Last month, Wang Ge from Shenzhen went to Hong Kong for a vacation and, while he was there, wanted to open an account with Bank of China (Hong Kong) to receive dividends from U.S. stocks. At the bank’s entrance, he was told, ”You can’t open an account with a tourist visa; you need a work visa.” Wang Ge almost believed it. In fact, in January 2026, the Hong Kong Monetary Authority (HKMA) issued new guidelines stating that no licensed bank may refuse an account opening application solely because the applicant holds a tourist visa.

The issue Brother Wang encountered wasn’t a policy problem—it was that the staff at the service counter hadn’t received adequate training. As long as all the required documents are in order, a tourist visa can still be processed. Furthermore, the Hong Kong Monetary Authority has simultaneously prohibited banks from requiring customers to ”purchase wealth management products” or ”purchase insurance” as a prerequisite for opening an account—the practice of aggressively pushing products, which was common in the past, was officially banned in 2026.

01

Comparison of Account Opening Processes at the Four Major Banks

Mainland Chinese residents looking to open a bank account in Hong Kong will inevitably encounter four banks: HSBC, Bank of China (Hong Kong), Standard Chartered, and Hang Seng. Each has different eligibility requirements and features; let’s start by looking at the key figures.

BOC Hong Kong:The minimum initial deposit is 1,000 HKD. A monthly fee of 50 HKD applies if the average daily balance falls below 5,000 HKD. The biggest advantage is cross-border transfers to accounts with the same name at Bank of China in mainland China, which are credited within 1–2 business days and support 17 currencies. This account is suitable for people who have a Bank of China account in mainland China and need to make frequent cross-border transfers.

HSBC Hong Kong:The minimum initial deposit is 10,000 HKD, and a monthly fee of 100 HKD applies if the average daily balance is below 200,000 HKD. While it has the highest entry requirements, HSBC accounts are interconnected globally, covering more than 200 countries and regions. If you have needs related to studying abroad, asset allocation, or cross-border business, HSBC’s global network is the strongest.

Standard Chartered Hong Kong:The minimum initial deposit is 5,000 HKD. For accounts with an average daily balance below 10,000 HKD, a monthly management fee of 120 HKD applies. Cross-border settlement fees for Southeast Asia are relatively low, and the account supports the Cross-Border Wealth Management Connect program. This account is suitable for individuals with business operations in Southeast Asia or those who wish to allocate assets across both markets through the Wealth Management Connect program.

Hang Seng Bank:The minimum initial deposit is 5,000 HKD, and a monthly management fee of 60 HKD is charged if the average daily balance is below 5,000 HKD. The entry barrier is slightly below average. As a member of the HSBC Group, Hang Seng Bank has a large network of branches in Hong Kong and provides excellent service coverage.

02

Three-Piece Account Opening Document Set

No matter which bank you choose, the basic documents are the same—three items:

Hong Kong and Macao Travel Permit: Must have at least 6 months remaining validity, and the visa endorsement must be valid.

Mainland Resident ID Card: Original.

Proof of Address: A credit card statement, utility bill, or bank statement issued within the last three months that shows your name and residential address. This is where people most often run into problems—many only realize at the counter that the address on the bill doesn’t match the one on their ID, or that the bill is more than three months old. Be sure to prepare these in advance.

Some banks may require additional proof of employment or income. The HSBC Premier account has stricter requirements; you must prove that you have financial assets of at least 1 million Hong Kong dollars. Bank of China (Hong Kong) has relatively lenient screening criteria for mainland customers.

Processing Time: Bank of China (Hong Kong) and ICBC Asia typically issue cards within 1 to 2 hours, and you can pick them up on the spot. HSBC and Standard Chartered take 2 to 4 hours to process applications; physical cards can be mailed to the mainland, where they will arrive within 7 to 14 business days.

03

Don't forget to keep your card up to date after you get it.

Many people think that once they’ve applied for a credit card, that’s the end of it, so they just leave it alone. Then, six months later, they discover their account has been frozen.

Hong Kong bank accounts are subject to the ”inactive account” rule: if there are no transactions for six consecutive months, the account is classified as inactive, and non-counter functions are restricted. If there are no transactions for 12 consecutive months, the account is frozen. To unfreeze it, the account holder must either fly to Hong Kong to visit a branch in person or go through a lengthy online appeal process. Some banks allow documents to be submitted online to unfreeze the account, but not all of them.

It’s not hard to keep your account active: Just transfer a small amount (even as little as 100 HKD) in and out every 3 to 6 months. Or set up a fixed-term deposit to automatically keep your account active. Also, remember to update your KYC information once a year—the bank will send you an email reminder, so be sure to reply promptly when you see it; don’t just ignore it as spam.

If you’re a frequent user—receiving dividends from Hong Kong and U.S. stocks, processing payments from cross-border e-commerce, or using your Hong Kong card for everyday purchases—you’ll likely never have a problem with the card sitting idle. But if you just get the card and set it aside as a backup, be sure to use it periodically.

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