GSL / Offshore and International Law / Offshore Banking / Wing Lung Bank / 永隆銀行

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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General information and rating

695
Global rating
12
Countrywide rating
Countrywide rating of the head bank
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

    Minimum balance, €
    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

    10
    Outcoming transfer, €
    4
    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
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