Guide to deposits and withdrawals of Hong Kong bank accounts in cryptocurrency trading
1. Opening a Hong Kong bank account
In Hong Kong, the following banks are suitable for deposits and withdrawals of cryptocurrency trading:
- Bank of China (Hong Kong) (BOC HK): supports Hong Kong dollar (HKD) and foreign currency accounts, and the transaction is stable.
- Hang Seng Bank (Hang Seng): has strict risk control, but can be used for cryptocurrency trading.
- Standard Chartered Bank (Standard Chartered): has strong global applicability and is suitable for large transactions.
- ZA Bank (ZhongAn Bank), Mox Bank (Standard Chartered): online account opening is fast, suitable for small and medium transactions.
Account opening process
- Personal account opening (for individual investors):
- Online account opening (for virtual banks such as ZA Bank and Mox Bank).
- Offline account opening (for traditional banks such as BOC Hong Kong, Hang Seng, Standard Chartered, etc.).
Required: valid ID card, proof of address (such as water and electricity bills or bank statements), proof of source of funds.
- Company account opening (applicable to institutional transactions):
Documents such as business registration certificate (BR), articles of association, board resolutions, etc. are required.
You may need to prove the legitimacy of the source of funds and explain the company's business.
2. Bank account binding process
Log in to the exchange and enter the "Fund Management" or "Bank Card Binding" page.
Select "Add Bank Account" and enter bank information, including: bank name, account number, holder name.
3. Deposit operation (deposit)
The exchange will provide a receiving account information (which may be a third-party payment institution or the exchange's own account).
Use a Hong Kong bank account to transfer money and note the unique identification code provided by the exchange.
Some notes:
The exchange may require additional identity verification or KYC certification.
Some banks are sensitive to cryptocurrency-related transactions and it is recommended not to trade frequently and in large amounts.
- About Hong Kong personal taxation: There is currently no capital gains tax in Hong Kong, but frequent transactions may be regarded as business activities and are subject to profit tax.
In short, Hong Kong is feasible, but relatively speaking, it is not simple. I recommend a simple method: #biyapay
You can directly withdraw the U from the exchange to the wallet, and then exchange it into US dollars or other legal currencies at 1:1 in #biyapay , and then withdraw it to banks such as wise or ocbc, and finally directly remit it back to the mainland bank card or Alipay WeChat.
