HSBC, Standard Chartered Bank, and Bank of Communications (Bocom) on Monday began helping Hongkongers open mainland bank accounts remotely, the newest move in a broader effort to make it easier for city residents to cross the border to travel, live, work and retire.
After opening a so-called Type II account at a delegated branch in Hong Kong, customers can transfer as much as 10,000 yuan (US$1,367) per day or 200,000 yuan per 12 months to the mainland account with the identical bank. Opening the account is free, and there isn’t a minimum balance requirement.
Customers can then transfer money to payment apps resembling Alipay or WeChat Pay in order that they’ll shop and dine in mainland China, based on separate statements from the three lenders.
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China has three forms of bank accounts. Type I accounts are full-service accounts that have to be opened in person on the mainland. But since 2019, Beijing has allowed certain local banks to supply distant account openings for Type II and III accounts, which supply different levels of banking services.
The announcement by the trio of Hong Kong banks got here every week after Beijing said it was adding them to the list of lenders cleared to supply attestation services, meaning the bank vouches for the identity of the person opening the mainland account. A complete of eight lenders now offer such services.
“With the trend to travel to mainland Greater Bay Area cities on the rise and customers’ preference for payment options shifting to mobile, our recent service offers a reliable and convenient way for them to administer their on a regular basis funds with ease,” said Maggie Ng, head of wealth and private banking in Hong Kong at HSBC.
Attestation service is accessible to customers with a Hong Kong everlasting identity card or a mainland travel permit. Applicants may make an appointment at any of twenty-two designated HSBC branches, 22 branches of Standard Chartered or seven branches of Bocom.
Guangzhou at sunset on March 12, 2024. Photo: Xinhua alt=Guangzhou at sunset on March 12, 2024. Photo: Xinhua>
About two-thirds of Hongkongers said that having a mainland checking account can be convenient when travelling in China, but almost 70 per cent were unwilling to travel across the border to open an account, based on an HSBC survey of greater than 500 residents in September.
Standard Chartered said the Type II accounts might be arrange in just a few working days.
