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Hong Kong is a global financial center with a stable economy, also known as a jurisdiction with reliable asset protection. In addition, the Hong Kong government offers many tax incentives to attract individuals and companies interested in reducing the tax burden.
However, it is quite challenging to open a personal account for non-residents here. Bank checks on customers have become much more stringent, as have the internal requirements of financial institutions. In this article, we will discuss an interesting alternative to traditional banking services. This is an opportunity to open a personal account in the Hong Kong payment system.
Disadvantages of traditional financial solutions
We have already mentioned that opening a personal account in Hong Kong is becoming more and more difficult every year. Global trends in the financial services market became the reason for this. Their list includes maximum transparency, capital legalization, combating money laundering, and terrorism financing.
Opening a personal account is now difficult even for Hong Kong students and employees of local companies who have just got a job. The reasons are quite simple. This is the lack of credit history and the low prevalence of debit cards in Hong Kong (they are less profitable for a bank than credit cards).
Another problem is the increasing number of documents that a potential client must provide. Non-residents are often rejected due to the inability to personally visit the bank office, especially during the COVID-19 pandemic. The general tightening of compliance standards is becoming another insurmountable obstacle for many to open a personal bank account in Hong Kong.
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Hong Kong payment systems versus traditional banks
A direct comparison of such financial services is not entirely correct, but from a consumer point of view, they have a lot in common. There is only one global difference – it is much easier to open a personal account in the Hong Kong payment system. We will talk exactly about this option in our article.
The Internet and new technologies have changed a lot in the world of banking services in recent years. However, banks cannot quickly change their system of work. In contrast, from the very beginning of their existence, payment systems have taken advantage of new technologies to simplify the process of opening and managing an account.
With our expert assistance, you can open a Hong Kong payment system account as quickly as possible and in a remote format. This is excellent news for those who can’t hop on a flight to Hong Kong to open a bank account. After opening a payment system account, you get a MasterCard card and a full-fledged financial service for conducting financial transactions worldwide.
Personal account in Hong Kong payment system
The Hong Kong payment system we consider holds an SVF license issued by the Hong Kong Monetary Authority (HKMA). To obtain this license, the system must meet stringent requirements to ensure customers’ protection. The HKMA regularly reviews all license holders to ensure they continue to comply with all requirements. As the license requires, the payment system holds all customer funds in a separate bank account with the world’s largest bank by assets.
By opening a personal account in the Hong Kong payment system, you will be able to make purchases worldwide, both online and offline. You will also get favorable exchange rates for more than 50 currencies. The system has no monthly or annual account maintenance fee. Fees may only be charged for certain specific services, such as cash withdrawals in ATMs.
The service we offer will eliminate the main obstacles you face when dealing with traditional financial institutions. You will be able to open a personal account in the Hong Kong payment system without the need to prepare a large number of documents, their lengthy processing, and with minimal risk of refusal. The payment system creators have done everything for the maximum customers’ convenience so that you can open a personal account as quickly as possible.
2018 was an explosive year in this payment system development. This year, the number of its clients has tripled! Such booming growth prompted the system management to further active development and implementation of new services. Over the following years, the Hong Kong payment system customer base continues to grow. Traditional financial institutions, in which it is now quite challenging to open a personal account, have received a formidable competitor, offering quality service on favorable terms.
The company’s team is one of the main criteria for its success. All employees of the payment system in Hong Kong undergo a rigorous interview before being hired. As the company continues to grow, it must ensure that every team member is prepared to deliver on its goals and adhere to the established rules for communicating with clients.
In the near future, the payment system plans to launch multi-currency accounts. At the moment, the only account currency is Hong Kong dollars. Therefore, when transferring money from abroad, any currency will be converted into HKD. At the same time, cross-rates are extremely profitable. We can safely say that opening a personal account in the Hong Kong payment system provides clients with a profitable financial instrument indispensable in various situations.
Hong Kong payment system cards
All card transactions are processed by MasterCard. The payment system in Hong Kong offers customers a reasonably high comfort level. So, you can open a personal account and don’t worry about how to deposit the card (this is a typical problem of such financial services). The developer has provided three options for transferring money:
- instant deposits via Faster Payment System
- bank transfer (online, the term is 1-2 days)
- cash via terminal (the term is 1-2 days)
Hong Kong payment system cards allow you to withdraw cash in any ATMs accepting MasterCard worldwide. But if you want to open a personal account for frequent transactions, be aware of possible restrictions.
Countries not compatible with the Hong Kong payment system:
- Afghanistan
- Belarus
- Central African Republic
- Cuba
- Democratic Republic of the Congo
- Democratic People’s Republic of Korea (DPRK)
- Eritrea
- Iran
- Iraq
- Lebanon
- Libya
- Mali
- Myanmar (Burma)
- Nicaragua
- Somalia
- South Sudan
- Sudan
- Syria
- Ukraine
- Venezuela
- Yemen
- Zimbabwe
Hong Kong payment system cards are prepaid, not credit. You can use such a card for both online and offline shopping. Its only difference from a credit card is the absence of a credit limit. Your card will be delivered to Hong Kong one week after the successful account opening. You can check the delivery time to other countries with our experts (it is better to do this before opening a personal account).
The minimum age to open an account in the Hong Kong payment system is 16 years. A citizen of any country can open an account, except for the following:
- Azerbaijan
- Albania
- American Virgin Islands
- American Samoa
- Angola
- Anguilla
- Armenia
- Afghanistan
- Bahamas
- Bangladesh
- Belarus
- Belize
- Benin
- Bulgaria
- Bolivia
- Bonaire
- Bosnia and Herzegovina
- Botswana
- Bouvet Island
- British Indian Ocean Territory
- Burkina Faso
- Burundi
- Cameroon.
- Cape Verde
- Central African Republic
- Chad
- Christmas Island
- Cocos (Keeling) Islands
- Commonwealth of Dominica
- Comoros
- Costa Rica
- Cote d’Ivoire
- Cuba
- Curacao
- Djibouti
- DPRK
- DR Congo
- East Timor
- Equatorial Guinea
- Eritrea
- Estonia
- Eswatini
- Ethiopia
- Falkland Islands
- French Guiana
- French Polynesia
- French Southern and Antarctic Lands
- Gabon
- Gambia
- Ghana
- Greenland
- Grenada
- Georgia
- Guadeloupe
- Guam
- Guatemala
- Guinea
- Guinea-Bissau
- Guyana
- Haiti
- Heard Island and McDonald Islands
- Honduras
- Iraq
- Iran
- Jordan
- Kazakhstan
- Kenya
- Kiribati
- Kosovo
- Kyrgyzstan
- Laos
- Latvia
- Lebanon
- Lesotho
- Liberia
- Libya
- Lithuania
- Macau
- Madagascar
- Malawi
- Maldives
- Mali
- Marshall Islands
- Mauritania
- Mauritius
- Mayotte
- Micronesia
- Moldova
- Mongolia
- Montenegro
- Mozambique
- Myanmar
- Namibia
- Nauru
- New Caledonia
- Nicaragua
- Niger
- Nigeria
- Niue
- North Macedonia
- Northern Mariana Islands
- Palau
- Palestine
- Panama
- Papua New Guinea
- Pitcairn Islands
- Republic of the Congo
- Romania
- Rwanda
- Saint Barthelemy
- Saint Helena, Ascension and Tristan da Cunha
- Saint Martin
- Saint Pierre and Miquelon
- Salvador
- Samoa
- San Marino
- Sao Tome and Principe
- Saudi Arabia
- Senegal
- Serbia
- Seychelles
- Sierra Leone
- Sint Maarten
- Solomon Islands
- Somalia
- South Georgia and the South Sandwich Islands
- South Sudan
- Sudan
- Suriname
- Svalbard
- Syria
- Tajikistan
- Tanzania
- Togo
- Tokelau
- Tonga
- Trinidad and Tobago
- Turkmenistan
- Uganda
- Ukraine
- United States Minor Outlying Islands
- Uzbekistan
- Vanuatu
- Venezuela
- Wallis et Futuna
- Western Sahara
- Yemen
- Zambia.
- Zimbabwe
To open a personal account in the payment system in Hong Kong, you will need a passport or a Hong Kong identification card (HKID, issued to foreigners having an appropriate visa). The entire procedure takes place online and lasts no more than 30-60 minutes. The account activation period (if the payment system has confirmed the possibility of opening a personal account) is no more than a few days.
When opening an account, the payment system checks the identity of all its customers. It carries out the KYC (Know Your Customer) procedure to combat fraud and money laundering. This is a government requirement under the Hong Kong Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615).
But at the same time, the payment system undertakes to protect and respect its customers’ privacy rights following the Hong Kong Personal Data (Privacy) Ordinance (Cap. 486). All data transmitted between servers is securely encrypted. Therefore, you can open a personal account and not worry that the information on the account and transactions will become known to third parties.
As you can see, a personal account in the Hong Kong payment system is fast, easy, and legal. This is an excellent option if you need to open an account for making online and offline payments worldwide in the shortest possible time. Such an account will be especially convenient for people who work or study in Hong Kong.
To open a personal account in the Hong Kong payment system, please contact us at info@qwealthreport.com.
If you are interested in opening an offshore account, check top countries for doing it.
Can an individual open an account in Hong Kong remotely?
Yes, the Hong Kong payment system provides such an opportunity. All traditional banks in Hong Kong require the prospective account holder to come for a personal interview. The payment system allows you to carry out all transactions online, including opening an account. This is one of its main benefits.
What are the benefits of opening an account in Hong Kong?
The main advantage of opening an account in Hong Kong is the reliability of the Hong Kong banking system. The high-security level of funds placed in Hong Kong financial institutions is recognized worldwide. In addition, Hong Kong is actively developing as a financial technology hub. Accordingly, Hong Kong banks and payment systems strive to be the first to adopt new technologies, providing more opportunities for customers. An account in Hong Kong will be primarily useful for people who do business, work, or study in Asia.
