#Hong Kong Card Application

As mentioned before, the biggest hurdle in applying for a Hong Kong card is having to go there in person. The rest of the process—"learning to recognize characters online"—can all be handled remotely.

Here's something different: be sure to cherish these two cards from HSBC and Bank of China Hong Kong. If they are closed or restricted, it can be very troublesome.

I'm using HSBC Advance. What are the benefits?

1️⃣ Global transfer feature, allowing real-time transfers and free transactions to any HSBC account worldwide under the same name.

As long as you have any HSBC Advance card, you can open HSBC accounts in any country. If you lose cash or your bank card abroad, you can apply for emergency cash up to $2000 USD at any HSBC branch.

So, keep your funds isolated. Web3 funds can be deposited and withdrawn through other online banks (ZhongAn Tianxing, Ant, etc.) or brokerages. Once HSBC accounts are closed, all associated accounts worldwide are also terminated.

2️⃣ HSBC Pulse Dual Currency Diamond Credit Card. How good is it?

Cross-border concierge car service in Guangdong-Hong Kong-Macao / 2 airport transfers per year / 6 domestic concierge rides per year; 8 VIP lounge visits at airports and high-speed rail stations; also mileage redemption and airline restrictions.

Most importantly, cashback on transactions can reach up to 15%, with total benefits potentially exceeding 13,000 USD.

3️⃣ As for Bank of China Hong Kong, it doesn't offer as many privileges. Recently, Hong Kong brokerage accounts for domestic clients have mostly been shut down, but you can open securities investment accounts with the bank. You can buy and sell securities and manage wealth, but the fees are not competitive compared to brokerages.

Another risk with Bank of China Hong Kong is related to tax information exchange (CRS). This data is shared with mainland China’s Bank of China, which is usually not an issue.

However, for sensitive funds like Web3 assets or other channels, closing the account and reopening it later can be very difficult.

For other funds testing, use internet banks like ZhongAn, Tianxing, Ant, Zhongli, etc. Make sure to keep funds isolated and well-deposited.

4️⃣ Don't open too many cards. After opening, fund the account to maintain the card. Remember, do not leave the account with zero funds and unused. Recently, many Hong Kong brokerages have closed inactive accounts with zero funds, so avoid this with your Hong Kong card.

Remember, only by using the card well can it serve you effectively.