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Cross-boundary WMC Southbound Service

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Cross-boundary WMC Southbound Service
(for mainland China GBA residents)

Cross-boundary WMC Northbound Service
(for Hong Kong residents)

How it works

Account opening and eligibility

Eligibility for Cross-boundary WMC Southbound Service

All the following criteria must be fulfilled:

  1. GBA residents or any those who have contributed at least 2 consecutive years of social insurance / individual income tax in the 9 GBA mainland China cities[1]
  2. Have full civil capacity
  3. Have 2 years or more of investment experience and meet one of the following conditions: the month-end balances of family financial net assets in the past 3 months are not less than RMB 1 million, or the month-end balances of family financial assets in the past 3 months are not less than RMB 2 million, or the individual average annual income is not less than RMB 400,000 in the past 3 years
  4. Not assessed as vulnerable customers for all investment products
  5. Should invest in personal capacity, but not as joint-name or corporate customers

Account opening

Step 1: Open Cross-boundary WMC Southbound Remittance Account

Use your existing qualified[2] Hang Seng China account to activate the functions of Cross-boundary WMC Southbound Remittance Account at designated Hang Seng China branches. If you do not have a qualified[2] account in with Hang Seng China, please open a Cross-boundary WMC Southbound Remittance Account at designated Hang Seng China branches.

For more information about the required documents for account opening, you may visit Hang Seng China‘s Cross-boundary WMC Website.

Step 2: Open Cross-boundary WMC Southbound Investment Account

After opening the Cross-boundary WMC Southbound Remittance Account, our staff at Hang Seng China will help you make an appointment to visit one of our designated branches in Hang Seng Hong Kong. You will need to bring along the required documents listed below to open a Cross-boundary WMC Southbound Investment Account at the designated Hang Seng Hong Kong branch

If you choose to apply the Cross-boundary WMC Southbound Investment Account via Witness Account Opening, please provide the required information in the electronic form in advance and then proceed to the designated Hang Seng China branch to open the account and submit the required documents listed below

For person who does not want to invest in US Credit:

  • Exit-Entry Permit for Travelling to and from Hong Kong and Macau OR PRC Passport[3]
  • PRC Identity Card[3]
  • Valid residential address proof document bearing the applicant’s name. Permanent address proof is required if applicant's permanent address is different from residential address[4]
  • Other documents and information required[5]

For person who wants to invest in US Credit:

  • PRC Passport[3]
  • PRC Identity Card[3]
  • Form W-8BEN (For non-U.S. Persons)[6]
  • Valid residential address proof document bearing the applicant's name. Permanent address proof is required if applicant's permanent address is different from residential address[4]
  • Other documents and information required[5]

Southbound customers
(For mainland China GBA residents)

Remittances can be made between the Cross-boundary WMC Southbound Remittance Account in Hang Seng China and the Cross-boundary WMC Southbound Investment Account in Hang Seng Hong Kong via "Cross-Border View and Transfer" in Personal e-Banking, subject to compliance with the relevant Cross-boundary WMC remittance and quota requirements[7]. You can also submit remittance instruction via our branches or Hotline.

For more details, please visit Cross-Border Banking.

Available cross-boundary wealth management products

Eligible investors can make deposits in RMB, HKD and other foreign currencies, and subscribe to eligible investment products offered by Hang Seng Hong Kong, including investment funds and bonds/CDs.

Cross-boundary WMC will be governed by the laws and regulations on retail wealth management products applicable in Hong Kong and mainland China.

Deposits and Exchange services

We provide a wide range of available currencies: Renminbi, Hong Kong Dollar, US Dollar, Australian Dollar, Canadian Dollar, New Zealand Dollar, Euro, Pound Sterling, Japanese Yen and Swiss Franc.

If you are interested to know more, please check our Deposit Interest Rates and Foreign Exchange Rates.

Investment funds

We provide a wide range Investment Funds covering Equity Funds, Bond Funds and Balanced Funds.

Characteristics of these eligible investment funds include:

  • Securities and Futures Commission (SFC) authorised
  • Hong Kong domiciled
  • Non-complex structure
  • Primarily investing in Greater China equity; OR
  • low to medium-high risk level (excluding high-yield bond funds and single emerging market equity funds)


If you would like to learn more about the eligible investment funds for Southbound Service, please visit our Fund SuperMart.

Bonds and Certificate of Deposit (CDs)

We also allow eligible investors to subscribe to bonds/CDs which are available in major currencies (including Renminbi) and tenors ranging from 1 to 10 years.


Characteristics of these eligible Bonds/CDs include:

  • Low-to-medium risk level
  • Non-complex structure
  • Government and Corporate Bonds/CDs


For details, please view our eligible retail bond list for Southbound Service or call our Cross-boundary WMC hotlines at (852) 2912 3456 (Hong Kong)[8] or (86) 4001 20 3456 (Mainland)[8] [9].

Cross-boundary Wealth Management Connect Express

Hang Seng Hong Kong will provide regular market insight videos at our Investment Corner to keep you stay close to market movements.

Designated branches for Cross-boundary WMC Southbound Service

All street-level branches of Hang Seng Hong Kong (except outlets in MTR stations and university branches)
Designated branches of Hang Seng Hong Kong

All GBA branches of Hang Seng China (except Huizhou and Jiangmen)

You may be interested in

Link

FAQs

FAQ for Cross-boundary WMC Southbound Service

It is a free service. You can visit designated branches at Hang Seng Hong Kong and Hang Seng China to open the investment and remittance accounts.

You may be charged for remittance services and other fees and charges (e.g. subscription fee for investment funds) under investment services. For details, please refer to the Bank Tariff Guide for Hang Seng Wealth and Personal Banking Customers.

For fees and charges imposed by Hang Seng China, please visit Hang Seng China website.

Hang Seng China is the mainland China partner bank of Hang Seng Hong Kong. For fees and charges imposed by Hang Seng China, please visit Hang Seng China website.

Cross-boundary WMC account can only be opened in sole name. Account cannot be opened in joint names or company name. You also cannot authorise a third party to operate the account.

Yes, please call Hang Seng China Cross-boundary WMC hotline to make an appointment. Branch staff will contact you to confirm the appointment date and time at least one business day before the appointment.

Yes, please call Hang Seng China Cross-boundary WMC Hotline to cancel the appointment and make a booking again.

Every customer will need to make a separate appointment for the Cross-boundary WMC account opening application. If other family members also intend to open a Cross-boundary WMC account, they can select the same branch so that all applications can be handled in one-go.

According to regulatory requirements, to ensure closed-loop funding, we cannot provide cheque book service and an ATM card.

Cross-Border Transfer via Hang Seng Hong Kong Personal e-Banking or Personal Mobile App is a fee-free function. For charges of Overseas Transfer via Hong Kong branches or Phone Banking, please refer to Overseas Transfer.

Please note, any charges incurred by inward fund transfers from a Hang Seng China RMB Account will be subject to the remittance fees and charges under the Tariff of Personal Banking Services of Hang Seng China.

There is no daily transfer limit under the service. However, in accordance with Cross-boundary WMC regulations, the maximum transfer amount of an individual investor is subject to the market aggregate quota and individual investor quota. The market aggregate quota is RMB150 billion. The individual investor quota is RMB 3 million. If the investor simultaneously selects both a bank and a licensed corporation for investment, the individual investor quota allocated between the bank and the licensed corporation will be RMB 1.5 million each.

Useful information

Need more help?

Hang Seng Hong Kong

Mainland China partner bank - Hang Seng China

Cross-boundary WMC Hotline

(852) 2912 3456 (Hong Kong)[8]

(86) 4001 20 3456 (mainland China)[8][9]

Visit designated GBA branches of Hang Seng China

All GBA branches of Hang Seng China (except Huizhou and Jiangmen)

Visit designated branches of Hang Seng Hong Kong

All street-level branches of Hang Seng (except outlets in MTR stations & university branches)

Hang Seng China Cross-boundary WMC website

Footnote

Remark(s)

  1. The 9 GBA mainland China cities refer to Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing.
  2. Qualified Hang Seng China account refers to the designated account approved by the People's Bank Of China for Cross-boundary Wealth Management Connect services.
  3. The collection of the document(s) and/or information enables us to understand each of the relationship that we build and is part of our due diligence process. In accordance with regulatory requirements and the HSBC Group policy, identification proof(s) will be required for the purpose of verifying customer’s identity.
  4. Residential address proof will be required for the purpose of verifying customer’s address (if applicable).
  5. Other documents and information required such as employment information including occupation, employer/business and monthly salary, initial and ongoing sources of wealth and/or income, level of activity anticipated (e.g. transaction amount and number of transactions), source and description of account opening fund, types of banking services to be used, Jurisdiction of Residence (that is the place where the applicant is liable to taxation by reason of residence) and Taxpayer Identification Number or its Functional Equivalent (TIN). The above items may not be comprehensive and we may request customers for other documents or information for the purpose of having a fuller understanding of our customers.
  6. The customers will need to download the W-8BEN form from the U.S. Internal Revenue Service website (https://www.irs.gov) and bring it to the designated branch for account opening. Customers may refer to hangseng.com > Important Notices > FATCA Information Centre > Forms > W-8BEN Customer Guidance for completing the form. The US Internal Revenue Service Form W-8BEN allows beneficiary of a US sourced income to make a declaration of his / her status as non-US person. Non-US persons are subject to US withholding tax on certain types of income received from US sources. Please note that the Bank does not offer tax treaty benefit claim services.
    • Cross-boundary WMC Southbound Service aggregate quota: cumulative net amount of outward remittance to Hong Kong and Macau banks should not exceed aggregate quota of RMB 150 billion at any one time.
    • Cross-boundary WMC Southbound Service individual investor quota: cumulative net amount of outward remittance from investor’s designated remittance account to designated investment account. The individual investor quota is RMB 3 million. If the investor simultaneously selects both a bank and a licensed corporation for investment, the individual investor quota allocated between the bank and the licensed corporation will be RMB 1.5 million each.
    • Cross-boundary WMC Northbound Service aggregate quota: cumulative net amount of outward remittance from Hong Kong and Macau banks should not exceed aggregate quota of RMB 150 billion at any one time.
    • Cross-boundary WMC Northbound Service individual investor quota: cumulative net amount of outward remittance from investor’s designated remittance account to designated investment account. The individual investor quota is RMB 3 million. If the investor simultaneously selects both a bank and a securities firm for investment, the individual investor quota allocated between the bank and the securities firm will be RMB 1.5 million each.
  8. Office hour of Cross-boundary WMC Hotline is Monday to Friday, 9 a.m. to 6 p.m., except weekend and Hong Kong Public Holiday.
  9. The toll-free enquiry hotline allows you to contact us for free even while staying on the mainland China. The toll-free hotline can be accessed from mobile lines, fixed telephone lines, payphones and call cards and is free of IDD charges.
    Please contact the relevant service supplier for details. Customer agrees to be bound by the terms and conditions for the service provided by service providers, which may be amended from time to time. For any claims, disputes and complaints regarding such service and information, customer should refer directly to service providers. Hang Seng Bank Limited (Hang Seng Hong Kong) assumes no responsibilities for such service.

Important point(s) to note

  1. The content of this webpage is for general information and reference only. It is not, and is not intended to be, a solicitation, recommendation, or advice on, or offer of, any investment services or products. Investors should note that all investments involve risks (including the possibility of loss of the capital invested). Prices or value of investment products may go up as well as down and past performance is not indicative of future performance. Investors should not only base on this material alone to make investment decisions, but should read the relevant offering documents of the investment products (including the full text of the risk factors stated therein) and risk disclosure statements of the relevant investment products in detail before making any investment decision. Investors should carefully consider whether an investment is suitable for them in view of their own investment objectives, investment experience, investment tenor, financial situation, risk tolerance abilities, tax implications and other needs, etc., and should understand the nature, terms and risks of the investment products. Investors should obtain independent professional advice if they have concerns about their investment. The content of this webpage has not been reviewed by any regulatory authority in Hong Kong.
  2. RMB currency risk
    RMB is subject to foreign exchange control and restrictions by the Chinese central government. There may be additional rules, regulations and restrictions under contemplation or to be issued by any authorities in mainland China that may be relevant to RMB conversion. The Customer should take reasonable steps to check for updates and details before giving instructions for RMB conversion.
    The exchange rate of RMB may vary from time to time. There is no guarantee that RMB will not depreciate. The exchange rate of RMB traded outside mainland China (“Offshore RMB”) will be affected by, amongst other things, foreign exchange control imposed by the Chinese central government from time to time. The Customer will incur currency conversion costs (being the spread between the purchase and sale of Offshore RMB) and be subject to exchange rate fluctuation risks in any such currency conversion.
  3. Foreign exchange risk
    If the eligible products that are traded by the Customer are not denominated in RMB, the Customer may have to convert RMB into the relevant foreign currency when the Customer invests in that foreign currency denominated eligible product. The Customer will be exposed to exchange rate risk. Besides, if the relevant foreign currency is subject to exchange control, it is possible that the Customer may not receive the relevant foreign currency upon redemption or sale of the relevant foreign currency denominated eligible products. The relevant foreign currency denominated eligible products may also be subject to liquidity risk, credit and insolvency risks of the product issuers.
  4. Risk Disclosure of Investment Funds
    Investors should note that all investments involve risks (including the possibility of loss of the capital invested), prices or value of investment fund units may go up as well as down and past performance information presented is not indicative of future performance. Investors should read carefully and understand the relevant offering documents of the investment funds (including the fund details and full text of the risk factors stated therein) and the Notice to Customers for Fund Investing before making any investment decision. Investment funds are investment products and some may involve derivatives. Investors should carefully consider their own circumstances whether an investment is suitable for them in view of their own investment objectives, investment experience, preferred investment tenor, financial situation, risk tolerance abilities, tax implications and other needs, etc., and should understand the nature, terms and risks of the investment products. Investors should obtain independent professional advice if they have concerns about their investment.
  5. Important Risk Warning of Bond or Certificate of Deposit Product
    • Bonds and Certificates of Deposit (CDs) are investment products. The investment decision is yours but you should not invest in a bond/CD unless the intermediary who sells it to you has explained to you that the bond/CD is suitable to you having regard to your financial situation, investment experience and investment objectives. Your intermediary is under a duty to assure that you understand the nature and risks of this product, and that you have sufficient net worth to be able to assume the risks and bear the potential losses of trading in this product.
    • Bonds are not deposits and should not be treated as substitute for conventional time deposits.
    • Certificate of Deposit is not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong.
    • Investors who purchase bonds/CDs are exposed to the credit risk of the issuer and guarantor (if any) of the bonds/CDs. There is no assurance of protection against a default by the issuer/guarantor in respect of the repayment obligations. In the worst case scenario, any failure by the issuer and the guarantor (if any) to perform their respective obligations under the bonds/CDs when due may result in a total loss of all of your investment.Renminbi (RMB) is not a freely convertible currency. As such, investors trading bonds and/or CDs denominated in RMB are subject to additional risks (such as currency risk).
    • The above is not an exhaustive list of risk factors. Please refer to the section on “Risk Factors” in the relevant “Bond / Certificate of Deposit Trading Services” Factsheet to understand other risk factors applicable to bonds and CDs.
    • The information displayed does not constitute nor is it intended to be construed as any professional advice, offer, solicitation or recommendation to deal in Bonds / CDs. Investors should be aware that all investments involve risks (including the possibility of loss of the capital invested). The prices of Bonds and CDs may go up as well as down and past performance is not indicative of future performance. Investors should not only base on this information alone to make investment decisions, and should carefully consider whether an investment is suitable for them in view of their own investment objectives, investment experience, investment tenor, financial situation, risk tolerance abilities, tax implications and other needs, etc., and should read the relevant product offering documents and terms and conditions (including the full text of the risk factors therein) in detail before making any investment decisions. Investors should obtain independent professional advice if they have concerns about their investment.
    • No guarantee, representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy, timeliness, completeness or correctness of any general financial and market information, news services and market analysis, projections and/or opinions (“Market Information”) provided above and the basis upon which any such Market Information have been made, and no liability or responsibility is accepted by the Bank in relation to the use of or reliance on any such Market Information whatsoever provided in the webinar.
    • Investors must make their own assessment of the relevance, accuracy and adequacy of the information provided and make such independent research/investigations as they may consider necessary or appropriate for the purpose of such assessment. The Bank does not make any representation or recommendation or assessment as to whether or not any of the investment(s) mentioned are suitable or applicable to any persons and thus shall not be held responsible in this regard.
  6. Hang Seng China is incorporated in mainland China and is not an authorized institution in Hong Kong as defined in the Banking Ordinance (Cap. 155 of the Laws of Hong Kong) and is not subject to the supervision of the Hong Kong Monetary Authority. Hang Seng China cannot carry on in Hong Kong any banking business or business of taking deposits. Any deposits maintained with Hang Seng China are not protected under the Deposit Protection Scheme in Hong Kong.
  7. This website is provided by Hang Seng Bank Limited (the “Bank”). The Bank is regulated and authorised to carry out banking activities in Hong Kong SAR. The products and services represented within this website are intended for Hong Kong customers.
    This website is not intended for distribution or use by any person in any jurisdiction, country or region where the distribution or use of this material is restricted and would not be permitted by law or regulation. If you are outside of Hong Kong, we may not be authorised to offer or provide you with the products and services available through this website in the country or region you are located or resident in.