Futu MooMoo Overseas Account Opening: Do You Really Need 10,000 HKD?

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You may have heard a saying:

“To open an overseas account with Futu MooMoo, you need to deposit approximately 1,280 USD.”

This statement is not entirely accurate. For most mainland Chinese investors opening accounts online via the App, this is not a mandatory threshold. This amount requirement is usually related to two situations. The first is to obtain generous new user account opening rewards. The second is due to choosing a specific account opening method.

Key Takeaways

• Opening an overseas account with Futu MooMoo does not necessarily require 10,000 HKD. This amount is usually related to obtaining account opening rewards or choosing the online account opening method.
• For mainland Chinese residents opening an account with Futu MooMoo, in addition to ID card, proof of overseas permanent residency and address proof are also needed.
• If you want to obtain Futu MooMoo’s new user rewards, or choose online account opening, you usually need to deposit 10,000 HKD or equivalent funds.
• If you do not pursue account opening rewards and choose offline account opening, Futu MooMoo accounts theoretically have no minimum deposit requirement.
• After account opening, Futu MooMoo accounts have no inactivity fees or management fees, and you can start investing at any time according to your own plan.

Futu MooMoo Overseas Account Opening: Materials and Process

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Before deciding whether you need to prepare that sum of money, understanding the entire account opening process and required documents is crucial. Fortunately, the whole process is very straightforward, and you can complete it entirely online.

Required Materials Checklist for Account Opening

Preparing complete materials is the first step to smooth account opening. For mainland Chinese residents, current policy requirements have increased.

Important Note: According to the latest regulatory requirements, Futu Securities is upgrading its system. Currently, mainland Chinese residents opening overseas accounts with Futu MooMoo, in addition to ID documents, usually need to provide proof of overseas permanent residency.

You need to prepare clear photos or scans of the following documents in advance:

• Identity Proof: Valid mainland Chinese resident ID card.
• Proof of Overseas Permanent Residency: To prove your overseas identity.
• Address Proof: Can be utility bills, bank statements, or government letters issued within the last three months, with your name and residential address.
• Personal Bank Card: For identity verification, need a bank card in your name.

Detailed Steps for Online Account Opening

The entire Futu MooMoo overseas account opening process can be self-completed on its official App, with clear system guidance and convenient operation.

1. Download App and Register: First, download the Futu MooMoo App from official channels and complete registration using your mobile number.
2. Fill in Personal Information: Follow the guidance in the App to truthfully fill in your personal information, financial status, and investment experience.
3. Upload Proof Documents: Submit the ID card, address proof, and other documents prepared in the previous step by taking photos or uploading.
4. Complete Risk Disclosure: Carefully read and confirm the relevant risk disclosure statements, which is a necessary step before investing.
5. Wait for Review: After submitting all materials, all you need to do is wait. The review process usually takes 1-3 business days. During the waiting period, you can plan funds in advance. For example, use tools like Biyapay to manage your funds and prepare for deposit after account approval.

After the review is passed, you will receive a notification, and then you can proceed to the next step of deposit operation.

Demystifying 10,000 HKD: Detailed Explanation of Account Opening Fund Requirements

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Now, let’s delve into that confusing “10,000 HKD” threshold. This amount, approximately 1,280 USD, is not a mandatory fee for account opening. It is actually related to your choices: Do you want generous new user packages, or did you choose a specific account opening method? Understanding this, you can make the decision most suitable for yourself.

Situation One: To Obtain New User Rewards

Futu MooMoo often launches highly attractive account opening reward activities to attract new users. These rewards are usually tiered, and “first deposit of 10,000 HKD” is the key to unlocking the first tier (or “primary tier”) rewards.

Core Logic: The more funds you deposit and the longer you maintain the assets, the higher the reward value you can obtain. This money is not handling fee, but the “principal” you use to activate reward eligibility.

These rewards may include free stocks (such as Tesla or Apple), cash vouchers, fund income vouchers, or even Bitcoin. To give you a clearer understanding, here is an example of a typical reward structure:

So, if you see the statement “requires 10,000 HKD”, it most likely refers to the minimum threshold for obtaining these new user rewards. If you are not interested in these rewards, then this requirement does not apply to you.

Situation Two: Specific Account Opening Method Requirements

In addition to reward factors, the account opening method you choose will also affect whether you need to prepare this startup fund. Futu provides online and offline as the two main account opening channels.

• Online Account Opening: This is the most convenient way, and you can complete all processes on the App. To verify the authenticity and validity of the account, the online account opening process mandatorily requires you to deposit an initial fund of not less than10,000 HKD (or equivalent USD)**. This fund must come from a bank account in your own name.
• Offline Account Opening: If you choose to make an appointment and go to Futu’s store in Hong Kong for in-person witnessed account opening, the situation is different. Offline account opening itself has no mandatory minimum deposit requirement. You can choose not to deposit money immediately after opening the account, or only transfer stocks without depositing cash.

Practical Tip: If you are in Hong Kong or convenient to go, choosing offline witnessed account opening can completely bypass the “must deposit 10,000 HKD” rule. This provides you with greater fund flexibility.

In addition, opening an account by mailing a personal check also requires the check amount to be not less than 10,000 HKD. Therefore, this fund threshold is directly related to the path you choose.

No Reward Demand: How Much Minimum Deposit

Let’s answer the most fundamental question: If I don’t care about any new user rewards and just want to activate the account, what is the minimum amount I need to deposit?

The answer is: Theoretically no minimum amount limit.

After you pass the review and successfully open a Futu MooMoo overseas account, the account itself is in an activated state. You can choose to deposit any amount of funds, such as 1,000 HKD or even less, to start your first transaction. Futu official does not set a rigid minimum deposit threshold for activating the account.

More importantly, you need to understand related fees:

• Fund Deposit: Free
• Fund Withdrawal: Free

This means you can flexibly transfer funds to the account according to your investment plan without worrying about additional fees due to small deposit amounts. Of course, from the perspective of operational convenience and covering most stock prices, depositing an amount sufficient to buy one lot of target stock is a more reasonable approach.

Common Account Opening Issues and Solutions

The account opening process is usually smooth, but sometimes you may encounter some minor issues. Don’t worry, most of these problems have simple solutions. Below we have compiled some common obstacles and coping strategies to help you pass smoothly.

What to Do If Review Is Rejected

When you submit an application, the last thing you want to see is a “review rejected” notification. In this case, first stay calm. Futu usually tells you the specific reason through system messages or email. You need to carefully read the notification and find the problem.

The most common reasons include:

• Identity Proof Document Recognition Error: Uploaded photos are blurry or information is incomplete.
• Bank Card Verification Failure: Card information is filled incorrectly or does not meet requirements.
• Photos Cannot Be Uploaded: This may be related to your phone settings or network environment.

After finding the reason, you just need to modify and resubmit the materials according to the prompts.

Issues with Identity or Address Proof

Proof documents are the core of the review. If your identity or address proof has problems, it is usually because the photo quality does not meet standards. For example, photos have reflections, are blurry, or the corners of the document are not fully captured.

Practical Tip Ensure to take photos of your documents in a well-lit environment. Turn off flash to avoid reflections. Check if your phone has sufficient memory, or try changing browser to re-upload. Ensure the name and address on the submitted address proof are exactly the same as the information you filled in.

Any minor discrepancy may cause review delays.

Bank Card Verification Failure

Bank card verification is an important step to confirm your identity. If it fails, usually there are several reasons: the bank card is not in your own name, card number or name information is filled incorrectly, a non-debit card is used, or the bank card information does not match your identity information.

Please be sure to use your own bank debit card for verification. After multiple failed attempts, you can check the fund preparation link. For example, you can consider using electronic wallet tools like Biyapay to manage your USD funds. This way, once the account review is passed, you can more conveniently transfer the prepared funds without worrying about verification or transfer issues that may occur with traditional bank channels.

Now you are clear that opening an overseas account with Futu MooMoo does not mandatorily require approximately 1,280 USD. This fund is directly related to your choices.

You need to judge according to your own goals. If you hope to obtain generous new user rewards, or you chose a specific online account opening method, then preparing this fund is necessary.

You now fully understand the fund requirements. You can confidently prepare materials and start your overseas investment journey.

FAQ

Can I deposit without a Hong Kong bank account?

Yes. You can use other overseas bank accounts in your name or supported third-party payment tools for transfer. The key is to ensure the remittance account name is exactly the same as your account opening name on Futu to pass verification.

Can I deposit currencies other than USD?

Yes. Futu supports deposits in multiple currencies, including HKD and USD. After funds are deposited, you can conveniently exchange them in the App to the currency you need for trading stocks in different markets, such as US stocks.

Will there be fees if I don’t trade after account opening?

No. Futu MooMoo currently has no account inactivity fees or management fees. Even if you temporarily do not conduct any transactions after opening the account, your account will not incur additional fees. You can decide when to start investing according to your own pace.

How long does it take for deposited funds to arrive?

Arrival time depends on the transfer method you choose. Usually, bank wire transfers take 1-3 business days. Using Futu’s “FPS” or EDDA fast deposit function, funds arrive faster.