Which Hong Kong and Singapore Bank Accounts Can You Open on Your Mobile Phone?

In the digital age, banking has gradually moved online. This is especially true in the financial hubs of Hong Kong and Singapore, where many banks now offer mobile account opening services. These services allow customers to quickly and conveniently open bank accounts via their smartphones, without the need to visit a bank in person. Let’s discuss the current topic of bank account opening, which bank accounts can be opened on a mobile phone, what are the policies for opening accounts in Hong Kong and Singapore, and which type of account is best to open. Around these topics, let’s chat.

Which Bank Cards Can Be Applied for on Mobile Phones?

Among them, OCBC in Singapore and Ducascopy Bank SA in Switzerland are the top choices for opening accounts via mobile, whether for stock trading, wealth management, or purchasing other products, as they allow for direct operations on the mobile without the need for the individual to be present at the counter.

If you wish to open an account in Hong Kong, you can activate accounts with the four online banks - Zhongan, Lihui, Tianxing, Ant - directly on your mobile.

CMB Wing Lung, Nanyang Commercial, and DBS Wealth Management can be applied for in advance in mainland China via mobile, and then activated at an offline branch in Hong Kong. CITIC International requires mobile account opening in Hong Kong.

Some feel that Ducascopy Bank SA has high fees, but it offers low or even no fees for transfers to accounts in certain European countries.

Comparison of Advantages of Bank Accounts in Hong Kong and Singapore

Hong Kong Bank Account Opening Policy - Simple and Efficient

What do you need to open an account?

For physical banks

Yourself, border crossing receipt, Hong Kong and Macau Pass, ID card, roaming on your mainland mobile, Hong Kong mobile card + email.

Do you need proof of address or financial statements? Personally, I didn’t bring those because, frankly, they’re just reasons for them to reject you.

For online banks

Hong Kong data network (available at convenience stores), or Hong Kong WiFi (free WiFi available in Hong Kong MTR stations and shopping malls), email, Hong Kong and Macau Pass, ID card.

Branch Selection

It’s recommended to choose branches in busy downtown areas or popular branches because these areas see a high volume of account openings, and the staff there have become accustomed to serving many mainland customers for account openings. Previously, it wasn’t so crowded, and they could reject applications at will. Now, with dozens to hundreds of people queuing to open accounts, Hong Kong banks are generally adopting an open attitude.

Account Opening Process

First, the bank will inquire about the purpose of the account opening, whether the applicant has a Hong Kong bank account, and how much money they plan to deposit. These questions are easy to answer. The most common purposes are saving money, investing in stocks, or planning to work, start a company, or live in Hong Kong. It’s recommended to be honest about your situation instead of making up reasons, as the account opening process has become very simple and does not require complicated justifications.

Second, fill in the necessary information.

Third, be informed of the success or failure of the account opening.

Singapore Bank Account Opening Policy

Online Account Opening: OCBC in Singapore is one of the few countries where you can open a physical bank account online. Although the account is managed online, it’s operated by a physical bank, and OCBC is a significant first step if you want a Singaporean bank account. You can complete the account opening process by scanning your passport with an NFC-enabled phone. Some may fail due to technical issues.

Mainland Deposit Appointment for Account Opening: For mainland appointments, a deposit of over 500,000 yuan is required at banks like Standard Chartered, HSBC, OCBC, or DBS, which can facilitate the application for accounts in other countries while in China.

On-site Account Opening: Requires a Singapore work visa, proof of address in Singapore, and financial statements, which is not recommended.

Essential Tools for Overseas Accounts

• WISE: Allows for the opening of local bank accounts in many countries, facilitating low-cost international transfers when combined with overseas bank accounts.
• BiyaPay: Offers lower costs for medium to large international transfers and includes US and Hong Kong stock investment features, eliminating the need for separate brokerage accounts.

Opening Recommendations

For users with ample funds, major banks are preferred for wealth management services due to significant fee discounts and dedicated account management. For smaller investors, a regular bank account or a small bank’s wealth management account is sufficient. For those without initial funds, opening a virtual or online bank account, such as with the four mentioned virtual banks in Hong Kong or OCPC, is an option as these do not require money to open.

Theoretically, having at least two overseas bank accounts is advisable in case one encounters issues, ensuring you’re not left only able to receive cheques.