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Written by: Kong Fanxu
2020-11-16 12:51
Last update date: 2020-11-16 12:52
Immigration to school has always been a topic of concern to Hong Kong people, and it is inevitable to open a local bank account to live in a foreign country.
The Consumer Council inspected 11 local banks with offshore or mainland account opening services and found that the conditions, available services and charges for opening accounts between banks are different.
The Consumer Council provides 6 suggestions for those who intend to open an account in a foreign country. It is advisable to clarify their own needs and account opening purposes; note that the account opening procedures and time required vary; compare the requirements of various banks for asset balances; pay attention to administrative fees; understand. The local exchange rate tax system; different local regulatory and protection systems for the banking industry to ensure the best protection of overseas assets.
Many Hong Kong people will study or emigrate overseas. The Consumer Council reminds you to pay attention to details when opening an offshore account.
(Reuters)
The Consumer Council inquired about the services of opening personal offshore or Mainland accounts with 20 local banks. Six said they did not provide such services, and three refused to participate in the investigation or did not reply.
A total of 11 banks that provide information to provide Mainland account opening services are the most common, accounting for 9, followed by Singapore account opening services, accounting for 6 banks.
In addition, countries such as Malaysia, the United Kingdom, and the United States that have frequent contacts with Hong Kong, and even Egypt, Oman, and Venezuela, can also open offshore accounts through local banks.
The Consumer Council made six recommendations to consumers in this regard. First, understand the requirements for account holder information.
Among them, the minimum age requirement is generally 18 years old. One of the banks accepts children as young as 11 years old to apply for accounts in the United States, Canada, the United Kingdom or Australia.
The requirements for the documents required to open an account are also different. In addition to a Hong Kong ID card and proof of address, individual banks may require applicants to provide home visit permits, real-name registration of Mainland mobile phone numbers, and proof of income or source of income, depending on the place of account opening.
Second, pay attention to the differences in the account opening procedures and time required, pay attention to whether an appointment is required to open an account, and go through the procedures at the designated branch or department.
After submitting the required documents, the fastest account opening can range from 1 day to 4 weeks or 20 working days.
It is worth noting that after the application is approved, whether the applicant needs to go to the account opening place to confirm or activate the account.
In this review, depending on where the account is opened, 6 banks require applicants to go to the local to confirm or activate the account.
Third, there is a big difference in asset balances and transfer ceilings.
In all responses, 10 banks stipulated that the applicant must be an existing customer of the bank.
Banks also have different requirements for applicants’ asset balances in the bank, ranging from no minimum requirement to no less than 1.5 million yuan.
Seven of the nine banks that offer to open accounts in the Mainland have no requirement for asset balances.
In addition to asset balances, individual banks will set different upper limits on the transfer amount for different accounts opening or different transfer methods.
Taking the opening of offshore accounts in Singapore as an example, 5 of the 6 banks that can provide such services require customers to have asset balances ranging from at least 200,000 to 1.5 million yuan in the relevant bank. The account opening procedure can take up to 5 It ranges from 20 working days.
Take the opening of offshore accounts in Singapore as an example. Of the 6 banks that can provide such services, 5 require customers to have asset balances ranging from RMB 200,000 to RMB 1.5 million in the relevant bank.
(Profile picture)
Fourth, pay attention to transfer fees and administrative fees. Pay attention to account opening fees, fees for each transfer, quarterly/annual account management fees, and administrative fees. As far as transfer fees are concerned, they range from exemption to at least 250 yuan each time.
Fifth, pay attention to exchange rates and tax rates to avoid losing the budget.
Before opening an offshore account in the Mainland, consumers must carefully assess the various risks involved when funds are deposited or invested locally.
For example, if you make deposits in foreign currencies, you have to bear the risk of sudden changes in the foreign currency exchange rate; in the process of opening an account, remittance, and in the future when managing or using the funds, various potential costs, and whether deposit and investment benefits will be affected by the local government Tax collection, relevant tax rates and tax declaration and tax payment procedures, etc., to determine whether the relevant account should be opened and the country where the account should be opened.
Sixth, understand the bank background and local supervision and protection.
Depositors should pay attention to the soundness of local banks and the regulatory arrangements of the local banking industry to ensure that the deposit assets in the relevant offshore mainland accounts are protected; in Hong Kong, customers deposit in licensed banks, such as deposits in savings or current accounts, and foreign currency deposits , Time deposits with a maturity of less than 5 years, etc. are automatically protected by the "Deposit Protection Plan".
In the event of a bank failure, if it is a deposit in Hong Kong, each depositor can receive a protection of up to 500,000 yuan in each bank.
According to the Mainland's "Deposit Insurance Regulations", all banking financial institutions that take deposits should take out deposit insurance to protect renminbi and foreign currency deposits. The maximum amount of protection is 500,000 yuan per person.
Taking Australia as an example, if the bank is covered by the Financial Claims Scheme (FCS), if the relevant bank fails, each depositor can be protected up to A$250,000.
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