HSBC, Standard Chartered, Bocom can now open mainland China accounts for Hongkongers
Holders of the accounts can transfer funds to use in mobile payment apps while in mainland China
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.
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.
