HSBC, Standard Chartered Bank, and Bank of Communications (Bocom) on Monday started helping Hongkongers open mainland bank accounts remotely, the latest move in a broader effort to make it easier for city residents to cross the border to travel, live, work and retire.
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After opening a so-called 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. Opening the account is free, and there is no minimum balance requirement.
Customers can then transfer money to payment apps such as Alipay or WeChat Pay so that they can shop and dine in mainland China, according to separate statements from the three lenders.
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 openings 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 cleared to offer attestation services, meaning the bank vouches for the identity of the person opening the mainland account. A total of eight lenders now offer such services.
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“With the trend to travel to mainland Greater Bay Area cities on the rise and customers’ preference for payment options shifting to mobile, our new service offers a reliable and convenient way for them to manage their everyday finances with ease,” said Maggie Ng, head of wealth and personal banking in Hong Kong at HSBC.
Attestation service is available to customers with a Hong Kong permanent identity card or a mainland travel permit. Applicants may make an appointment at any of 22 designated HSBC branches, 22 branches of Standard Chartered or seven branches of Bocom.