Sister Lin from Shenzhen already has a Bank of China (Hong Kong) card and wants to open a second Hong Kong card as a backup. She’s heard that Standard Chartered has high eligibility requirements, while ZhongAn doesn’t require a deposit. She’s not sure which bank to choose for her second card.
According to 2026 HKMA data, the number of Hong Kong banks offering account opening services to mainland residents has reached 21, with seven major banks and three virtual banks leading the pack. Choosing the wrong bank or account type could result in a wasted trip or having your returns eaten up by asset management fees.
This article clearly explains the account opening requirements and target audiences for Standard Chartered, DBS, ZhongAn (and virtual banks). If you’re looking to get a second Hong Kong credit card, we recommend giving it a read.
01
Diversification of Account Opening Channels in 2026
The rules for opening Hong Kong bank accounts in 2026 are highly segmented; there is no “complete shutdown,” only channel adjustments. There are five main models: opening an account directly with a mobile phone upon arrival in Hong Kong; pre-applying in mainland China and activating the account upon arrival in Hong Kong; online appointment plus in-person verification; self-service VTM with immediate card issuance; and account opening with a mainland witness.
Standard Chartered and DBS require in-person verification in mainland China or at their Hong Kong branches, with relatively high eligibility requirements; ZhongAn (ZA Bank), Tianxing, and Furuong are digital banks that will launch online channels for mainland China in January 2026, eliminating the need for in-person verification and supporting only personal accounts.
In a nutshell: For your first card, go with Bank of China or HSBC if you want reliability; for your second backup card, choose a virtual bank if you're looking for low costs, or DBS or Standard Chartered if you're interested in asset allocation.
02
How to Choose Between Standard Chartered and DBS
Standard Chartered Hong Kong: For in-person account opening in mainland China, a minimum of 500,000 is required for the Priority Wealth Management account; at Hong Kong branches, proof of 500,000 in assets plus 10,000 HKD is required for account activation. The bank offers robust global transfer capabilities and comprehensive multi-currency services, but while management fees are waived for the first six months, certain requirements apply thereafter.
DBS Hong Kong: The "Fengsheng" wealth management account requires a minimum of 1 million RMB in mainland China, and a 1 million deposit at a Hong Kong branch; it is suitable for individuals with asset allocation needs who plan to hold their assets in Hong Kong for the long term. A monthly fee of 200 HKD applies if the average monthly asset balance falls below the required threshold.
Both are geared toward high-end clients: they’re only cost-effective if you have substantial cross-border funds and are looking to diversify your portfolio globally; if you’re just looking to collect a few cross-border payments, they offer less value for money than Bank of China or ZhongAn.
If you’re facing a similar situation—wanting to apply for a second Hong Kong credit card, debating between Standard Chartered, DBS, or ZhongAn, or worried about whether you meet the witness requirements—feel free to scan the QR code to contact Qicaiying’s online customer service (WeChat/Phone: 18620388671). We’ll help you determine the right card type and walk you through the account opening process. Feel free to scan the QR code to contact Qicaiying’s online customer service (WeChat/Phone: 18620388671), and we’ll help you sort out this entire process from start to finish.
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03
Who Are Virtual Banks Best Suited For?
ZA Bank: You can open an account online with just your ID card, a mainland Chinese bank card, and your entry/exit records. It supports FPS payments and is suitable for small daily transactions and as a lightweight secondary account; there are no mandatory asset requirements.
The same applies to Tianxing and Furong: with no monthly fees or low minimum requirements, they’re suitable for scenarios like “using a second card to earn a little extra cash” or “linking a brokerage account to deposit funds.” However, the daily transaction limit is typically capped at 100,000 HKD, so use them with caution for large transactions.
Important: Virtual banks only support personal accounts; they do not support business accounts. Businesses must still use traditional bank corporate accounts for cross-border payments.
04
New VTM On-the-Spot Card Issuance Channel
New Dark Horses for 2026: Bank of Communications (Hong Kong) and ICBC Asia are rolling out VTM (Virtual Teller Machine) self-service account opening at designated branches, featuring video verification and facial recognition. New customers can pick up a physical card on the spot, set a PIN, and start using their account immediately.
This service is available at ICBC Asia branches at Luohu, Lok Ma Chau, and Tai Wai, among other border crossings, Monday through Sunday without an appointment; Bank of Communications (Hong Kong) branches in Central and Sheung Shui also offer this service. This service is available only to new customers who have never applied for an account with the bank.
If you want to get your physical card on the same day and avoid waiting in line, VTM is the most efficient and legitimate option. However, VTM requires you to bring proof of address from within the last three months, as well as documentation of your occupation and source of funds—all of which are mandatory.
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05
How to Get All the Necessary Hong Kong Cards
First, choose Bank of China or HSBC as your primary account (for reliable cross-border transfers). Second, choose ZhongAn as a secondary account (no minimum balance required, for small-amount payments and receipts).
Third, for asset allocation, choose DBS or Standard Chartered (but be sure to calculate the asset management fees). Fourth, if you need a physical card issued the same day, choose ICBC or Bank of Communications VTM (be sure to bring proof of address).
In a nutshell: When applying for a Hong Kong credit card in 2026, “finding the right channel” is more important than “which one is the best.” By matching the card to your financial situation and intended use, ordinary mainland residents can easily obtain one in full compliance with regulations—without having to pay high fees to an agent.
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As a professional one-stop business service platform, Qicaiying is committed to providing our clients with high-quality services, including mainland company registration, Hong Kong company registration, offshore company registration, bookkeeping and tax filing, annual reviews and audits, corporate bank account opening, financial and tax compliance, equity structuring, ODI filing, cross-border e-commerce services, Hong Kong residency, immigration, and study abroad—all designed to support businesses in their global expansion. Feel free to add me on WeChat (phone number and WeChat ID are the same: 18620388671) for inquiries at any time.
