Hong Kong HSBC raises account opening standards, the era of zero threshold account opening is coming to an end!

The cross-border financial market in Hong Kong has undergone significant adjustments. Recently, HSBC Hong Kong officially announced a new account service plan, which specifies that from January 1, 2026, asset requirements will be added to HSBC One accounts for newly opened mainland residents and non Hong Kong ID card holders: if the average total asset value of the account in the past three months is less than HKD 10000, a monthly low balance service fee of HKD 100 will be charged. This policy marks the countdown to the era of "zero threshold" account opening for HSBC in Hong Kong, and also reflects the collective tightening trend of Hong Kong's banking industry towards mainland residents' account opening policies.

As one of the largest commercial banks and Hong Kong dollar note issuing banks in Hong Kong, HSBC's adjustment has attracted market attention. According to its "Introduction to HSBC Hong Kong WPB Service Fees" (effective January 1, 2026), the fee adjustment is only applicable to new account holders after 2026, and mainland residents who have previously opened accounts can continue to enjoy exemption from management fees. It is worth noting that the accounting scope of "comprehensive wealth management total value" is extensive, covering multi currency deposits, domestic and foreign securities, funds, bonds, and investment life insurance, etc., based on the average balance of the past three months.

This threshold increase is not an isolated event, but a microcosm of the overall policy shift in Hong Kong's banking industry. Recently, multiple institutions such as Furong Bank and Xinyin International have simultaneously tightened policies: Furong Bank has added a new recommender verification code or corporate email verification for online account opening; Starting from the end of August, Xinyin International has suspended online self-service account opening for mainland residents, requiring them to visit the counter in person and submit account opening purpose instructions, bank statements, and other materials. This has significantly increased the difficulty for mainland residents to open accounts in Hong Kong.

From "zero threshold customer acquisition" to collective tightening, there are multiple considerations behind it. Industry insiders revealed that the previous low threshold policy attracted a large number of mainland residents to open accounts, but many accounts were in a "zero balance" or low activity state, without forming effective asset accumulation. Due to the increasingly strict anti money laundering regulations and high costs of offshore account operation and compliance, fees have become an inevitable choice for banks to return to value management. At the same time, banks have shifted from "quick customer acquisition" to "improving account quality", implementing customer segmentation through fees, and tilting resources towards high net worth customers to alleviate operational pressure caused by inefficient accounts.

The policy adjustment has significantly affected market sentiment. Previously, the enthusiasm of mainland residents to open accounts in Hong Kong was high, with core demands focused on cross-border investment, planning for study and immigration funds, foreign trade receipts, etc. HSBC became the preferred choice with its global network and multi currency advantages. But now, with the rising cost of account opening, stricter procedures, and narrowing interest rate differentials between Hong Kong and mainland China, many potential account holders are adopting a wait-and-see attitude. A technology practitioner who originally planned to open an account after the Spring Festival said that due to insufficient funds, they need to pay a monthly management fee of HKD 100, and the advantage of high interest deposits in Hong Kong is no longer there. They have decided to postpone the plan.

The market also has expectations of catching the last bus. A bank account manager revealed that due to the policy node on January 1, 2026, there may be a small peak in the concentration of account opening for mainland residents before the end of the year, in order to seize the management fee exemption window period. For those who still have a need, please pay attention to the account opening process: Mainland residents can book a Premier account through the "HSBC Hong Kong Mobile Banking" app and activate it in Hong Kong within 90 days; Hong Kong locals can directly apply for a HSBC One account through the app, and must prepare a valid Hong Kong and Macau travel permit for at least 3 months, an NFC enabled mobile phone, and immigration records.

This adjustment marks the end of the "price for volume" era in Hong Kong's banking industry, and cross-border financial services will enter a stage of refined development. For mainland residents, in the future, when opening an account in Hong Kong, they need to pay more attention to fund planning and matching their needs to avoid blind account opening and incurring additional costs; For Hong Kong banks, balancing customer quality and competitiveness under compliance has become a core issue. As the effective date of the policy approaches, the subsequent changes in the Hong Kong cross-border account opening market are worth paying attention to.