🔺 Recent developments: It is a leader in digital banking and domestic systemic services.

CIB

China Industrial Bank (CIB): Pioneer in green finance

The China Industrial Bank (CIB) was established in 1988 and is known for its focus on green loans and sustainability.

💡 Key services: It offers personal and corporate banking services, green loans, and international settlement.

Advantages: Commitment to sustainable projects and collaboration with global institutions make it suitable for green projects aimed at environmental protection.

🔺 Recent developments: It is a leader in sustainable finance principles and risk management.

cncb

China CITIC Bank (CNCB): Focus on foreign exchange

The China CITIC Bank (CNCB) was established in 1987 and was the first Chinese bank with an online banking certificate.

💡 Key services: China CITIC offers foreign financing services, foreign exchange transactions, and international settlement.

Advantages: Strong international network and currency services make this bank a suitable option for international remittances.

🔺 Recent developments: Collaboration with global banks and focus on currency settlement.

SPDB

Shanghai Pudong Development Bank (SPDB): Technology innovation

The Shanghai Pudong Development Bank (SPDB) was established in 1993 and was the first listed joint-stock bank in China.

💡 Key services: Commercial banking and loans to startups with a focus on technology are among the unique services this bank offers.

Advantages: Rapid growth in fintech and collaboration with innovative banks make it suitable for technology startups.

🔺 Recent developments: Collaboration with Silicon Valley Bank and focus on innovation.

Comparison of the Banks in China

In the table below, we have compared the reputable banks in China with their key features to give you an overall view of each one.

Rank

Bank Name

Main Focus

Foreign Branches

Key Feature

1

ICBC

Trade

400+

Yuan remittance

2

ABC

Agriculture

Extensive

Savings

3

CCB

Infrastructure

Extensive

Belt and Road projects

4

BOC

Currency

57 countries

SWIFT

5

PSBC

Digital

Extensive

Alipay

6

BoCom

Offshore

10+ countries

Shanghai

7

CMB

Fintech

6+ countries

Startup

8

CIB

Green

Limited

Sustainability

9

CNCB

Currency

6+ countries

Settlement

10

SPDB

Innovation

Limited

Technology

Key Tips for Choosing Chinese Banks

  1. Currency remittance and sanctions: You should check which banks are suitable for yuan remittance with low fees. For example, the Industrial and Commercial Bank of China and Bank of China have fees less than 0.5%. Using Alipay or WeChat for fast payments is recommended.
  2. For foreigners: Banks like HSBC or BOC with English-language applications are more suitable. Of course, you should check that sanctions and restrictions of these banks do not prevent providing services to you.
  3. Risks: Consider CNY price fluctuations and government regulations, but China's economic growth keeps the banks stable.

The best banks in China, such as ICBC, ABC, and CCB, are not only symbols of China's economic power but also strategic partners for global trade and investment. Whether you are looking for currency remittance, financing large projects, or digital services, these banks offer diverse options.

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