What are the benefits of opening a Hong Kong bank personal account?

With the development of China's economic level, some people in China have accumulated more and more wealth, more and more people shop, travel and invest abroad, and the demand for overseas bank accounts is becoming more and more popular. What are the benefits of opening a personal bank account in Hong Kong?

The main benefits of opening personal accounts in Hong Kong banks are as follows:

1. Free purchase of Hong Kong stocks

According to statistics, there were 144 new shares publicly offered in Hong Kong in 2020, which were only reduced by the epidemic compared to the 162 in 2019, with an annualized yield of about 55.8%.

This yield is relatively not low. In addition, compared with A shares, Hong Kong stocks have richer trading varieties and more flexible trading rules (T 0, etc.), and there is no limit on the rise and fall. Therefore, many people in the mainland will now participate in Hong Kong stock speculation by opening a Hong Kong bank account.

2, can buy Hong Kong insurance.

As we all know, there are many types of insurance in Hong Kong, with wide coverage, perfect compensation system and high dividends. Compared with mainland insurance, Hong Kong insurance has many advantages. Therefore, many mainlanders will choose to buy Hong Kong insurance.

Although the opening of a Hong Kong bank account is not a necessary condition for the purchase of Hong Kong insurance, having a Hong Kong bank account can facilitate the renewal of premiums and the processing of claims.

3, can freely collect foreign exchange

The mainland of China has implemented extremely strict foreign exchange management policies, but Hong Kong banks are different from mainland banks. Hong Kong offshore accounts are equivalent to accounts opened in overseas banks. If you are engaged in foreign trade, you can open a personal account in a Hong Kong bank without setting up a company. It can be used for individuals to collect foreign exchange and will not be affected by domestic foreign exchange control (the mainland has foreign exchange control, and each person has only 50,000 US dollars per year), free in and out of foreign exchange.

4, can carry out overseas asset allocation.

Hong Kong has a highly selective investment environment. At present, a large number of high net worth individuals in the mainland have the needs of overseas investment, home ownership and immigration. Opening a Hong Kong bank account can meet the needs of these people.

5, deposit interest rates, varieties are not restricted, exempt from interest tax.

Deposit interest rates and varieties are not subject to domestic regulatory restrictions, and are more favorable and flexible than similar deposit rates of foreign banks. In particular, large deposits can be tailored to customer needs in terms of interest rates and maturities, which is flexible and convenient.

6, account operation is convenient

After the account is opened, you can use online banking or telephone for financial management in any country or region, which is convenient for daily operation and realizes domestic control and overseas operation.