Cross-boundary WMC Northbound Service

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

How it works

Account opening and eligibility

Eligibility for Cross-boundary WMC Northbound Service

All the following criteria must be fulfilled:

  1. Hong Kong ID card holders (permanent and non-permanent)
  2. Not assessed as vulnerable customers for all investment products

Account opening

Step 1: Open Cross-boundary WMC Northbound Remittance Account
  • Open a Cross-boundary WMC Northbound Remittance Account at designated Hang Seng Hong Kong branches with the required documents listed below
     
Step 2: Open Cross-boundary WMC Northbound Investment Account
  • After completing the above, if you do not have a qualified[1] account with Hang Seng China, our Hang Seng Bank staff will help you make an appointment to visit one of our designated Hang Seng China branches in the GBA. You will need to bring along the required documents to open a Cross-boundary WMC Northbound Investment Account at the designated Hang Seng China branch. You may visit Hang Seng China's Cross-boundary WMC website to know more about the required documents for account opening OR
  • Use your existing qualified[1] Hang Seng China Account to activate the functions of Cross-boundary WMC Northbound Investment Account

Permanent Residents:

  • Hong Kong Identity Card
  • Mainland Travel Permit for Hong Kong and Macau Residents
  • Valid residential address proof document bearing the customer’s name (for new customers only)
     

Non-permanent Residents:

  • Hong Kong Identity Card
  • Valid Passport
  • Valid residential address proof document bearing the customer’s name (for new customers only)
     

(Permanent address proof is required if customer’s permanent address is different from residential address)

Northbound customers
(For Hong Kong residents)

Remittances can be made between the Cross-boundary WMC Northbound investment account in Mainland China and the Cross-boundary WMC Northbound Remittance Account in 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.[2]

For more details, please visit Cross-Border Banking. You can also submit remittance instruction via our branches or Hotline.

Available cross-border wealth management products

Customers of Cross-boundary WMC Northbound Service can subscribe to eligible investment funds distributed by Hang Seng China.

For more details, please visit Hang Seng China website.

The investment products offered by our Mainland partner bank have not been authorised by the Securities and Futures Commission (SFC) and the relevant offering documents have not been examined by the SFC. Investors should exercise caution in relation to such offers.

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

Designated branches for Cross-boundary WMC Northbound Service

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

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

FAQs

FAQs for Cross-boundary WMC Northbound Service

Opening a Cross-boundary Wealth Management Connect Northbound Remittance Account is free-of-charge. However, you may be charged for remittance services.

For details, please refer to 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 to know more.

Hang Seng Bank (China) Limited is the partner bank of Hang Seng Bank under Cross-boundary WMC. The investment products available through Cross-boundary WMC Northbound Service are distributed by Hang Seng China.

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

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.

There is no initial deposit requirement for the investment account. However, you are not required to fund the account immediately upon account opening.

You must make an appointment prior to visiting the designated branch for account opening. Branch staff will contact customers to confirm the appointment date and time at least one business day before the appointment.

If you cannot come to the designated branch on time for account opening, please call the Cross-boundary WMC Hotline to cancel the appointment and make a booking again.

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 Personal e-Banking or Hang Seng Personal Mobile App is a fee-free function.

Please note, any charges incurred from inward fund transfers from 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.

For charges of Overseas Transfer via Hong Kong branches or Phone Banking, please refer to Overseas Transfer.

There is no daily transfer limit under Cross-boundary WMC Services. 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 RMB 150 billion and the individual investor quota is RMB 1 million.

Useful information

Need more help?

Cross-boundary WMC Hotline

(852) 2912 3456 (Hong Kong)[3]

(86) 4001 20 3456 (Mainland)[3][4]

Visit designated GBA branches of Hang Seng China

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

Footnote

Remark(s)

  1. 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.
    • 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 1 million.
    • 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 1 million.
  2. 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.
  3. The toll-free enquiry hotline allows you to contact us for free even while staying on the Mainland. 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. Hang Seng Bank Limited (the "Bank") assumes no responsibilities for such service. 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.

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 Mainland 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 Mainland 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. Investment funds risk
    Investors should note that all investments involve risks (including the possibility of loss of the capital invested). Prices or value of investment funds units may go up as well as down and past performance is not indicative of future performance. Before making any investment decisions, investors should read the relevant offering documents of the investment funds (including the full text of the risk factors stated therein) and risk disclosure statements of the relevant investment funds in detail.
  5. Important risk warning for Bonds
    Bonds are investment product. Bonds are not deposits and should not be treated as substitute for conventional time deposits. Investors who purchase bonds are exposed to the credit risk of the issuer and guarantor (if any) of the bonds. 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 when due may result in a total loss of all of your investment. Before making any investment decisions, investors should read the relevant offering documents of bonds (including the full text of the risk factors stated therein) and risk disclosure statements of bonds in detail.
  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.