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

GSL reference about the bank What is it?

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Beginning of cooperation

June, 2014

Last contact

June, 2022

Last update

March, 2021

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.

Beginning of cooperation

June, 2014

Last contact

June, 2022

Last update

March, 2021

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+44 0 207 822 85 90

General information and rating

695

Global rating

Countrywide rating

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Countrywide rating of the head bank

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Global rating of the head bank

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

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Minimum requirements

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Minimum balance, €

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Transactions permitted per month

15 500

Initial deposit of funds, €

No restrictions

Deadline for the initial deposit, month

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

Outcoming transfer, €

Incoming transfer, €

240

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

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

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 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