HSBC, Standard Chartered and Bank of Communications on Monday began helping Hong Kongers open mainland bank accounts remotely, the latest step in a broader effort to make it easier for Hong Kong residents to travel, live, work and retire across the border.
After opening a so-called Type II account at a designated branch in Hong Kong, customers can transfer up to 10,000 yuan ($1,367) per day or 200,000 yuan per year to a mainland account at the same bank. Opening an account is free and there is no minimum balance required.
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 banks.
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There are three types of bank accounts in China. Type I accounts are full-service accounts that must be opened in person on the mainland. But since 2019, Beijing has allowed some local banks to provide remote account opening services for type II and III accounts, providing different levels of banking services.
The announcement by the three Hong Kong banks comes a week after Beijing said it would add them to a list of banks that can provide attestation services, meaning the bank can vouch for the identity of people opening mainland accounts. A total of eight lenders now offer such services.
Maggie Ng said: “As the trend of traveling to mainland cities in the Greater Bay Area continues to rise, and customers’ payment preferences shift towards mobile payments, our new service provides them with a reliable and convenient way to manage their purchases with ease. Day-to-day Finance. ” Head of Wealth and Personal Banking, HSBC Hong Kong.
Customers holding Hong Kong permanent identity cards or mainland passes can enjoy authentication services. Applicants can go to any of the 22 designated HSBC branches, 22 Standard Chartered Bank branches or 7 Bank of Communications branches to make an appointment.
Guangzhou at sunset on March 12, 2024. Photo: Xinhua News Agency alt=Guangzhou at sunset on March 12, 2024. Photo: Xinhua News Agency>
A survey of more than 500 residents conducted by HSBC in September showed that about two-thirds of Hong Kong people said it would be convenient to have a mainland bank account when traveling in China, but nearly 70% were unwilling to open a cross-border account.
Standard Chartered says Type II accounts can be set up within a few working days.
"In recent years, more and more Hong Kong residents are living and working in the Greater Bay Area, and the demand for cross-border payment solutions has been increasing," said Huen Wai-yee, CEO of Standard Chartered Hong Kong and North Asia.
She said the new service will make daily consumption in mainland China more convenient for customers.
Bank of China (Hong Kong) took the lead in launching remote account opening services in 2019. In September 2022, Industrial and Commercial Bank of China (Asia), China Construction Bank, China Merchants Bank and Bank of East Asia also joined.
About 410,000 such accounts have been opened since 2019, according to data from the Hong Kong Monetary Authority.
On January 13, Pan Gongsheng, Governor of the People's Bank of China, announced the expansion of assurance services during the Asian Financial Forum in Hong Kong, including the establishment of a RMB 100 billion trade finance facility.
View of the HSBC and Standard Chartered Bank buildings in Central, Hong Kong on October 6, 2021. Photo: Nora Tam alt=View of the HSBC and Standard Chartered Bank buildings in Central, Hong Kong on October 6, 2021. Photo: Tan Xiuna>
"Governor Pan said he will increase the asset allocation of the country's foreign exchange reserves in Hong Kong to enhance the attractiveness and liquidity of the capital market," Secretary for Financial Services and the Treasury Hui Ching-yu said in a blog on Monday.
Hui said the forum brought together 270 investors and more than 560 investment projects, and conducted more than 700 one-on-one meetings, covering financial technology, health technology, environmental technology and other fields.
He added: "The forum has successfully expanded Hong Kong's circle of friends and fully demonstrated Hong Kong's unique role as a 'super contact' and 'super value-adder'."
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