In recent years, virtual banks have gradually emerged in Hong Kong, particularly those backed by Chinese tech giants. These digital banks allow users to open an account within minutes without visiting a physical branch. This article provides a detailed overview of Hong Kong's first virtual bank, ZA Bank, including the account opening process, service scope, fees, and common questions.

Introduction to ZA Bank

ZA Bank is a virtual bank in Hong Kong that offers comprehensive online banking services without the need for physical branches. Users can perform various financial operations such as deposits and loans via the ZA Bank mobile app. The bank serves both permanent and non-permanent Hong Kong residents, as well as visitors to Hong Kong, although the available services may vary.

Personal Banking Services

1. Savings accounts in HKD, RMB, and USD with a minimum deposit of just HKD 1.
2. Local payments and transfers using FPS or CHATS.
3. ZA Card for spending and ATM withdrawals.
4. Electronic monthly statements and notifications.
5. Instant transaction record viewing via the mobile app.
6. Cross-border inward remittances (HKD/RMB/USD).
7. Personal loan applications (not available for visitor accounts).

Overview of ZA Card

ZA Card is a fee-free debit card that supports spending and withdrawals at global Visa merchants and ATMs. It can be added to Apple Pay and Google Pay. When using ZA Card for transactions involving currency exchange or overseas merchants, a 1.95% "cross-border HKD transaction fee" is charged (Visa charges 1%, ZA Bank charges 0.95%).

Note that ZA Card currently does not support cash deposits or transfers via ATMs; it can only be used to check the balance or withdraw cash from current accounts.

Required Documents

Documents required for Hong Kong residents (permanent/non-permanent):

1. Valid Hong Kong adult identity card.
2. Valid Hong Kong phone number.
3. Valid Hong Kong address.

Conditions for visitors to open an account:

1. Must be at least 18 years old and present in Hong Kong during account opening.
2. Valid Chinese identity card and travel permit to and from Hong Kong and Macau (valid for at least 30 more days at the time of opening).
3. Mainland China phone number (able to receive SMS and calls in Hong Kong).
4. Mainland China bank savings card (linked to the same mainland phone number).

Account Opening Process

The account opening process is simple and can be completed in as little as 5 minutes:

1. Download the ZA Bank mobile app from the App Store or Google Play.
2. Verify your phone number and enter your email address.
3. Capture your identity card and perform facial recognition.
4. Enter personal details (address, tax information, occupation, account purpose).
5. Customize your ZA Card number and set login details.

The approval process typically takes 3 working days. Once approved, you can request your ZA Card via the app. Delivery takes about 10 working days for local mail in Hong Kong or about 1 month for international shipping.

Deposit Methods

You can deposit funds into your ZA Bank account through the following methods:

1. FPS: Register your FPS ID in the ZA Bank app and make instant transfers from other banks, supporting HKD and RMB.
2. ZA Bank account number: Make a standard bank transfer from other banks.
3. Easy Direct Debit Authorization: Link another bank account and transfer funds directly via the app.
4. Cross-border inward remittances (not available for visitor accounts): Use cross-border remittance services with ZA Bank’s account number, SWIFT Code, and intermediary bank details. Only HKD, RMB, and USD are accepted.

Transfer Limits

The daily transfer limits for ZA Bank accounts vary based on account status:

• Account successfully opened: HKD 50,000 to same-name accounts, HKD 10,000 to third-party accounts.
• After deposit from same-name account in another bank: HKD 300,000 to same-name accounts, HKD 30,000 to third-party accounts.
• After internal review: HKD 1,000,000 to same-name accounts, HKD 300,000 to third-party accounts.

FAQs

Is there a minimum deposit at ZA Bank?

ZA Bank does not have any minimum deposit requirements for opening an account.

Are there any fees for transaction?

ZA Bank does not charge any fees for deposits or local transfers in HKD. However, sending and receiving banks may charge fees depending on their policies.

What are the withdrawal fees and limits for ZA Card?

Local withdrawals are free of charge. Overseas withdrawals incur a fee of HKD 20 per transaction plus a 1.95% currency conversion fee. The daily withdrawal limit is set at HKD 20,000 by default, adjustable within the range of HKD 0 - HKD 50,000 via the ZA Bank app.