CMB Wing Lung Bank (Hong Kong)

17.10.2019

CMB Wing Lung Bank is one of Hong Kong’s oldest and most prestigious banks, as well as a subsidiary of China Merchants Bank, a large financial company.

A bank has more than 50 branches in Macau, Hong Kong and mainland China, as well as 2 branches in Los Angeles and the Cayman Islands. A staff is more than 1,750 people, and a volume of assets exceeding 200 billion HKD.

Opening an account with CMB Wing Lung Bank will be a good solution for entrepreneurs, who want to establish a business in East Asia.

Bank overview

Opening an account with CMB Wing Lung Bank will be beneficial for the following reasons:

More than 85 years of stable operation;
It obtained a license in Hong Kong;
Types of services: comprehensive services, including deposits, loans, insurance, investments, currency exchange, credit cards and asset management;
It is one of the 3 banking institutions of the ATS, authorized to issue banknotes;
Opening an account with CMB Wing Lung Bank is possible both for a resident and a non-resident;
Advanced Internet and telephone banking;
A modern data protection system.
A bank does not present excessive requirements for additional documents;
A bank has an English-speaking staff.

IT IS IMPORTANT:

Opening an account for an individual with Wing Lung Bank is possible only with a personal visit of the director/shareholder to Hong Kong (if there is an active deposit opened in his name);
A corporate account can only be opened for Hong Kong companies (including those, who have a registered office in Hong Kong).

Tariffs

If you want to open an account for a company with a bank in Hong Kong, we recommend you familiarizing yourself with the tariffs of this institution:

Outgoing payments:
Via RTGS - transfer HKD/USD/RMB/EUR - 6 EUR;
Via SWIFT - 13 EUR.
Incoming payments:
Via RTGS (CHATS) - 2 EUR;
Via SWIFT - 6 EUR.
A monthly maintenance fee is 24 EUR, if the total account balance is 50,000 HKD (5,800 EUR).

It is important to consider

Deciding to open a corporate account with CMB Wing Lung Bank, pay attention to the following:

A fee for opening an account is 230 EUR;
A cost of a qualified support in opening an account with CMB Wing Lung Bank is 7 500 EUR;
Terms of consideration of the application by the bank are 3 weeks;
A client must personally visit the bank to open an account.

YB Case specialists will provide you with all necessary support services in opening an account with a Hong Kong bank, as well as advise you in detail in resolving related issues, such as: registering a company in Hong Kong, obtaining a business license in China.