How to open a bank account in Standard Chartered Bank (HK) LTD

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

January, 2008

Last contact

April, 2024

Last update

October, 2023

It will not be an exaggeration to say that Standard Chartered is one of the leading banks in such regions as Africa, Asia, and the Middle East.

Throughout its more than 150-year history the bank has not only created a very impressive client base, but also has become one of the three Hong Kong note-issuing banks.

The bank’s specialty is trading accounts and it offers to its clients the state-of-the-art internet banking and relatively low bank fees. What is also important is that the bank opens yuan accounts and processes yuan payments.

However, since 2011 the bank has almost stopped opening accounts remotely, so a client would now need to personally meet the bank’s representative in one of Hong Kong’s branches. Neither does the bank now open accounts to companies with a nominee shareholder

GSL rating

Beginning of cooperation

January, 2008

Last contact

April, 2024

Last update

October, 2023

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

188

Global rating

4

Countrywide rating

—

Countrywide rating of the head bank

9

Global rating of the head bank

Year of foundation

1859

History

The history of Standard Chartered in Hong Kong dates back to 1859. In 1969 the Standard Chartered Group acquired its present-day form following the merger of The Standard Bank of British South Africa, established in 1863, and of The Chartered Bank of India, Australia and China, established in 1853. The Standard Chartered Bank is now one of the three note-issuing banks in Hong Kong. The bank’s shares are listed on the London and Hong Kong Stock Exchanges. The SCB has over 30 000 staff and more than 500 offices in 50 countries worldwide. On 1 July 2004, the bank merged its Hong Kong branches, namely: Standard Chartered Bank, Manhattan Card Company Limited, Standard Chartered Finance Limited, Standard Chartered International Trade Products Limited and Chartered Capital Corporation Limited. The bank is a Hong Kong licensed credit instruction and operates under the name of Standard Chartered Bank (HK) Limited

Personnel

The staff speaks English and Chinese

Bank’s shareholders

Standard Chartered PLC (London UK) - 100%

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

0

Minimum balance, €

No restrictions

Transactions permitted per month

1 000

Initial deposit of funds, €

2

Deadline for the initial deposit, month

Minimum balance, €

The bank has no requirements for the minimum balance

Transactions permitted per month

The bank has no restrictions as to the number of transactions

Initial deposit of funds, €

In order to activate the account, it is necessary to transfer the amount equivalent to EUR 1 000

Deadline for the initial deposit, month

The initial deposit needs to be made within 1-2 months of the account opening

Minimum turnover, €/year

The bank has no requirements for the minimum turnover

How fast payments are executed

Through Straight2Bank – instantly; by internet, telephone and fax – 3 days

Tariffs and services

20

Outcoming transfer, €

5

Incoming transfer, €

360

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Transfer to another Standard Chartered account – free of charge. Transfer to another Hong Kong bank – EUR 1. Other transfers through Straight2Bank – EUR 20

Incoming transfer, €

Depending on the category of the client: Priority Banking Customers – free of charge; Exelbanking Customers – EUR 3,6; International Trade Account Customers – EUR 4,76

Account maintenance, €/year

Account maintenance fee (International Trade Account) – EUR 30 per month. One-off fee for the issue of Vasco Token (required for the operation of Straight2Bank) – EUR 100

Payment limit for credit cards, €/day

The payment limit depends on the amount of insurance coverage and card class. The bank issues cards only for a Hong Kong company account

Funds to be blocked for CC issue, €

The insurance coverage must reach 100% of the card spending limit

Distant access to the account

Straight2Bank system (bank-client software); telebank

Financial products

Letters of credit, stock market, deposits

Credit/debit cards

Business Card Visa

Account opening procedure

Days to open for incoming transfers

Case by case

Days to open for outcoming transfers

Case by case

References

Necessary

Purpose of the account

Savings & current

Visit to the bank

A visit to the bank is required in the majority of cases

Required

1. Original or certified copy of Business Registration Certificate;

2. Original or certified copy of Certificate of Incorporation;

3. Original or certified copies of Forms D1, D2A, D2B, AR1 (annual return), and SC1 (return of allotted shares);

4. Original or certified copy of Memorandum & Articles of Association;

5. Certificate of Good Standing – if the company is older than 1 year;

6. Identification document and proof of address for at least two 2 directors (or 1 director if the company has a sole director), shareholders (holding at least 10% of the voting shares), bank signatories, and beneficial owners;

7. Bank reference letter for the beneficial owner of the company;

8. Organizational chart is required if one of the major shareholders holding at least 10% of the voting shares is a legal entity. The chart must show the legal connection between the ultimate beneficial owner (an individual) and shareholders (legal entities);

9. Company’s seal

Types of accounts

Savings; Current

Opening procedure and Due Diligence

it is possible to open an account without visiting a professional introducer

Chances to open an account

Predictable

Business description

Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed

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