How to open a bank account in OCBC Wing Hang Bank / 華僑永亨銀行

GSL reference about the bank What is it?

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Beginning of cooperation

May, 2015

Last contact

June, 2022

Last update

March, 2021

Primary requirements:
- opens current accounts;
- The bank is loyal to any jurisdiction in case of disclosing the full beneficial structure of the company;
- when opening an account, a visit to Hong Kong of all directors, beneficiaries and shareholders is required (with a share exceeding 10%);
- initial deposit - 50,000 HKD (5,000 EUR);
- a visit of the director of the company to Hong Kong when opening an account is required
- the term for opening an account - case by case (check with the consultant).

Beginning of cooperation

May, 2015

Last contact

June, 2022

Last update

March, 2021

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+44 0 207 822 85 90

General information and rating

592

Global rating

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

1937

History

Wing Hang Bank was established in 1937 in Canton. The bank set up its first subsidiary in Macau in 1941. In 1973 Wing Hang Bank was acquired by Irving Trust, a US bank, which in 1988 merged with Bank of New York, which began gradually to sell out its share in the Hong Kong bank. In 2003 Wing Hang Bank was acquired by a medium-sized Hong Kong-based Chekiang First Bank (established in 1907 in Hangzhou). In late July 2014, Wing Hang Bank became a subsidiary of Singapore financial group Oversea-Chinese Banking Corporation (OCBC) and changed its name to OCBC Wing Hang Bank

Personnel

The staff speak English

Bank’s shareholders

Financial group Oversea-Chinese Banking Corporation (OCBC)

Confidentiality

Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

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Minimum requirements

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Minimum balance, €

—

Transactions permitted per month

500

Initial deposit of funds, €

Deadline for the initial deposit, month

Transactions permitted per month

There is no restriction as to the number of transactions

Initial deposit of funds, €

The initial deposit is HKD 50 000 (EUR 5 000). If the average balance of account is less than HKD 100 000 (EUR 10 000), the annual maintenance fee is considerably higher

Deadline for the initial deposit, month

The initial deposit is made at the time of opening the account

How fast payments are executed

Payments are executed same day or next business day

Tariffs and services

N/A

Outcoming transfer, €

N/A

Incoming transfer, €

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Account maintenance, €/year

The account opening fee is HKD 9 000 (EUR 900). The annual maintenance fee is HKD 800 (EUR 80). If the average balance of account is less than HKD 100 000 (EUR 10 000), the bank charges a monthly fee of HKD 500 (EUR 50)

Distant access to the account

Internet banking is available which allows transactions of up to EUR 200 000 for non-registered recipients (the amount is greater for registered ones)

Account opening procedure

Days to open for incoming transfers

case by case

Days to open for outcoming transfers

case by case

References

Not necessary

Purpose of the account

Current

Visit to the bank

A visit to the bank is required

Required

A standard set of corporate documents. A set of copies of documents for a foreign shareholder. Copies of internal and international passport for the director and beneficial owner. The bank’s requirements for documents vary depending on each specific case

Types of accounts

Personal; Corporate; Current

Chances to open an account

Predictable

Business description

Standard requirements for business description: description of the business’ origins and current status, source of funds, details of beneficial owner’s biography and contact information