Your guide to chequing accounts at the Bank of China in Canada

Bank of China (Canada) offers personal and business banking services tailored for Canadians with international ties, especially to China. Their chequing accounts offer basic everyday banking tools, plus access to cross-border services and Chinese renminbi (CNY) support

In this guide, we’ll look at how these accounts work, what fees and limits to expect, and how to open one. We’ll also explore an alternative with Wise, which lets you hold and convert CNY alongside CAD to make international money management simpler.

Types of Bank of China chequing accounts

Bank of China offers a small selection of chequing and savings accounts for personal banking in Canadian dollars. Here’s a quick overview of some of the main options you’ll find:

• Basic Chequing Account – A standard account for everyday banking, with debit card access.
• Premium Chequing Account – A more comprehensive option with a higher monthly fee but extra features like unlimited credit and debit transactions and free e-transfers.
• Canadian Dollar Regular Savings Account (Preferred Interest Rate) – A standard savings account that earns interest on CAD deposits.
• Premium Savings Account (CAD) – Designed for customers seeking higher interest on larger balances and perks like unlimited debit transactions.
• Standard Savings Account – A simple CAD savings account suitable for general saving that earns interest.
• Term Deposit Account – A regular and flexible term deposit offering higher interest in exchange for locking funds for a set period.

How to open an account

To open a personal account with Bank of China in Canada, customers must visit a local branch in person to submit all forms and ID.

Requirements and process

Here's what you'd need to do to open an account at this bank¹

• Head to your local Bank of China (Canada) branch – Applications are completed during your branch visit, where a representative will guide you through the paperwork. Use the official website’s branch locator to find your nearest location.
• Two valid pieces of ID – At least one must be a government-issued photo ID, like a passport, permanent resident card, citizenship card, or Canadian driver’s licence.
• Social Insurance Number (SIN) – Required for Canadian residents opening interest-bearing accounts, per tax regulations.
• Additional information – Depending on account type and your status (e.g., newcomer, student, non-resident), you may need to provide proof of address or immigration status.

Fees and restrictions

Bank of China charges various service fees on personal chequing accounts, including monthly maintenance and transaction fees.. Fee waivers apply if customers keep a minimum daily balance, but other charges—like Interac e-Transfers or renminbi cash handling—may still apply. Here's a closer look at what to expect.

Account fees overview

Foreign currency transfers and hold times

Supporting international transfers in multiple currencies, including Chinese Yuan, (CNY) the Bank of China has standard processing times and foreign exchange rates.

• International transfers usually take 1 to 5 business days. Transfers after hours or on weekends process the next business day.
• Exchange rates use BOC’s daily rate plus a margin; the final rate is confirmed during your transaction.
• Remittance fees vary by destination, amount, and method. Intermediary bank fees may apply.
• CNY transfers to China are capped at USD 50,000³ per calendar year per recipient, in line with China’s foreign exchange rules.
• Cheque deposits over 1,500 CAD (or any USD cheque) may be held for up to 4 business days. Delays apply for mobile, ATM, or after-hours deposits.².

Common pain points and restrictions

• In-person account opening only: Account opening requires visiting a Bank of China branch with all ID since online account opening isn’t available.
• Minimum balance requirements: Some accounts, like Premium Chequing, require a minimum balance to avoid monthly fees.
• Monthly fees and transaction limits: Basic and Premium accounts have monthly fees unless minimum activity or balance conditions are met. Per-transaction fees apply after a set number of free transactions.
• Foreign currency transfer restrictions: CNY transfers to China are capped at USD 50,000 per year per recipient, per Chinese government rules.³.
• Extended hold times on deposits: Large cheque deposits or foreign currency cheques may be held several business days before funds are available.
• Exchange rate markups and hidden fees: FX rates include margins, and intermediary bank fees on international transfers can add unexpected costs

How Wise helps overcome limitations

Wise provides international transfers at mid-market rates and no hidden costs. Wise offers transparency and you can quickly find out how much an international transfer will really cost you.

With Wise, your fees are nominally low, with a fixed fee for conversion plus a 0.48% variable fee, depending on the transaction amount. No exchange rate markups involved. Try out our pricing simulator to understand how much an international transfer would cost you:

What's more, businesses and individuals can hold 40+ currencies and receive money **in 10+ currencies. They can also send their money to over 80 countries with the multi-currency account.

You can also use the Wise card for all your online as well as in-store transactions, and you can spend like a local wherever you go!

Bank of China versus Wise comparison

Conclusion

Bank of China Canada offers reliable options for those needing access to both Canadian and Chinese currencies. Its strength is a trusted branch network and services for customers connected to China.. However, opening an account requires an in-person branch visit, and fees, minimum balances, and hold times may feel limiting.

Wise offers a fresh, user-friendly platform built for today’s global money needs.Transparent fees, competitive rates, and no minimum balances make managing multiple currencies easy and hassle-free.

For those regularly moving money between Canadian dollars and Chinese yuan, Wise is a convenient solution.. Its transparent fees, competitive rates, and easy currency conversion make transferring CAD to CNY straightforward and cost-effective—a smart alternative to banks.

Sources:

1. Basic Chequing Account
2. Personal Deposit Accounts and Related Services Disclosure Form
3. Outward Remittance
4. Personal Deposit Accounts and Related Services Disclosure Form
5. Wise Fees & Pricing: Only Pay for What You Use
   Sources verified on 12 August 2025