GSL / Offshore and International Law. Offshore companies registration. / Offshore Banking / OCBC Bank (Hong Kong) Limited

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

April, 2024

Last update

October, 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 – HKD 50 000 (~EUR 5 000);
  • 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)
GSL rating
Beginning of cooperation
May, 2015
Last contact
April, 2024
Last update
October, 2023
Your Consultant
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+44 0 207 822 85 93

General information and rating

592
Global rating
8
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. 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

    —
    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
    Minimum turnover, €/year
    No turnover restrictions
    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, €
    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 shareholder. Copies of 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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    GSL rating
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    OCBC Bank (Hong Kong) Limited
    3 030
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    8
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