Due to the tightening of foreign exchange controls, the bank account opening policy in Hong Kong may be further tightened. If you need to open a bank account in Hong Kong, you need to apply as soon as possible. At the same time, it is estimated that the Federal Reserve will start to cut interest rates in mid-2024, and the high interest rate of the US dollar/Hong Kong dollar will only last for one year in 2024. If only a small amount of funds needs to be allocated for high-interest savings, it may not be cost-effective to open an account in Hong Kong.
Note: Starting from January 29, 2024, the Mainland and Hong Kong will simultaneously implement the “Arrangement on Mutual Recognition and Enforcement of Civil and Commercial Judgments by the Courts of the Mainland and the Hong Kong Special Administrative Region“. The Mainland courts have the right to freeze the assets of Hong Kong accounts for civil litigation.
1. Why choose CMB Wing Lung Bank?
Among Hong Kong banks, HSBC belongs to the first tier in terms of revenue, with revenue close to HK$100 billion; BOC Hong Kong, Standard Chartered, and Hang Seng belong to the second tier, with annual revenue of tens of billions of Hong Kong dollars. ICBC Asia, CCB Asia, China CITIC Bank (International), CMB Wing Lung and other Chinese banks belong to the third tier, with annual revenue of billions of Hong Kong dollars. Among the 23 licensed physical banks in Hong Kong, CMB Wing Lung’s overall strength ranks in the top ten, and it is not outstanding among many Chinese banks.
Because CMB Wing Lung Bank was acquired by CMB Bank from Wing Lung Bank, it has many branches in Hong Kong and is supported by CMB digitalization. The Wing Lung Bank app is as simple and easy to use as the CMB Bank app, so if you are considering opening an account in a Chinese bank, CMB Wing Lung Bank is the most recommended. (Bank of China transfers foreign currency to Bank of China Hong Kong without any handling fee, which is popular with many people, but Bank of China’s small transfers are also prone to risk control, so it is not recommended)
If there are a lot of transfers in other overseas regions besides Hong Kong, it is recommended to choose banks with overseas branches such as HSBC, Standard Chartered, Bank of China Hong Kong, and ICBC Asia. Telegraphic transfers do not require a third-party agent bank and the handling fee will be lower.
To summarize the account opening process in one sentence, you can open an account online and verify your identity offline for activation. For offline activation, you need to bring your ID card, Hong Kong and Macau Pass, proof of address and 10,000 Hong Kong dollars.
2. Prepare documents for account opening
- ID: Chinese Resident ID Card
- Travel Document: Choose between Hong Kong and Macau Pass or Passport. Even if you enter Hong Kong with a Hong Kong and Macau Pass, you can use your passport as a travel document for opening an account. It is recommended to choose the document with a longer validity period. If the travel document expires, you may need to go to the branch to renew it. The same document is required for account opening in the app and real-name authentication at offline branches. If the documents are inconsistent, you may need to reapply for an account opening offline.
- Proof of address: Since you will need to receive the card by mail later, it is recommended to choose your current work address. Proof of address can be a utility bill issued by an official agency, or a bank statement. The simplest way is to ask the bank to send a credit card bill, stamp it with the bank’s seal, and choose to receive it by express delivery (the fee is generally 20 yuan, do not choose ordinary mail, it is easy to lose). In theory, you can also print an electronic credit card bill with address information yourself, but for the sake of safety, it is more reliable to choose an email with a bank seal.
- No proof of address: If you think it is troublesome to provide proof of address, you can directly use the address on your ID card. The address on your ID card may not be able to receive emails from Hong Kong, so consider it carefully.
- 10,000 Hong Kong dollars: You can buy foreign exchange in the mainland first, and then bring cash to deposit at a Hong Kong branch. You can also use a savings card or credit card issued in the mainland to withdraw cash at an ATM while queuing at a Hong Kong bank branch. Generally, you can withdraw up to 5,000 or 10,000 Hong Kong dollars, so it is safer to bring more cards. (Both the ATM and the bank may charge a handling fee, so check whether the card has been enabled for overseas cash withdrawals)
3. Online account opening
CMB Wing Lung Bank has supported online account opening since 2022. Download the CMB Wing Lung One-Click App and fill in your personal information to apply.
Download CMB Wing Lung One-Click App
Application Notes
The notes on account opening information have been basically mentioned above, and here are a few highlights.
- Source of funds and purpose of account opening: It is recommended to fill in salary and savings. If the reason given during activation at the branch is different from that filled in on the app, the teller has the right to refuse to activate the account.
- Contact address: If you need to use the same address as your ID, you do not need to provide proof of address. Just fill in the information on your ID. If you need to use another address, you need to provide proof of address. You can take a photo or submit a PDF file.
- Username and password: You need to create an account and password when you create an account. You must remember this because it is troublesome to retrieve it. The system prompts that you can log in after the account opening is completed, but you cannot perform any operations before the offline activation is completed.
- Some people were rejected when submitting their applications. The reason is currently unknown. You can directly choose to open an HSBC account offline.
Account opening completed
The system prompts that it takes 7 working days to open an account. If it is fast, a reminder SMS will be sent on the same day. If it is slow, it may take three to five days. After receiving the notification of account opening completion, you need to go to the Hong Kong branch of Wing Lung Bank for identity verification within 3 months.
3.Offline activation
Because the information has been filled in when opening an account online, there is not much to fill in on site. Generally, you only need to sign once and answer a few questions. Most of the time, you have to stand and wait. Excluding the waiting time, identity verification can be completed in about 10 minutes. You may be asked about the purpose of opening an account. Just answer savings to avoid unnecessary questions.
Go to Hong Kong branch
It is recommended to go to a Hong Kong bank branch to activate in the morning on weekdays. The number may not be available in the afternoon. Hong Kong’s public holidays are different from those in the mainland, so you need to check in advance. The specific branch locations can be directly checked on Google maps. The Sheung Shui branch, which is only one subway stop away from Futian Port (Lok Ma Chau), is generally the busiest, and the Shatin branch, which is a few more stops away, will have fewer people.
Offline activation completed
Maybe because of the surge in account openings, branches no longer provide savings cards. If necessary, you can apply for it on the app later. You need to pay for the postage, which is about 40 RMB. Physical password devices are no longer available. The mobile banking app directly provides SMS and dynamic QR code verification. Be sure to migrate when changing to a new phone.
4. Accounts and Others
Accounts
Newly opened accounts include RMB savings accounts, Hong Kong dollar savings accounts, and Hong Kong dollar current accounts. Individuals can only open savings accounts. If you want to open a Hong Kong dollar current account or a securities account, you can directly submit an address proof document application on the mobile app or web version of online banking.
Unlike mainland bank accounts, Hong Kong bank accounts have two types: savings accounts and current accounts. Savings accounts have current interest, and current accounts (checking) are suitable for writing checks and various expenses. Even if there is no current account, savings accounts can still receive money.
US dollar accounts are not displayed by default. After depositing or transferring US dollars, you will have a US dollar savings account, and you can also buy foreign exchange on your own. The same is true for many other mainstream currencies.
Account management fee
If the total assets of all accounts in the past month are less than 10,000 Hong Kong dollars, a handling fee of 100 Hong Kong dollars/month will be deducted.
Online banking
Since there is no physical card, you can log in with the username you registered. Like China Merchants Bank, the Wing Lung Mobile Banking app can complete almost all operations.
Transfer
In the Hong Kong banking industry, transfers between different accounts in the same bank are called transfers, and transfers between different banks are called remittances. Hong Kong CMB Wing Lung Bank has a SWFT number. When receiving payments overseas, you only need to provide bank information and SWIFT number. For specific charging standards, you can check the fee details of Wing Lung Bank.
CMB Wing Lung Bank in Hong Kong does not have a routing number (confirmed with customer service), and cannot be used for direct payment from Google Adsense in the US. If the purpose of applying for a bank card is to facilitate payment from Google Adsense, it is recommended to register directly for Google Adsense in Hong Kong. If you register for the US, you need to use a virtual card service such as Paynoneer to collect and withdraw cash, and the handling fee is about 1%.
Transfer fee
- There is no handling fee for using FPS for small amounts of HKD. Generally speaking, transfers between HKD between all banks in Hong Kong are free, with a daily limit of HKD 10,000.
- For large transfers of HKD, you need to add the payee information in advance. The first addition requires 1-2 working days for review. After the review, there is no handling fee for transfers between local banks in Hong Kong.
- For transfers between local banks in Hong Kong, whether small or large, the transfer initiator generally needs to pay a handling fee of HKD 50.
For more detailed information on banking services, it is recommended to download the Wing Lung Bank app or check the official website; you can also search for “CMB Wing Lung” on WeChat and follow the official account. The customer service staff are always online during working hours.