HSBC, Standard Chartered, Bocom can now open Mainland China accounts for Hongkongers.
HSBC, Standard Chartered Bank and Bank of Communications (Bocom) on Monday began helping Hongkongers open mainland bank accounts remotely, the latest move to enable the city’s residents to travel, live, work and retire across the border. .
After opening a Type II account at a designated branch in Hong Kong, customers can transfer up to 10,000 yuan (US$1,367) per day or 200,000 yuan per year to the main bank at the same bank. Opening an account is free, and there is no minimum balance requirement.
According to separate statements from the three lenders, customers can transfer money to payment apps such as Alipay or WeChat Pay.
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China has three types of bank accounts. Type I accounts are full-service accounts that must be opened in person on the mainland. But starting in 2019, Beijing allowed some local banks to offer remote account opening for Type II and III accounts that provide various banking services.
The announcement by a trio of Hong Kong banks comes a week after Beijing said it was adding them to the list of lenders allowed to provide proof of service, meaning the bank would reveal the identity of the person opening the main account. A total of eight lenders now offer such services.
“With the tendency to travel to the mainland Greater Bay Area Maggie Ng, head of wealth and private banking at HSBC Hong Kong, said, “As cities and their customers’ payment options shift to mobile, our new service provides a secure and convenient way for them to easily manage their day-to-day finances. .
Verification service is available for customers with Hong Kong Permanent ID Card or original Travel Permit. Applicants can book any appointment out of the 22 selected. HSBC Branches, 22 branches of Standard Chartered or seven branches with a bottle.
Guangzhou at sunset on March 12, 2024. Photo: Xinhua alt=Guangzhou at sunset on March 12, 2024. Photo: Xinhua>
Two-thirds of Hongkongers said it would be convenient to have a bank account when traveling in China, but 70 percent were reluctant to travel across the border to open an account, according to a survey of more than 500 residents by HSBC in September. .
According to Standard Chartered, Type II accounts can be prepared within a few working days.
