How to open a bank account in Wing Lung Bank / 永隆銀行

Beginning of cooperation	Last contact	Last update
June, 2014	December, 2021	March, 2021

GSL reference about the bank *

Wing Lung Bank is a Hong Kong subsidiary of the large China Merchant Bank;
- asks to open a personal account for the director or shareholder and deposit into it USD 60,000 for a period of 6 years at 5% annually, which deposit cannot be taken out before this period expires;
- is ready open a corporate account provided that a deposit as above has been made;
- does NOT have any excessive requirements for the information or additional documents to be provided;
- director’s visit to the bank is OBLIGATORY both for personal and corporate account opening (shareholder must also visit the bank if he is the depositor);
- corporate accounts are opened for Hong Kong companies ONLY;
- has English-speaking staff and user-friendly Internet banking.

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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
695	12	—	—	C

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Year of foundation	1933
History	Founded in 1933, Wing Lung Bank is one of the oldest local banks in Hong Kong. The bank operates 51 offices in Hong Kong, continental China, Macao, and abroad. The bank has over 1700 staff. As at 31 December 2013, the total worth of assets under management was HKD 217.2 billion. Wing Lung Bank joined China Merchants Bank Group in 2008 and became the Group’s wholly-owned subsidiary in 2009. Asset-wise, China Merchants Bank is the China’s sixth largest commercial bank and is one of 100 largest banks in the world
Personnel	The staff speak English and Chinese
Bank’s shareholders	China Merchants Bank Group
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
—	—	15 500	No restrictions	No restrictions

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Transactions permitted per month	There are no restrictions on the allowed number of transfers
Initial deposit of funds, €	To open a corporate account, it is necessary to first make in the name of director or shareholder a personal insurance deposit of USD 60,102 for a period of 6 years at 5% annually. A deposit can be made as a lump sum or in annual installments of USD 20,034
Deadline for the initial deposit, month	The term for making the initial payment is set by agreement with the account manager
Minimum turnover, €/year	here are no restrictions on the minimum annual turnover
How fast payments are executed	Payments are made on the same day, maximum - the 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, €
10	4	240	N/A	N/A

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Outcoming transfer, €	Outward Telegraphic Transfer via SWIFT costs HK $ 100 (approximately 13 USD) per transaction
Incoming transfer, €	The cost of an Inward Telegraphic Transfer via SWIFT is HK $ 40 (approximately 5 USD) per transaction
Account maintenance, €/year	When opening an account, it is compulsory to search for a company in the Register (Company Search). The cost of this service is HK $ 150 (approximately 19 USD). Account maintenance cost is 240 EUR per year
Distant access to the account	The Bank has Wing Lung Personal NET Banking and Corporate NET Banking Service
Financial products	The bank provides comprehensive banking services, including deposits, loans, wealth management, securities, credit cards, Internet Banking, syndicated loans, corporate finance, promissory notes, foreign exchange, etc. Working with cash is only possible with checks, debit cards are not available.
Credit/debit cards	VISA / MasterCard. Annual service for Principal Luxe Visa Infinite - HK $ 6,000 (approximately 770 USD); Principal Platinum Card / Corporate Card - HK $ 800 (approximately 100 USD); Principal Gold Card - HK $ 480 (approximately 60 USD); Principal Classic Card - HK $ 220 (approximately 28 USD); Supplementary Luxe Visa Infinite - N / A; Supplementary Platinum Card - HK $ 400 (approximately 50 USD); Supplementary Gold Card - HK $ 240 (approximately 30 USD); Supplementary Classic Card - HK $ 110 (approximately 15 USD)

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 obligatory
Required	1. Original or certified copy of the Certificate of Business Registration; 2. Original or certified copy of the Certificate of Incorporation; 3. Original or certified copy of the Memorandum & Articles of Association; 4. Square stamp of the company; and 5. ID and proof of address for directors (or sole director) and for shareholders
Types of accounts	Personal; Corporate; 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	Requirements for the description of activities are standard: a story about the current state of the business and its formation, disclosure of the source of origin of funds, biography of the beneficiary of the account and contact information

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