Original link: https://blog.251.sh/how-to-open-hong-kong-bank-account
Brief personal experience record (Update: 2023-07-05)
First ask yourself, why do you open an account?
In fact, this is also the most important thing. The general bank account opening in Hong Kong is not as easy as that in the Mainland. So, you need a good reason. If you can’t answer or hesitate, you will probably be rejected directly.
For example, for studying abroad, you may be required to show proof materials. Buying insurance may also require you to show relevant things. There is absolutely nothing wrong with investing, but you need to do your homework in advance.
What kind of account can I guarantee to open when I go to Hong Kong?
There are currently three virtual banks in Hong Kong, and mainland Chinese tourists can apply directly.
- Zhongan Bank: Chinese-funded (the parent company is Zhongan Online Property Insurance Co., Ltd., funded and established by Ant Financial Services, Tencent, Ping An of China, etc.), can get the entity’s prepaid Visa, and can customize the last six digits.
- livi Bank (Lihui Bank): Chinese capital (funded and established by Bank of China Hong Kong, JD.com, etc.), can get a virtual prepaid MasterCard.
- Airstar Bank: Chinese capital (jointly established by Xiaomi Group and AMTD Group), no card.
But depositing money is still a troublesome thing. So you still need to open a traditional bank account.
Any recommendations then?
Bank of China, China CITIC Bank and China Merchants Wing Lung. I chose Bank of China among the three.
Bank of China
Bank of China can make an appointment in advance on the WeChat public account “BOC Hong Kong”. Although the appointment interface says that it does not support appointments in mainland China, it can actually be used. It’s just that I was walk-in by chance and didn’t make an appointment, so I can’t provide information in this regard. Before that, you can download the two apps BOC HK and BOC Pay.
First find the lobby manager and explain that you want to open an account. The lobby manager will ask you what you want to open an account for. If there is no problem, he will give you an account opening application form and a number plate. You need to fill in the application form in advance. The one I went to said that it might not be able to open.
Then after the queue number came to me, the teller needed my ID card , Hong Kong and Macau travel permit , and customs clearance receipt . Although the ID card can also be used as proof of address, but because my address is different from the ID card, I brought a credit card bill with address & bank logo and a credit card envelope with card activation information & bank logo & address separately.
Why should I bring an extra envelope? Because my credit card billing address does not include the house number, I need to prove that I can indeed receive mail at this address, so I bring it with me. As for the electronic supplementary bill printed by myself, I don’t know if it will pass. My bill is reprinted at the self-service counter, and it usually needs to be used as a proof within 3 months.
Then I sat there and waited to open a savings account, which took about 30 minutes to open. Bank of China cards need to wait for mailing, almost a month.
Bank of China deposits can be remitted to BOC HK from BOC in mainland China through mobile phone remittance, which is currently free of charge. But I haven’t tried it yet, I’ll talk about it later.
PS Bank of China has the most ATMs in Hong Kong, and they can be seen everywhere like 7-11 and Tam Chai Noodles.
I heard that there are other foreign banks, can you try it?
sure. I also have experience with HSBC.
Because HSBC Premier of HSBC needs 500,000 Hong Kong dollars, I don’t have that much money, so I can only open HSBC One of HSBC. But I heard from others that the opening of Premier is performance, and the refusal of One is performance, so this is more luck than the previous Bank of China.
HSBC Bank can directly make an appointment in advance on the WeChat public account “HSBC Hong Kong”. Probably a commissioner will call you the next day, and the most important thing will be to ask you where to go to open an account. After the selection is made, a commissioner who chooses the place where you want to open an account will call you and tell you about what you need and an appointment time. Then you can download the HSBC HK app in advance.
Arrive before the scheduled time, and the specialist you reserved will take you into a separate small room to collect your information and start the account opening process. At the same time, another financial manager will come in to inquire about the account opening purpose and do sales promotion.
Same as above, I still submit the ID card , Hong Kong and Macau travel permit , customs receipt , credit card bill with address & bank logo, and credit card envelope with card activation information, bank logo & address .
After they feel that the reason is justified, the financial manager will leave, and the account opening procedures will be followed up. This account opening is longer than Bank of China, about 1 hour, so plan ahead.
If you successfully open a savings account, a red Lion card (UnionPay of course) will be issued to you on the spot. If you want to bind this card to Apple Pay, you need to wait 7 days.
After that, if you want to open a securities account, the teller needs to copy your ID card. Then the process is over.
PS If the account opening fails, don’t ask the commissioner to enter your information. Otherwise, you will stay on HSBC’s blacklist for half a year.
Too much trouble, is there a more convenient way?
Of course there is, that is, to find an intermediary. They can do all kinds of work for you for a price ranging from a few hundred to a few thousand, and you only need to be there in person.
Then will they ask me to deposit money on the spot?
Yes, for example, after I successfully applied for a Bank of China account, the teller told me that I need to deposit 10,000 Hong Kong dollars. So it’s not a bad idea to bring extra money to Hong Kong.
Bonus
But in the end, I didn’t deposit 10,000 Hong Kong dollars into the Bank of China, and I don’t know if there is any account management fee. Check it out later.
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