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HSBC, Standard Chartered Bank and Bank of Communications (Bocom) began helping Hong Kongers open mainland bank accounts remotely on Monday, the latest move in a broader effort to make it easier for the city’s residents to cross the border to travel, live, work and retire. .
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 mainland account with the same bank. Account opening is free and there is no minimum balance requirement.
Customers can transfer money to payment apps such as Alipay or WeChat Pay so they can shop and dine in mainland China, according to separate statements from the three lenders.
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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 since 2019, Beijing has allowed certain local banks to offer remote account opening for Type II and III accounts, which offer different levels of banking services.
The announcement by the trio of Hong Kong banks came a week after Beijing said it was adding them to the list of lenders authorized to offer attestation services, meaning the bank verifies the identity of the person opening the continental account A total of eight providers offer these services.
“With the tendency to travel on the mainland Great Bay area growing cities and customers’ preference for payment options that shift to mobile, our new service provides a reliable and convenient way for them to manage their everyday finances with ease,” said Maggie Ng, Head of Personal Banking and patrimony in Hong Kong at HSBC.
The accreditation service is available to customers with a Hong Kong Permanent Identity Card or Mainland Travel Permit. Applicants can make an appointment with any of the 22 appointees HSBC branches, 22 branches of Chartered Standard or seven branches of With a bottle.
Guangzhou at sunset on March 12, 2024. Photo: Xinhua alt=Guangzhou at sunset on March 12, 2024. Photo: Xinhua>
About two-thirds of Hong Kongers said having a mainland bank account would be convenient when traveling to China, but nearly 70% were unwilling to travel across the border to open an account, according to a HSBC survey in addition of 500 residents in September. .
Standard Chartered said Type II accounts could be set up within a few business days.
