Explainer | As China allows more Hong Kong lenders to remotely open Greater Bay Area bank accounts, here is what you need to know
- More banks will be allowed to open accounts remotely for people who want to use Alipay, WeChat Pay or ATMs, sources say
- Customers will need a mainland mobile phone number and address to open a full services bank account
Regulators in Hong Kong and mainland China are working to expand a pilot that will make it easier for people to remotely open bank accounts in the Greater Bay Area development zone, two sources familiar with the matter said.
“The service has been well received, with over 100,000 successful applicants so far,” said Stephen Chan, general manager of the bank’s personal banking and wealth management department.
The pilot’s success has prompted regulators to expand the scheme to other lenders, the sources said.
Here is what you need to know about opening bank accounts in the Greater Bay Area.
What type of bank account can you open?
In China, banks offer three types of accounts, each with different features and restrictions. For those who only want to travel in the area and use e-wallets to pay for meals, train tickets or shopping, a type 3 bank account will suffice. After opening such an account, one can link up their banks and transfer money to popular e-wallets such as Alipay, WeChat Pay or others. Daily transfers are, however, limited to 2,000 yuan (US$286), while the annual limit is 50,000 yuan. ATM and other banking services are not provided with these accounts.
02:35
China's ambitious plan to develop it own ‘Greater Bay Area’
