Guide to Opening a Bank Account in Hong Kong: South China Bank / Wing Lung Bank / Bank of China (Hong Kong)

Publish: 2023-09-25 | Modify: 2024-07-24

The previous article "Hong Kong Virtual Bank Account Opening Guide: ZA Bank, livi Bank, Nanyang Commercial Bank, Ant Bank" shared by the blogger provided strategies for opening virtual bank accounts in Hong Kong. In this article, I will continue to share my experience of opening a physical bank account in Hong Kong, which may be useful for those in need of reference.

Due to tight schedule arrangements, the blogger only managed to open accounts at 3 physical banks in Hong Kong: "Nanyang Commercial Bank/CMBC Wing Lung Bank/Bank of China (Hong Kong)" along with the 4 virtual banks mentioned above. Below is my real account opening experience.

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Reasons for Opening a Hong Kong Bank Account

  • Higher interest rates on deposits
  • Ability to purchase Hong Kong stocks, US stocks, funds, etc., see: Changqiao Securities, Huashengtong
  • Convenient for spending in Hong Kong
  • And more...

Preparation

Address Proof

Nanyang Commercial Bank/CMBC Wing Lung Bank/Bank of China (Hong Kong) all require an address proof. You can use the following documents as address proof:

ID card: If your ID card address matches your current residential address, you can directly use the address on your ID card, which is the simplest method. If your current residential address differs from the one on your ID card, please continue reading below.

Residence permit: The blogger used a residence permit, ensuring that it is valid, preferably issued within the last 3 months. It is uncertain if a permit issued more than 3 months ago would suffice.

Bank statement address: According to some netizens, you can request a physical credit card statement from a mainland Chinese bank and have it mailed to you as an address proof (not personally verified by the blogger).

Property ownership certificate: In theory, a property ownership certificate should be acceptable. The blogger carried one as a backup but did not use it as the residence permit was accepted throughout the process.

In conclusion, it is recommended to carry at least 2 different types of address proofs as backups.

Reasons for Account Opening

The blogger's reasons for opening accounts at Nanyang Commercial Bank/CMBC Wing Lung Bank/Bank of China (Hong Kong) were all related to "investment and wealth management." Some branches or account managers may request proof of investment and wealth management. You can present Alipay fund holdings page or other app interfaces showing fund holdings as proof. However, the blogger was relatively smooth in the process, only asked for the reason without requiring proof documents.

CMBC Wing Lung Bank Account Opening Process

Appointment

Search for "CMBC Wing Lung Bank One-Stop Service" on Google Play or the Apple Store, install the app, open it, click on "I want to open an account - New customer branch account opening" at the top right corner.

Invitation code/Channel code: CM632N82K4

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Fill in your personal information according to the actual situation. I chose the account type as "Golden Bauhinia Wealth Management Service" (it is said that the "General Banking Service" requires a deposit of 10,000 HKD). I also selected "Apply for Securities Financing Service" and don't forget to make an appointment for the branch and time.

If everything goes smoothly, the account is usually approved instantly, and you will receive a text message saying "Your account has been successfully opened." However, at this point, you cannot use it normally yet. The final step is to bring documents such as "ID card/Mainland Travel Permit for Hong Kong and Macao/Address Proof" to the branch for face-to-face verification on the appointment date.

Note: When making an appointment, you will be asked to set a login account and password, which must be remembered as you will need it for subsequent app logins.

Offline Verification

I went to the branch at "West Kowloon Station" for the appointment. I arrived at 09:30 to register, and the manager helped me register and asked me to return at 11:30. According to feedback from netizens, if you arrive late, even if you have an appointment, it may not be possible. Therefore, for safety, I arrived early to register.

During the account opening process, the manager asked for the reason for opening the account. I informed them that it was for "investment and wealth management" and was not asked to provide any investment and wealth management proof.

When asked for the mailing address, I provided the residence permit as the address proof. The face-to-face verification was completed in less than 10 minutes with high efficiency. After the verification, the account could be used normally for login.

Applying for Debit Card

After the account is approved, you will not have a debit card. You need to apply for a debit card in the "CMBC Wing Lung Bank One-Stop Service App - My - Bank Card - Apply for Debit Card" section. The debit card is shipped by SF Express, and the cost of delivery to Chengdu is 60 yuan.

  • 2023-09-18 Offline 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 from a mainland Chinese account to Bank of China (Hong Kong) in HKD is free of charge, making Bank of China (Hong Kong) highly recommended for opening an account.

Appointment

I made an appointment 4 days in advance, and most branches were fully booked. Eventually, I selected a very remote branch (Pokfulam) where only one slot was left, and I almost missed the appointment.

Some netizens mentioned that you can walk in early without an appointment at Bank of China (Hong Kong) and get a queue number. However, I believe making an appointment is more secure. If you can make an appointment, it's better to do so.

Offline Account Opening

On the scheduled date, I went to the branch for account opening. The bank manager asked me to download another app and guided me to fill in the account opening information. The whole process took over an hour, and it was quite slow, but the Bank of China staff were very friendly. If the information is correct, Bank of China (Hong Kong) will approve the account on the spot.

Applying for Debit Card

At my branch, there were prefabricated cards available. After the account was opened, I was given a "prefabricated card" with no name on it. It functions the same as a regular card.

If the branch does not have prefabricated cards, you may have to wait for a while for it to be automatically sent out. According to user feedback, it is sent by regular mail by default, but you can contact customer service to change it to a faster delivery service like DHL (additional fees may apply).

Nanyang Commercial Bank Account Opening Process

Appointment

Search for "Nanyang e+" on Google Play or the Apple Store, install the app, select "Mobile Account Opening," fill in your real information as required, and make an appointment for a branch and time. I made an appointment at the "West Kowloon High-Speed Rail Station" branch.

Branch Verification

Upon arrival at the branch, I provided documents such as "ID card/Mainland Travel Permit for Hong Kong and Macao/Address Proof." The bank then provided a password letter (keep it safe, as you will need it for future logins). Unlike CMBC Wing Lung Bank, Nanyang Commercial Bank does not approve instantly. After the face-to-face verification, the account goes into an audit status, which takes around 5 working days.

Supplementary Information

On the 3rd day after the face-to-face verification, I received a text message requesting "revision or supplementation of application materials." I opened the Nanyang e+ app, contacted customer service, provided detailed information about my job position as requested by the customer service, and once provided, the information was updated. The account continued into the audit status.

Timeline

  • 09.18 Branch verification
  • 09.20 Request for additional information
  • 09.22 Supplementary information provided
  • 09.25 Account successfully opened

Additional note: Nanyang Commercial Bank may not be worth opening due to the app being slow and difficult to use.

Opening Accounts at Other Banks

The following banks are said to be relatively easy to open accounts with. Due to time constraints, I have not yet opened accounts at the following banks. Those with sufficient time can give them a try.

  • HSBC, requires online appointment, and they will contact you by phone for confirmation
  • CITIC Bank (International), open an account using the app after arriving in Hong Kong
  • Hang Seng Bank: Unknown

Conclusion

For the above-mentioned banks, as long as you make an appointment in advance, account opening is relatively straightforward. It is recommended to start making appointments a week before going to Hong Kong to avoid not getting a slot. Among them, CMBC Wing Lung Bank has the highest account opening efficiency, Bank of China (Hong Kong) is the slowest, and Nanyang Commercial Bank has the longest audit time.

In addition to opening physical bank accounts in Hong Kong, it is suggested to also open accounts at the 4 virtual banks mentioned above "ZA Bank, livi Bank, Nanyang Commercial Bank, Ant Bank."

If you have other account opening experiences to share, feel free to leave a comment.

Telegram card exchange group, welcome to join and exchange: 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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