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

Beginning of cooperation	Last contact	Last update
May, 2015	December, 2021	March, 2021

GSL reference about the bank *

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).

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Bank's characteristics

General information and rating

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Global rating	Countrywide rating	Countrywide rating of the head bank	Global rating of the head bank	Credit rating
592	8	—	—	N/R

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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

Minimum requirements

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Minimum balance, €	Transactions permitted per month	Initial deposit of funds, €	Deadline for the initial deposit, month	Minimum turnover, €/year
—	—	500	1	No restrictions

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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

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Outcoming transfer, €	Incoming transfer, €	Account maintenance, €/year	Payment limit for credit cards, €/day	Funds to be blocked for CC issue, €
N/A	N/A	80	N/A	N/A

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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

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Days to open for incoming transfers	Days to open for outcoming transfers	References	Business description	Purpose of the account
case by case	case by case	Not necessary	Detailed	Current

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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

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

GSL reference about the bank *

Bank's characteristics

General information and rating

Minimum requirements

Tariffs and services

Account opening procedure

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