Your business money can be professionally managed and kept separate from your personal affairs with the aid of China Bank business bank accounts. It is more professional to allow customers to make cheques payable to the business on a China Bank business account than to request that they do so in your name.

Types of China Bank business accounts

China Bank offers two types of business bank accounts: peso accounts and foreign currency accounts.

Peso business accounts

These peso business accounts offered by China Bank are the appropriate bank accounts to help you launch or expand your business.

ChinaCheck Plus

With this economic interest-bearing checking account that includes an ATM card, you may get value and convenience in one. This account comes with an annual interest of 0.125%, subject to a 20% withholding tax.

Interest rates and amount tiers may change at any time without prior notification. The minimum initial deposit is ₱5,000, and the ADB requirement is also ₱5,000. The minimum balance to earn interest is ₱50,000.

Passbook Business Account

With this business account, you can save some money in a straightforward, easy-to-monitor business savings account for when bad things happen. This account comes with an annual interest of 0.125%, subject to a 20% withholding tax. Interest rates and amount tiers may change at any time without prior notification. The minimum initial deposit is ₱5,000, and the ADB requirement is also ₱5,000. The minimum balance to earn interest is ₱10,000.

MoneyPlus Business Account

This business account provides your freedom and liquidity, so you can increase the amount of your company account and generate extra income. This account comes with an annual interest of 0.125%. The minimum initial deposit is ₱20,000, and the ADB requirement is also ₱20,000. The minimum balance to earn interest is ₱50,000.

Regular Time Deposit

With this business account, you can earn more interest for a low minimum deposit than in a typical savings account. The deposit requirement is ₱5,000, and the minimum tenor is 90 days. Please, visit the China Bank website for total interest rates.

Diamond Business Account

Similar to money market investments, this is a term account that pays out more interest. The initial placement requirements are as follows:

• ₱5,000 for a tenor of 90 days or higher.

• ₱50,000 for a tenor of 30 days or higher.

Foreign currency business accounts

These China Bank overseas business accounts are the ideal bank accounts to help you launch or expand your business.

Foreign currency time deposit accounts

This business account comes with the following benefits:

• It is offered in US dollars, Euros, Yuan, and Yen.

• It comes with a low initial deposit and balance preservation.

• The account gains interest quarterly, which is credited in the same currency.

• It includes a passbook to make monitoring simple.

Foreign currency business savings accounts

This account comes with the following benefits:

• It is available in US dollars and Euros (minimum term of 30 days).

• It comes with minimal placement.

• The account receives credit at maturity and pays higher interest than a savings account.

Special US dollar time deposit accounts

This account comes with the following benefits:

• It is available for three years.

• It has a fixed-rate of interest for that duration.

• The minimum placement is $50,000.00

How to apply for a China Bank business account?

Application is made only at the bank’s premises, which means you must visit the bank to apply for a business account.

1. Make sure you pass all the eligibility and requirements criteria.

2. Visit the nearest China Bank branch to you.

3. State the reason for your visit, and you’ll be given an application form.

4. Submit your filled form with all the requirements and documents.

5. Follow the subsequent directives issued by the customer service to complete your application.

Requirements

The general requirements are:

• Two ID photos [(1x1)].

• At least one of the following legal identifications, both in original form and in clear copy:

  • Passport.

  • Driving permit.

  • ID for the professional regulations commission.

  • Clearance from the national bureau of investigation.

  • Police clearance.

  • Mail ID

  • Voter’s ID

Pros and cons

Before applying for a business account from China Bank, take a look at these pros and cons:

Pros

• There’s a wide range of business accounts to choose from.

• There aren’t too many requirements to open a business account.

Cons

• There are not many eligibility requirements on the website, which means you have to take the pains of going to a branch or calling a customer rep to find this out.

• You can only apply at a bank branch.