Who is CBi Bank?

CB International Bank is a commercial bank with a US banking license, established in 2017 (SWIFT code: CBLBPRSJ), headquartered in Puerto Rico, the United States, and an institutional member of the ABA, SWIFT, UNIONPAY, Cross-border RMB Clearing (CIPS) and many other organizations.

Cbibank is a holding subsidiary of Shenzhou digital, a Hong Kong listed company, and IDG strategic investment. Its management team and technical team have distinct financial technology and financial service genes, and have been deeply cultivated in the field of financial services for 20 years. From Qiandaibao obtaining the first batch of third-party payment licenses issued by the central bank, to Zhangzhong finance emerging as an industry leader in the consumer finance war, and then helping Meituan payment become the third largest payment platform in China, the team has accumulated rich industry experience and resources and deeply understood customers.

Open Bank Account under COVID-19 pandemic

Current Status in HK

With the low and simple tax system, having a HK company with a Hong Kong bank account can bring numerous benefits for doing business locally or globally.

To get a bank account in HK, one of the KYC ("Know Your Clients") requirements is to have a face-to-face interview the ultimate owner(s). However, non-HK residents are not allowed to enter unless a working visa is granted.

Most foreign clients are now shifting to use an E-Account offered by local FinTech companies ,like PayPal but better for business. Another option is to apply a bank account in home country or offshore jurisdictions.

What is E-Accounts?

E-Accounts offers online services in sending and receiving moneys among merchants which are provided by the Licensed Money Service Operators in HK. The E-Accounts does not require minimum deposit nor charge any monthly fees. The only fees is the admin fee for sending moneys and this charge is normally lower than the standard banks charge.

One of the E-Accounts providers is Airwallex, whose investors are Tencent, Master Card, DST Global and ANZ Bank. Click here to Airwallex's website.

What is Offshore Bank account?

As mentioned above, HK banks require face-to-face interview, but you must have heard that some banks accept paper-application (also known as Remote Application). How can this be?

In fact, most of the banks accepting remote application are located at the so-called offshore jurisdictions like Belize, Nevis, BVI, Mauritius or Switzerland. These banks provide international banking facilities including multi-currency and online banking. And the bank charges are comparatively higher than HK banks do.

What should I do?

What we are seeing is that most choose to get an E-Account or an Offshore Bank account to do business with a HK company as the tax benefits can cover these costs. Another reason is that the transaction records from these accounts would be a credit for applying for a Hong Kong bank account in future.

Need Assistance?

Please feel free to send email at info@rbcs.com.hk

Reasons to Open A Bank Account Overseas

Are you planning to live out of the country for a couple of months? Does your work require you to move to another country for a bit? Have you decided to study abroad? If you are planning to live out of the country for a couple of months, you may want to open a bank account in the country that you are staying at. True, you can use your local bank internationally, but doing so can add up in fees - International fees, cash advance fees on your credit cards can add up, ATM fees that you have to pay everytime you withdraw money, etc. Not to mention, if you do plan on working overseas, you will need a place to deposit your earnings.

If you plan on living overseas for a couple of months, it makes total sense to open a bank account in the country that you are staying at. To open a bank account in a foreign country, most banks require you to have a passport, proof of residency and a second proof of identity, such as a letter of employment, student or work visa, or even a birth certificate. In addition, all of these documents need to be apostilled. Overseas banks request the apostille on these documents because to confirm identity and authenticity. Before you open a bank account overseas, you want to make sure that you contact the overseas branch to confirm which documents you need before going to an apostille service to have them legalized.

If you are in need of apostille service in Hong Kong, go to Rumble Corporate Services. At Rumble Corporate Services, they make the process of having your documents apostilled simple and easy.