Original link: https://blog.shuziyimin.org/1368

1. Account opening information and process

ZA BANK is a Hong Kong virtual bank jointly established by real estate company Best Holdings, Zhongan Insurance, Chow Tai Fook, and AIA. It is currently the only Hong Kong bank that supports mainland residents to open an account through an ID card (the other is livi Bank ). As long as the physical location is in Hong Kong, you can download the app and open an account within 20 minutes. You can have a Hong Kong bank account and pay for a Visa physical savings card (postage fee 25 Hong Kong dollars).

Account opening conditions:

The actual location is in Hong Kong
Mainland mobile phone number, need to have opened international roaming, can receive verification code
Hong Kong and Macau Exit Permit and valid endorsement information (Hong Kong and Macau Exit Permit is also required to enter Hong Kong through a passport)
ID card
Mainland bank savings card number
Search “Immigration Bureau” in the WeChat/Alipay applet, and download the entry and exit records

registration process:

Verify phone number
Take pictures of the Hong Kong and Macau Pass from multiple angles (be sure to check whether the information generated by the automatic scan is correct, it is recommended to choose a well-lit and soft environment for shooting, this step may need to be repeated several times, and the delay will be 5-10 minutes)
photo ID
Verify Continental Bank Card Information
Submit entry and exit record documents
Waiting for approval, generally takes 3 working days

Precautions:

During the registration process, you will be asked to set a user name and password, which need to be saved by yourself. After the account is successfully opened, you can log in with the account and password.
If you are prompted to use the virtual positioning software, but you have not actually used it, just exit and re-enter. It may prompt that you need to connect to Wi-Fi, just find the Wi-Fi of the operator or the Wi-Fi of a large shopping mall and connect.
Scan the Hong Kong and Macau passport or ID card, the information automatically recognized is generally wrong, and needs to be manually modified; if there is no manual modification, continue and cannot return to the previous step. As long as you do not enter the stage of waiting for review, you can exit the App. Find the button to reapply.

2. Remittance / deposit related

Continental bank remittance to ZA BANK

The operation of remittance from mainland banks to ZA BANK is the same as that of other Hong Kong bank accounts. You need to buy foreign exchange in the mainland bank App, and then remit money through the SWIFT channel. The purchase of foreign exchange occupies the foreign exchange quota of 50,000 US dollars, and at the same time, mainland banks generally have various fees such as telecommunications fees, ranging from 50-250 yuan. It is generally recommended to choose a common SHA for the remittance fee, that is, both parties need to share the handling fee, and the handling fee in Hong Kong is generally less than 10 Hong Kong dollars.

The SWIFT payment network is a global network. Large banks and even some outlets have their own proprietary SWIFT code. Knowing the SWIFT code and bank account information can send money around the world. It usually takes 2-5 days to complete the remittance, which is inefficient and has high handling fees, and is mainly used for commercial purposes or large amounts.

Click here to view the official tutorial of Zhongan Bank.

ZA BANK Remittance to Continental Bank

The first is wire transfer/SWIFT, which is the same as remittance from mainland China to Hong Kong; it is generally not recommended because of handling fees and timeliness issues.

The second is to use the built-in functions of WeChat Pay HK and AlipayHK to send money to the mainland. Because AlipayHK no longer does real-name authentication for mainland passport users, it can only be used for small-amount transfers at most.

The third is ZA Remit / Wise remittance. ZA Remit is the cooperation between ZhongAn and Wise, a world-renowned cross-border remittance tool, with built-in Wise cross-border remittance and a new name. Wise remittance can be used for remittance to other regions. If you remit money to the mainland, you can also compare products such as Panda Express, and there may be reduced or exempted handling fees.

Wise, formerly known as TransferWise, is a well-known cross-border remittance tool in the world. Compared with other competitors, Wise has a good exchange rate, low handling fees and fast arrival. Global accounts can pay to mainland accounts through Wise, and many friends who earn foreign exchange also use this to transfer money. However, all banks in mainland China have banned Wise merchants, so it is impossible to remit money from mainland China through Wise.

For specific operations, you can also refer to the official tutorial of Zhongan Bank.

ZA BANK transfer to Hong Kong bank / mobile wallet

Hong Kong banks and mobile wallets all support Faster Payment System, which can be simply understood as the Hong Kong version of UnionPay. After registering with a mobile phone number or email address, you can transfer between various bank accounts and mobile wallets. The transfer supports Hong Kong dollars and Renminbi, arrives in real time, has no handling fee, and is limited to 10,000-20,000 Hong Kong dollars per day.

Register the payee information in the bank APP to increase the FPS limit, which is generally 1 million Hong Kong dollars, and the specifics are subject to each bank.

Deposit ZA BANK to the securities account

Many people open an account mainly for the convenience of depositing money into Internet securities such as Futu Niu Niu, Xueqiu, and Changqiao. For specific deposit methods, you need to check the deposit details page of each brokerage. If it is a Hong Kong dollar deposit, it generally supports FPS without any handling fee; some also support eDDA fast deposit, which mainly depends on the cooperation between brokers and banks.

If it is U.S. dollars, it is generally recommended to buy U.S. dollars directly in China. After transferring to a Hong Kong bank account, transfer it to a securities account through a Hong Kong account. Hong Kong bank transfers may incur a small amount of handling fees, but avoid exchanging currency in a brokerage account. Generally not very good.

3. Consumption issues

ZA BANK’s savings card can be added to Apple Pay even if you don’t receive a physical card, which is convenient for consumption in Hong Kong. If you already have other Hong Kong bank accounts and ATM cards, you can directly bind them in ZA BANK, and automatically recharge 2,000 Hong Kong dollars each time for small consumption.

It should be noted that all non-Hong Kong regions and non-Hong Kong dollar consumption will incur a currency conversion fee of about 2-3%. Currency conversion fees are actually a common practice in the global banking industry. Because VISA and Master cards in mainland China are generally exempted in order to seize market share, consumers in mainland China may ignore the issue of currency conversion fees.

4. What is the ZA BANK bank account suitable for?

Suitable for buying fund stocks in transit

Internet funds such as Futu Niu Niu, Xueqiu, and Changqiao all require bank accounts with the same name to make deposits. Domestic bank cards generally do not support cross-border transfers to securities companies, so it is more convenient to transfer through Hong Kong banks.

Not suitable for USD time deposits

In ZA BANK, the 1-year regular interest rate of Hong Kong dollars is currently 3.01%; the 1-year regular interest rate of US dollars is currently 0.2%; compared with the 4-5% 1-year regular interest rate of other physical banks, it is much worse. If it is for US dollar time deposits, this is not done. Bank account is necessary.

If you need a time deposit in US dollars, download the Wing Lung Bank App to submit the information remotely, and you can complete the identity verification and open an account at the Hong Kong branch in 15 minutes (without queuing), and get the card on the spot. Mainland banks can also support US dollar deposits, and foreign currency deposits are also protected by the 500,000 deposit insurance regulations. Calling an offline branch directly can usually offer a good rate, which is much better than what is displayed online.

not suitable for daily consumption

If you often go to Hong Kong, you can use UnionPay cards, Alipay, and WeChat for daily consumption. The MTR also supports UnionPay cards to enter the station directly, no need to hold an Octopus.

If you have Apple Pay in Hong Kong, you may need to bind a Hong Kong savings card for consumption.

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