Guide to Opening a Hong Kong Virtual Bank Account: ZA Bank, livi by DBS, WeLab Bank, Ant Bank

Publish: 2023-09-22 | Modify: 2024-07-24

Recently, I went to Hong Kong and opened accounts with 4 virtual banks after arriving in Hong Kong. This article shares my experience of opening accounts with "ZA Bank, livi Bank, Airstar Bank, and Ant Bank" in Hong Kong.

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Opening accounts with the above 4 virtual banks is relatively easy, provided that you are physically present in Hong Kong (besides checking location, you also need to submit entry and exit records).

Why Open a Hong Kong Bank Account?

  • Higher deposit interest rates
  • Ability to buy Hong Kong stocks, US stocks, funds, etc., reference: Changqiao Securities, Huasheng Tong
  • More convenient for spending in Hong Kong
  • And more...

Preparation

Install Apps in Advance

Install the apps "ZA Bank, livi Bank, Airstar Bank, and Ant Bank" on your phone in advance, you can search and install directly on Google Play or Apple App Store (recommended to install before going to Hong Kong).

Commonly Used Email

For safety, it is recommended to use a mainland email that can be directly accessed, as mainland mobile cards roaming in Hong Kong still cannot access some services. It is best to log in to the email in advance on your phone through the app to ensure that you can easily send and receive emails (recommended to test the mailing function before going to Hong Kong).

Free WiFi (Optional)

After arriving in Hong Kong, most public areas provide free WiFi. If needed, you can search for nearby free WiFi to connect, but please note that some WiFi may have time limits and may need to be reconnected every so often. This is not necessary as you can open an account using mobile data roaming.

Obtaining Entry and Exit Records

After arriving in Hong Kong and clearing customs, you need to wait for about 30 minutes for the entry and exit records to be updated. If you temporarily cannot find entry and exit records, there is no need to worry.

Since the above 4 virtual banks all require entry and exit records, and each has different format requirements, it is recommended to prepare the entry and exit records proof after clearing customs. Open the mini-program and search for "Immigration Department," there is an "Entry and Exit Records Inquiry" service.

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After querying the records, click to send to email, and you will be asked to set a password (for decompression), the decompressed file is a PDF file, keep it on your phone for later use.

General Precautions

  • Purpose of account opening: Choose according to the actual situation, do not select all, the more you choose, the more information you need, and it is easy to trigger risk control
  • Transaction amount and frequency: Choose according to your actual situation, not too low or too high, too high may trigger risk control and require additional information
  • Ensure that the information is true, as it is a banking service, virtual information may lead to account closure
  • Communication address specific to the door number

ZA Bank

ZA Bank, known as "Zhongan Bank" in Chinese, is a virtual bank jointly established by Zhongan Online and BOC Credit Card (International). It is the first virtual bank in Hong Kong.

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Advantages:

  • Provides VISA virtual and physical cards with the ability to customize the last 6 digits of the card number
  • Can open an investment account to buy funds
  • Supports FPS ID

Opening a ZA Bank Account

You can use the link below or the invitation code, using the invitation code will give you an additional deposit interest coupon.

  1. Provide information as per the normal process
  2. Use the mobile number bound to the mainland bank card
  3. ZA Bank will require verification of the mainland bank card
  4. If necessary, it is recommended to also open an investment account (to purchase funds later)
  5. Document recognition may be slow, so it is advisable to wait a little longer

xiaoz was lucky, ZA Bank opened instantly for him, but the application for a physical card showed waiting for document review, which was completed in a few hours. If there is a review, it may take several hours or a few working days.

ZA Bank Physical Card

After successful account opening, ZA Bank will provide a VISA virtual card that can have the last 6 digits customized, and you can also apply for a physical card, but there is a fee of 25HKD for delivery outside the Hong Kong area. The physical card will be delivered from Zhuhai using EMS to your communication address.

Mainland Consumption

  • Can directly swipe the card for consumption (POS machine needs to support VISA), with a 1.95% exchange rate fee
  • ATM withdrawals: 50HKD per transaction + 1.95% exchange rate fee
  • Can be bound to Alipay (1.95% exchange rate fee)
  • Tested and can be bound to WeChat (registered with a Hong Kong mobile number), does not support binding with mainland WeChat

livi Bank

livi Bank (Bank Code: 388) is the fourth virtual bank to open in Hong Kong, jointly operated by Bank of China (Hong Kong), JD Digits, and Jardine Matheson Group.

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Advantages:

  • Provides a MasterCard virtual card
  • Supports mainland UnionPay QR code consumption
  • 1% cashback on spending

Disadvantages:

  • No physical card
  • No FPS ID

Opening a livi Bank Account

There is nothing special to note, except that their app's document scanning is not great, the document should not reflect light. If the document recognition fails, you will receive a text message saying "Temporary failure," in this case, rescan the document and reapply.

Mainland Consumption

livi Bank app provides UnionPay QR code payment and UnionPay scan code payment, which is quite convenient. Tested at mainland merchants supporting UnionPay, you can use it normally, UnionPay scan code payment has no additional fees, and also gives a 1% cashback.

You can also use the MasterCard provided by livi for online consumption, but there is a 1.9% handling fee, while also giving a 1% cashback, equivalent to a 0.9% handling fee.

The MasterCard virtual card provided by livi can be directly bound to mainland Alipay, but there is a 1.9% handling fee for consumption through Alipay. Attempting to bind mainland WeChat failed, but binding and using WeChat (registered with a Hong Kong mobile number) was successful for consumption in mainland, with the currency being HKD and no additional fees.

Overall, for consumption in mainland, it is recommended to use the UnionPay QR code payment or bind WeChat (registered with a Hong Kong mobile number) for consumption using the livi app.

Airstar Bank

Airstar Bank is a virtual bank jointly established by Xiaomi Group and AMTD Group.

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Advantages:

  • None at the moment

Disadvantages:

  • No physical or virtual card
  • Does not provide FPS ID
  • Does not support direct consumption in mainland

Applying for Airstar Bank

There is nothing special to note.

Ant Bank

Ant Bank (Hong Kong) Limited is a virtual bank under the Ant Group, officially opened in September 2020.

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Advantages:

  • Provides FPS ID

Disadvantages:

  • No physical or virtual card
  • Does not support direct consumption in mainland

Opening an Ant Bank Account

  • Invitation code: MGMZPRRf, using the invitation code will give you 50HKD within 30 days of successful account opening

The APPs from the Alibaba Group seem to have better technology, with document scanning and recognition being faster and more accurate than the above banks. During account opening, the last step will require obtaining entry and exit records through the Immigration Department mini-program. Note:

  • When sending the entry and exit records to the email: you must use the password provided by Ant Bank
  • Forward the received entry and exit records email to [email protected], in the forwarded email, the content should be filled with "Name + Last 4 Digits of Mobile Number", for example: 张三+1234

As time goes by, procedures may change, so please refer to the actual situation. If the operation is correct, Ant Bank is basically instant to open an account.

FAQs

Are the above virtual banks all instantly opened?

No, currently, if the operation is correct, the probability of Ant Bank being instantly opened is relatively high. ZA Bank, livi Bank, Airstar Bank may require review, which can take a few hours if fast, or around 5 working days if slow.

I am already in Hong Kong, does having a roaming IP affect account opening?

No, having an IP that is not in Hong Kong does not affect account opening. Banks may also consider mainland users who come to Hong Kong for internet roaming.

I have left Hong Kong, will it affect my account opening review?

No, it will not affect it as long as you have submitted your account opening information in Hong Kong. Your departure from Hong Kong will not affect the review.

Do I need proof of address?

Physical banks generally require proof of address, but these 4 virtual banks have not encountered the requirement to provide proof of address so far. However, do not fill in the address randomly to avoid affecting receipt and subsequent verification.

How long does the account opening process take?

In general, it takes about 10-20 minutes to apply for a virtual bank account.

Invitation Code Summary

  • ZA Bank invitation code: B78EL6 (using the invitation code will give you an interest coupon)
  • livi Bank: No invitation rewards currently
  • Airstar Bank: Invitations are closed
  • Ant Bank invitation code: MGMZPRRf (get 50HKD within 30 days of successful account opening)

Conclusion

With ZA Bank, livi Bank, Airstar Bank, and Ant Bank, as long as you are physically in Hong Kong, you can easily open an account through the app with a high success rate if the information is filled in correctly. Among them, ZA Bank and livi Bank are more practical, so these 2 virtual banks are recommended first.

The next article will continue to share my experience of opening a physical bank account in Hong Kong, stay tuned!

TG Card Trading Group, welcome to join for discussions: https://t.me/usecardone

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xiaoz

I come from China and I am a freelancer. I specialize in Linux operations, PHP, Golang, and front-end development. I have developed open-source projects such as Zdir, ImgURL, CCAA, and OneNav.

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