Cross-boundary WMC Southbound Service

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Cross-boundary WMC Southbound Service
(for GBA Mainland 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 5 consecutive years of social insurance / individual income tax in the 9 GBA Mainland 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
  4. Not assessed as vulnerable customers for all investment products

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 OR
  • Open a Cross-boundary WMC Southbound Remittance Account at designated Hang Seng China branches if you do not have a qualified[2] account with Hang Seng China. 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 completing the above, our staff at Hang Seng China will help you make an appointment to visit one of our designated branches in 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 branch in Hong Kong OR
  • If you choose to apply the Cross-boundary WMC Southbound Investment Account via Witness Account Opening, please provide the required information 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
  • PRC Identity Card
  • Valid residential address proof document bearing the customer’s name
     

For person who wants to invest in US Credit:

  • PRC Passport
  • PRC Identity Card
  • Form W-8BEN (For non-U.S. Persons)[3]
  • Valid residential address proof document bearing the customer’s name
     

(Permanent address proof is required if your permanent address is different from residential address.)

Southbound customers
(For GBA residents)

Remittances can be made between the Cross-boundary WMC Southbound Remittance Account in Mainland China and the Cross-boundary WMC Southbound Investment 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.[4]

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 Southbound Service can make deposits in RMB, HKD and other foreign currencies, and subscribe to eligible investment products offered by Hang Seng Bank, including investment funds and bonds.

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

A wide range of currencies are available: 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 about our deposit interest rates, please click here.

Investment funds

Investment Funds are distributed by Hang Seng covering 2 major types of funds: Bond Funds and Balanced Funds.

From now till 31 December 2021, for Cross-boundary Wealth Management Connect customers, the subscription fee is 1.5% for Bond Funds, and 2% for other types of funds.

Characteristics of investment funds eligible through Southbound Service include:

  • Securities and Futures Commission (SFC) authorised
  • Hong Kong domiciled
  • Low-to-medium risk level
  • Non-complex structure


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

Bonds

In addition, you can subscribe to eligible bonds:

  • Bonds are available in major currencies, including Renminbi
  • Tenors ranging from 1 to 10 years for bond investments are available


Characteristics of these eligible Bonds include:

  • Low-to-medium risk level
  • Non-complex bond
  • Government and Corporate Bonds


For details, please view our eligible bonds list for Southbound Service or call our Cross-boundary WMC hotlines at (852) 2912 3456 (Hong Kong)[5] or (86) 4001 20 3456 (Mainland)[5],[6].

Cross-boundary Wealth Management Connect Express

  • Regular market insight video to keep you stay close to market movements

For the latest Cross-boundary WMC Express video, please visit our Investment Corner.

Designated branches for Cross-boundary WMC Southbound 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

FAQ for Cross-boundary WMC Southbound Service

Opening a Cross-boundary Wealth Management Connect Southbound Investment Account is free-of-charge. However, you may be charged for remittance services. You should also beware of the fees and charges (e.g. funds management fee) incurred by investment activities.

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.

Hang Seng Bank (China) Limited is the partner bank of Hang Seng under Cross-boundary WMC Southbound Service. 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.

You must make an appointment prior to visiting the designated branch for account opening. Branch staff will contact the customer 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.

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 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)[5]

(86) 4001 20 3456 (Mainland)[5][6]

Visit designated GBA branches of Hang Seng China

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

Footnote

Remark(s)

  1. The 9 GBA Mainland 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 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.
    • 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.
  4. 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.
  5. 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, pay-phones 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.