Five steps to withdraw funds:
Step 1: Open a Hong Kong card
Let’s talk about the mainland witness account opening without going to Hong Kong. Read on:
1. There are many banks that support mainland witness account opening, including HSBC, Standard Chartered, Overseas Chinese, Minsheng, Bank of East Asia, Nanshang, etc. HSBC and Standard Chartered require a deposit of 500,000, and Nanshang and Minsheng have some risk control issues. I personally think that Hang Seng and Overseas Chinese are the most cost-effective.
2. Overseas Chinese Bank: No deposit is required, ID card + passport/Hong Kong and Macau Pass is enough, the processing period is about one month, make an appointment, the whole process is relatively smooth, and the lawyer witness fee generally ranges from several hundred to more than one thousand.
3. Hang Seng Bank. Although you still need to deposit 300,000/500,000 for 3 months, there are two major advantages. First, you can do it online. Second, you can open a family account with 500,000. For example, if you are the main account holder, you can designate 4 direct relatives (parents, spouse and adult children) to open a Hong Kong card. Calculate the legal exchange quota of 50,000 dollars per person per year, and you will have 250,000 dollars after opening a family. The documents are still ID card + passport/Hong Kong and Macau pass, and the lawyer witness fee is about the same.
4. After the Hong Kong card is opened, if you go to bind the exchange, it is best to use USDT fiat currency exchange for public to private, such as Kraken (now the KYC policy is also changing, and the registration success is also changing. Everyone can comment on the one you use). As long as it is public to private, it is basically 100% not frozen. Of course, if it is USD/HKD C2C, the probability of being frozen is relatively low to infinite compared to RMB.
5. The advantage of a Hong Kong card is that you can withdraw cash/swipe the card at an ATM in mainland China with a physical card, and it does not occupy the currency exchange quota, which is generally 20,000/day. If you change the limit, you can increase it to 80,000/day, which is basically enough. But if you just want to make a deposit for convenience, you can also consider East West Bank, OCBC, etc.
