How to use and maintain a Hong Kong bank account on a long-term basis?

Bank accounts in Hong Kong have many advantages, but if used improperly, they can easily be monitored by the bank's risk control department. Serious violators will be directly closed by the bank.

It is difficult to open a Hong Kong card, and the later maintenance of the account is also very important. What should I pay attention to when using a bank account in Hong Kong? How to use and maintain a Hong Kong bank account on a long-term basis? It is recommended to pay attention to the collection, in case of emergency.

Value of having a Hong Kong bank account:

1.Free exchange and convenient use of foreign exchange, support a wide variety of currencies, flexible currency use;

2.You can transfer money anywhere in the world, and cross-border remittance is basically unlimited;

3.Global receipt and payment is convenient, receipt and payment speed is super fast;

4.Fewer restrictions on overseas investment, convenient for global asset allocation.

Hong Kong banks use tips:

In fact, no matter how many bank accounts you have, the most important thing is to keep them good, especially since opening an account has not been easy in recent years. If you want to maintain your account and make it stable for a long time, you need to do the following:

1.Keep your account active

The account must be kept active, if the account is not used for a long time, it will enter a dormant state, and you need to carry information to the counter to activate it later. Therefore, we should often log in to the online bank in the process of use, so that the bank feels that the account is in normal use.

2.Keep a certain amount of deposit in the account

If the account is not used for a long time, and no funds remain, it is easy to be regarded as a "zombie account" by the bank, and the bank may directly close the account after a long time. So even if the account is not used for a while, it is best to leave some money in it.

3.The account is traded regularly

At least 1-3 transaction records are guaranteed in the account within three months. If the account has no transaction records for more than half a year, the bank will think that the customer does not need the account anymore, and it is likely to freeze the account or close it directly.

4.Don't have money with sensitive countries or regions

To avoid having financial transactions with sensitive countries and regions, otherwise it is easy to be regarded as a money laundering account by the bank.

5.Avoid fast money in and out, whole deposit and withdrawal

The account is strictly prohibited to fast forward and fast out, whole deposit and withdrawal, such as receiving 50,000 today, immediately transferred on the same day, such operations will cause the bank to attach great importance to the account for "risk control". The funds of the account should be retained for at least 3 days, while ensuring that the account has normal transactions every month.

6.Avoid running accounts too often

If the flow is too frequent, for example, there are more than a dozen flows every day, it is recommended to open several more accounts for dispersed use. If there is too much money in the account every day, the bank will feel suspected of money laundering, will directly close the account, and can not handle the bank account for life.

7.Don't collect or pay for others

Try not to collect or pay for other people. If the account is used by others for illegal money laundering and other purposes, not only will the account be closed, but the account holder is also likely to be liable.

8.Keep your contact information open

The bank will conduct due diligence on the account on a regular basis, and will require the account holder to submit the review materials by sending emails and SMS messages, etc. If he fails to reply in time, the account will be frozen by the bank. Therefore, it is necessary to keep the contact information unblocked, if the retained mobile phone number, email and other information changes, you should promptly notify the bank to update.

9.Do not receive remittances from institutional accounts

Try not to receive remittances from institutional accounts, and be sure to keep your transaction credentials in case of bank inquiries.

10.Don't get involved in cryptocurrency trading

Try not to involve cryptocurrency transactions, etc. For transaction transfers between individuals, it is best to explain that the bank is a transaction between friends and provide a basis for transactions.

If you have any questions, please contact BiyaPay team!