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How to Open Virtual Bank Accounts in Hong Kong: ZA Bank, livi, Airstar, and Ant Bank Guide

Hong Kong virtual bankZA Banklivi BankAirstar BankAnt Bank
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Recently, I visited Hong Kong and opened virtual bank accounts with four institutions. This article shares my experience opening accounts with ZA Bank, livi, Airstar Bank, and Ant Bank.

Opening accounts with these four virtual banks is relatively easy, provided you are physically present in Hong Kong (in addition to location checks, entry and exit records are also required).

Why Open a Hong Kong Bank Account?

  • Higher deposit interest rates
  • Ability to purchase HK stocks, US stocks, funds, etc. (Reference: Longbridge Securities, Huasheng Tong)
  • More convenient spending in Hong Kong
  • And more uses...

Preparation

Install Apps in Advance

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

Frequently Used Email

For safety, use an email that can be directly accessed from the mainland. Even with a roaming SIM card in Hong Kong, you may still be unable to access services blocked in China. It is best to log in to the email via an app on your phone in advance to ensure smooth sending and receiving of emails (test this functionality before arriving in Hong Kong).

Free WiFi (Optional)

Most public areas in Hong Kong offer free WiFi. If needed, you can search for nearby free WiFi to connect, but note that some have time limits and may require reconnection periodically. This is not mandatory; you can also use your roaming mobile network to open accounts.

Obtain Entry and Exit Records

After arriving in Hong Kong and clearing customs, wait about 30 minutes for your entry and exit records to update. If you cannot find them immediately, do not worry.

Since all four virtual banks require entry and exit records, but the required formats vary, it is recommended to prepare the proof immediately after clearing customs. Open the mini-program and search for "Immigration Department", then select the "Entry and Exit Record Inquiry" service.

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After finding the records, click "Send to Email." You will be asked to set a password (required for decompression). After decompression, you will get a PDF file. Save this to your phone for later use.

General Precautions

  • Reason for Opening Account: Select based on your actual situation. Do not check all options; selecting too many may require more documents and trigger risk control.
  • Transaction Amount and Frequency: Choose based on your real situation. Do not set them too low or too high; high amounts may trigger risk control requiring additional documents.
  • Data Authenticity: Ensure all data is real. Virtual data for bank services may lead to account closure.
  • Communication Address: Be specific down to the room number.

ZA Bank

ZA Bank (Chinese name: Zhong'an Bank) is a virtual bank jointly established by ZhongAn Online and Best Pacific, and it is the first virtual bank in Hong Kong.

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Advantages:

  • Provides VISA virtual and physical cards; you can customize the last 6 digits of the card number.
  • Can open an investment account simultaneously to purchase funds.
  • Supports FPS ID.

Opening a ZA Bank Account

You can use the link below or the invitation code. Using the invitation code will earn you an additional deposit interest coupon.

  1. Follow the normal process to provide information.
  2. Use the mobile number bound to your mainland bank card.
  3. ZA Bank will require verification of your mainland bank card.
  4. If needed, check the option to open an investment account simultaneously (allows fund purchases later).
  5. ID recognition may be slow; please wait patiently.

I was lucky, and ZA Bank opened instantly. However, applying for a physical card showed "waiting for document review," which was fully approved after a few hours. If you encounter a review, it may take a few hours or a few working days.

ZA Bank Physical Card

After opening the account, ZA Bank provides a VISA virtual card where you can customize the last 6 digits. You can also apply for a physical card, but a fee of 25 HKD is charged if you are outside Hong Kong. The physical card is mailed to your communication address via EMS from Zhuhai.

Domestic Consumption

  • Direct card swiping (POS machine must support VISA), 1.95% exchange rate fee.
  • ATM Withdrawal: 50 HKD per transaction + 1.95% exchange rate fee.
  • Can be bound to Alipay (1.95% exchange rate fee).
  • Tested to work with WeChat (registered with a Hong Kong mobile number); does not support binding with Mainland China WeChat.

livi Bank

livi Bank (理慧銀行, 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.

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Advantages:

  • Provides one MasterCard virtual card.
  • Supports Mainland UnionPay QR code consumption.
  • 1% cashback on consumption.

Disadvantages:

  • No physical card.
  • No FPS ID.

Opening a livi Bank Account

There are no special precautions, but the ID scanning in their app is poor. The ID card must not reflect light. If the ID recognition fails, you will receive an SMS saying "Temporarily Unable to Pass." In this case, simply rescan the ID and reapply.

Domestic Consumption

The livi Bank app provides UnionPay QR code payment and UnionPay scan-to-pay, which is quite convenient. I tested it and found it works normally at merchants supporting UnionPay in China. UnionPay scan payment has no extra fees and offers 1% cashback.

You can also use the MasterCard provided by livi for online consumption, but there is a 1.9% fee, plus 1% cashback, resulting in a net fee of 0.9%.

The livi MasterCard virtual card can be directly bound to Mainland Alipay, but there is a 1.9% fee when consuming via Alipay. Attempting to bind Mainland WeChat failed, but binding WeChat (registered with a Hong Kong mobile number) worked successfully for domestic consumption, with currency in HKD and no extra fees.

In summary, for domestic consumption with livi, it is recommended to use the built-in UnionPay QR code in the app or bind WeChat (registered with a Hong Kong mobile number) for consumption.

Airstar Bank

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

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Advantages:

  • None identified yet.

Disadvantages:

  • No physical or virtual cards.
  • Does not provide FPS ID.
  • Does not support direct consumption in China.

Applying for Airstar Bank

There are no special precautions.

Ant Bank

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

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Advantages:

  • Provides FPS ID.

Disadvantages:

  • No physical or virtual cards.
  • Does not support direct consumption in China.

Opening an Ant Bank Account

  • Invitation Code: MGMZPRRf. Using this code grants 50 HKD within 30 days of successful account opening.

The apps in the Alibaba ecosystem seem to have superior technology; ID scanning and recognition rates are significantly faster and more accurate than the other banks mentioned. The final step of the account opening process requires obtaining entry and exit records via the Immigration Department mini-program. Note the following:

  • When sending entry and exit records to email: You must use the password provided by Ant Bank.
  • Forward the received email containing the entry and exit records to cdd@service.antbank.hk. In the email content, write "Name + Last 4 digits of Mobile Number", e.g., Zhang San + 1234.

The process may change over time, so follow the actual instructions. If operated correctly, Ant Bank accounts are usually opened instantly.

Frequently Asked Questions

Are all the virtual banks above opened instantly?

No. Under correct operation, only Ant Bank has a high probability of instant opening. ZA Bank, livi, and Airstar Bank may require review, taking a few hours at best or up to 5 working days at worst.

I am already in Hong Kong, but my roaming IP is not Hong Kong. Does this affect account opening?

No, the IP does not have to be Hong Kong. The banks likely considered the situation of mainland users roaming in Hong Kong.

I have already left Hong Kong. Does this affect my account review?

No, as long as your account opening data was submitted while in Hong Kong, leaving afterwards does not affect the review.

Is proof of address required?

Physical banks generally require proof of address, but these four virtual banks have not requested it so far. However, do not fill in the address randomly, as it may affect mail delivery and future verification.

How long does the account opening process take?

Generally, it takes about 10-20 minutes to apply for one virtual bank.

Invitation Code Summary

  • ZA Bank Invitation Code: B78EL6 (Use to get an interest rate coupon)
  • livi Bank: No invitation reward available.
  • Airstar Bank: Invitation closed.
  • Ant Bank Invitation Code: MGMZPRRf (Get 50 HKD within 30 days of successful opening)

Conclusion

ZA Bank, livi, Airstar Bank, and Ant Bank can be easily opened via app as long as you are physically in Hong Kong. The success rate is relatively high if you do not fill in data randomly. Among them, ZA Bank and livi are more practical, and I recommend these two virtual banks first.

The next article will continue to share my experience opening physical bank accounts in Hong Kong. Stay tuned!

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