From the end of 2023, the news that the account opening policy of Hong Kong banks will be tightened is shown in the Little Red Book X, V2ex and other platforms. At the beginning of this year, my friends and I took the opportunity of traveling to Hong Kong to open several bank accounts. The following is my experience on why and how to open an account in Hong Kong.
Why open an account in Hong Kong?
For most people, opening a bank account in Hong Kong or elsewhere may not be necessary. However, some people may choose to do so for the following reasons:
Investment: With the help of a Hong Kong account, you can easily buy Hong Kong shares and US shares.
Wealth management and savings: one more account, one more wealth management channel.
Insurance: opportunities to obtain more insurance products.
Developer requirements: For software developers, having an overseas account can facilitate the purchase of foreign services, payment of fees and receipt of payments from international customers.
How?
Today, on social platforms such as Little Red Book, you can find many experiences about opening accounts in Hong Kong. The account opening process usually includes: preparing the required materials, making an appointment with a bank, and going to Hong Kong to open an account in person. The specific materials required include:
ID card: used to prove personal identity.
Hong Kong and Macao Pass: as a valid pass to enter Hong Kong.
Entry receipt: This is the entry voucher printed by the self-service machine when entering the customs.
Address proof: it can be bank, water, electricity and gas bills to prove the address.
HKD cash: cash required for opening an account.
After the above materials are ready, you can go to the bank to complete the account opening process.
Account opening process
Bank of China Hong Kong
The account opening of BOCHK is very popular now. The main reason is that the remittance with BOCHK is free and there is no account management fee. So I made an appointment before opening an account.
The reservation method is to make an appointment on the WeChat official account: [BOCHK WeChat Service] - Banking Service - I want to make an appointment
I made an appointment with a branch on the far side of Hong Kong Island (near the hotel). The appointment time was not 9:45, but the actual arrival time was around 9:40. I was told that the next appointment had arrived in advance, so I waited a little longer.
The process of opening an account was very smooth. When I asked the reason for opening an account, I replied that I would invest in Hong Kong stocks
The bank asked me to provide a stock account with investment experience, and I need to see the name and transaction record
The rest didn't ask any other questions. They filled in the information according to the process, opened a bank account and an investment account, and only required ID cards and passes
After opening the account, they were told to deposit HKD $1000 for activation, and the withdrawal card was delivered by mail
The whole account opening time is only about 30 minutes
HSBC Bank
I didn't make an appointment with HSBC. On the way back from BOC, I casually went to a branch to get a number and said I wanted to open an account. It was already 11:30 when I arrived. The staff complained a few words and then gave me a number and stood in line. They said there were a lot of people, so I had to wait for a while.
About five minutes later, two more people came in and asked me to open an account. The staff directly asked me to open an account on HSBC APP,
As usual, we inquired about the reasons for opening an account, agreed to reply to investing in Hong Kong stocks, and checked the transaction records and account holding information of the domestic stock app
Only required ID card and pass
HSBC's ATM card was given on the spot and required to be deposited within one day HKD $10000 for activation
China Merchants Yonglong Bank
China Merchants Yonglong didn't plan to open it at the beginning, because he knew that it had account management fees, but his colleagues went to open this. At the same time, China Merchants is also the golden sunflower of China Merchants, so he opened one by the way.
China Merchants Yonglong is even more slick. Some people may need to review the application for opening an account on China Merchants Yonglong Bank's App in advance. This account can be opened in China one month in advance. After filling in the data according to the process, you will receive a text message that has passed the review and requires face to face signing
Find any one China Merchants Yonglong Branch, told me to sign face to face. I went to Bank of China in Central (also found it on the way)
Asked the reason for opening an account
Ask to check the account opening documents: ID card and pass
The confirmation is completed in about ten minutes, It is required to deposit within 1 day HKD $10000 for activation.
The withdrawal card is applied for on the app by yourself, and SF will pay it on arrival, and the actual measurement is ¥ 60
other
When I was in the hotel, I also opened ZA Bank and Livi's virtual bank accounts on my mobile phone. Both Hong Kong's virtual bank and mainland identity can be opened. The only requirement is that someone should be in Hong Kong when applying for an account opening.
The application is approved about 3 days after it is submitted, and there is a virtual card. ZA has a physical card, which can be obtained by paying the freight of HK $25.
summary
As far as my account opening process is concerned, there is no difficulty in opening bank accounts in Hong Kong at present, and they can basically pass after submitting as required.
Some things to note are
Account opening reason: If it is an investment, prepare the domestic stock software account in advance, and view the position records, transaction records and account real name information
Proof of address : I didn't use the address certificate mentioned in many account opening experiences. Several banks told me that if the residential address is the same as the address on the ID card, the address certificate is not required, and all cards are mailed through the mailing address. The mailing address does not need the address certificate, and can be filled in at will.
Finally, make a bank summary.
| project | BOCHK | HSBC | Investment promotion Yonglong | Standard Chartered | ZA |
| characteristic | Remittance with domestic BOC is free of service charge, telegram fee and intermediary bank fee | Free of charge for domestic transfer | Convenient account opening and high deposit interest rate | High deposit interest rate, some levels Free of charge for domestic transfer | Convenient account opening |
| Account management fee | nothing | nothing | If the daily average is less than 10000 yuan, the monthly charge is 100 yuan 120 yuan per year if there is stock/wealth management position | nothing | nothing |
| Inward charges | Free of charge with BOC |
| Domestic investment promotion Sunflower remittance, domestic fee 100 yuan, no fee overseas |
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| Outward remittance charges | Bank of China Free Admission |
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| card | UnionPay withdrawal card (ordinary mail by default, 20 yuan for reissue of registration, 40 yuan for express delivery), available ApplePay | UnionPay withdrawal card and MasterCard debit card can ApplePay | UnionPay withdrawal card (SF cash on arrival), not allowed ApplePay | UnionPay withdrawal card, priority financial management with MasterCard debit card | VISA debit card (express fee 25 yuan) |
| other | In 2024, the general reaction is that the transfer time is very slow, and it will be 7 days after the actual measurement |
| Measured domestic CMB transfer received within one hour | Domestic ICBC transfer, three hour arrival |
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Attach a received card?
