BEIJING, April 25 (TMTPOST) – After the lifting of a daily quota on people crossing between Hong Kong and the mainland, banks in the city have witnessed more mainland visitors opening accounts, driven by the soaring demand for cross-border financial services.

Based on visits to banks in Tsim Sha Tsui and Central on Wednesday, some banks, including Bank of China Hong Kong, China CITIC Bank (International), and CMB Wing Lung Bank, had exhausted their quota for accounts opening by noon. The Bank of China Hong Kong Branch on the 2nd floor of Tsim Sha Tsui had a long lineup forming as early as 7 a.m., and those arriving after 9 a.m. were informed that the day’s account-opening quota had been full booked.

After the resumption of normal customs clearance in Hong Kong, the number of visitors to the city has increased significantly. On March 18, for the first time since the resumption of normal travel between Hong Kong and the mainland, the number of mainland visitors exceeded 100,000 in a single day.

Compared to the pre-pandemic period, more visitors are visiting Hong Kong in order to open new bank accounts or activate old ones that had been temporarily frozen due to their inability to visit the city because of the pandemic. According to sources at the Bank of China Hong Kong Branch, the quota for opening accounts had been run out at 9 a.m., and the bank was able to only about 50-70 new accounts per day. There were still quotas for activating old accounts, but the waiting time was more than one hour. Bank staff suggested that users waiting for accounts opening services go to other branches or use online booking service.

Unlike the situation in this Chinese bank, customers to a branch of Standard Chartered Bank across the street only need to line up for half an hour to one hour in advance to open an account during the same period. According to relevant sources, at another branch of Bank of China Hong Kong in Central, customers who arrive at the bank at 9 a.m. can open an account on the same day without difficulty.

The reasons for mainland tourists to open Hong Kong bank accounts include paying Hong Kong insurance premiums and depositing money into stock accounts. It can be observed that Chinese banks such as Bank of China Hong Kong, China CITIC Bank (International) and CMB Wing Lung Bank are favored by mainland users with such needs.

Besides brand recognition, mainland users’ favor of these banks might result from the relevant banks’ promotion targeting them. For example, China CITIC Bank (International) has launched a campaign for Labour Day. From now until May 31, new customers who open accounts and deposit a specified amount can receive a maximum cash reward of HK $2,900 or a night’s stay in a five-star hotel in Central.

In addition to promotions, some banks have extended their business hours in response to the increasing cross-border wealth management demand. For example, the Hongkong and Shanghai Bank opened seven days a week at its three branches in Tsim Sha Tsui, Causeway Bay and Kwun Tong in March.