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Guide to Opening Physical Bank Accounts in Hong Kong: Nanyang, Hang Lung, and Bank of China

hong kong bank accountnanyang commercial bankchina merchant hang lung bankbank of china hong konghong kong banking guide
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In my previous article, Hong Kong Virtual Bank Account Opening Guide: ZA BANK, livi, TA Bank, Ant Bank, I shared strategies for opening virtual bank accounts. In this article, I will continue to share my experience opening physical bank accounts in Hong Kong for those who may need it.

Due to scheduling constraints, I only opened accounts at three physical banks during my trip: Nanyang Commercial Bank, China Merchants Hang Lung Bank, and Bank of China (Hong Kong), in addition to the four virtual banks mentioned above. Below is my authentic account opening experience.

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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
  • Many other uses...

Preparation

Proof of Address

Nanyang Commercial Bank, Hang Lung Bank, and Bank of China (Hong Kong) all require proof of address. The following documents can be used:

ID Card: If your ID card address matches your current residence address, you can use the address on the ID card directly, which is the simplest option. If your current address differs from your ID card address, read on.

Residence Permit: I used my residence permit. Ensure it is valid, preferably issued within the last 3 months. It is uncertain if permits older than 3 months are accepted.

Bank Statement Address: According to netizens, you can request a paper credit card statement from a domestic bank to be mailed to you as proof of address (I did not try this).

Property Deed: Theoretically, a property deed should work. I brought one as a backup but did not use it, as the residence permit alone was sufficient.

Recommendation: Bring at least two different types of address proofs as a backup.

Reason for Opening Account

For "Nanyang Commercial Bank," "Hang Lung Bank," and "Bank of China (Hong Kong)," the stated reason for opening an account was "Investment and Wealth Management." Some branches or account managers may require proof of investment activities. You can show your Alipay fund holding page or other app interfaces as proof. Fortunately, my experience was smooth; they only asked for the reason and did not request supporting documents.

China Merchants Hang Lung Bank Account Opening Process

Appointment

Search for "China Merchants Hang Lung Bank One Touch" on Google Play or the Apple App Store to install the app. Open the app and click "Open Account - New Customer Branch Account" in the top right corner.

Invitation Code/Channel Code: CM632N82K4

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Fill in your personal information according to the actual situation. For account type, I selected "Gold Sunflower Wealth Management Service" (note: "General Banking Service" reportedly requires a deposit of 10,000 HKD). I also checked "Apply for Securities Financing Service." Finally, do not forget to book a branch and time.

If successful, the account is usually approved instantly, and you will receive an SMS stating "Account successfully opened." However, you cannot use it yet. The final step is to visit the branch on the scheduled date with your "ID Card / Mainland Travel Permit / Proof of Address" for in-person identity verification.

Note: During the appointment, you will be asked to set a login username and password. Remember this carefully, as it will be needed for future app logins.

In-Person Verification

I booked the "West Kowloon Station" branch for 11:30. I arrived at 09:30 to sign in first. The manager registered me and asked me to return at 11:30. According to netizen feedback, if you arrive late, even with an appointment, you may not be served. To be safe, I signed in early.

During the account opening, the manager asked for the reason. I stated "Investment and Wealth Management," and they did not ask for any proof of investment.

They asked for my contact address, and I provided my residence permit as proof. The entire process took less than 10 minutes, with very high efficiency. After the in-person verification, the account could be logged into and used normally.

Debit Card Application

After the account is opened, no debit card is issued immediately. You need to apply for one via "China Merchants Hang Lung Bank One Touch App - My - Bank Card - Apply for Debit Card." The card is sent via SF Express (collect on delivery). The cost to ship to Chengdu was 60 RMB.

  • 2023-09-18: In-person verification
  • 2023-09-18: Applied for debit card
  • 2023-10-05: Shipped from Hong Kong
  • 2023-10-07: Successfully received

Bank of China (Hong Kong) Account Opening Process

Transferring RMB from a mainland Bank of China account to Bank of China (Hong Kong) in HKD is fee-free, making Bank of China (Hong Kong) very worth opening.

Appointment

I booked 4 days in advance, but most branches were fully booked. I finally selected a very remote branch (Pokfulam) and got the last available slot. I almost missed out on booking.

Some netizens say Bank of China (Hong Kong) does not require an appointment; you can just queue early. However, I believe an appointment is safer. If you can book, do so.

Offline Account Opening

On the scheduled date, go to the branch to open the account. The bank manager will ask you to download another app and guide you through filling out the account opening information. The entire process took over an hour, which was quite slow, but the attitude of Bank of China was very friendly. If the documents are correct, Bank of China (Hong Kong) approves the account on the spot.

Debit Card Application

My branch had pre-printed cards. After opening the account, I was given a "pre-printed card." It does not have your name on it, but otherwise, it functions exactly the same.

If the branch does not have pre-printed cards, they seem to mail it to you after a while. According to netizens, the default shipping method is ordinary mail, but you can contact customer service to change it to DHL (additional fees apply).

Nanyang Commercial Bank Account Opening Process

Appointment

Search for "Nanyang e+" on Google Play or the Apple App Store to install the app. Open the app, click "Mobile Account Opening," fill in your real information according to the requirements, and finally book a branch and time. After a successful appointment, you will receive an SMS notification. I booked the "West Kowloon High-Speed Rail Station" branch.

Branch In-Person Verification

Upon arrival at the branch, I provided "ID Card / Mainland Travel Permit / Proof of Address." The bank gave me a password letter (keep it safe; it is needed for future logins). Unlike Hang Lung Bank, Nanyang Commercial Bank does not approve instantly. After verification, the account enters a review status, taking about 5 working days.

Supplementary Materials

On the 3rd day after verification, I received an SMS stating that my application materials needed "revision or supplementation." I opened the Nanyang e+ app, contacted customer service, and informed them I needed to supplement materials. The customer service asked for detailed information about my job position. After providing it, the materials were updated, and the review status continued.

Timeline

  • 09.18: Branch in-person verification
  • 09.20: Request to supplement materials
  • 09.22: Materials supplemented
  • 09.25: Account opening successful

Supplement: Nanyang Commercial Bank is not very worth opening because the app is laggy and difficult to use.

Other Bank Account Openings

The following banks are reportedly easier to open accounts with. Due to time constraints, I did not open accounts at these banks, but those with ample time can try:

  • HSBC: Requires online appointment, followed by a phone call for confirmation.
  • CITIC Bank (International): Open account via app upon arrival in Hong Kong.
  • Bank of Hong Kong: Unknown.

Conclusion

For the banks mentioned above, as long as you make an advance appointment, opening an account is relatively easy. I recommend starting appointments one week before your trip to Hong Kong to avoid missing out. Among them, China Merchants Hang Lung Bank has the highest efficiency, Bank of China (Hong Kong) is the slowest, and Nanyang Commercial Bank has the longest review time.

After arriving in Hong Kong, besides opening physical bank accounts, I recommend opening the four virtual banks mentioned above: ZA BANK, livi, TA Bank, Ant Bank.

If you have other account opening experiences to share, please leave a comment to supplement.

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