How to open a bank account in OCBC Bank (Hong Kong) Limited
GSL reference about the bank What is it?
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GSL rating
Beginning of cooperation
May, 2015
Last contact
October, 2023
Last update
July, 2023
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
he term for opening an account – case by case (check with the consultant).
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. 2023, OCBC Wing Hang Bank Limited has changed its legal name to OCBC Bank (Hong Kong) Limited
Personnel
The staff speak English
Bank’s shareholders
Financial group Oversea-Chinese Banking Corporation (OCBC)
Confidentiality
Judicial Cooperation Agreement with Russia is signed; 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, €
1
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
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Tariffs and services
N/A
Outcoming transfer, €
N/A
Incoming transfer, €
80
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
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
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