Cross-boundary WMC (Southbound) Services FAQ

FAQ Category

Q1. Which financial institution is the Mainland partner bank with Fubon Bank (Hong Kong) for Cross-boundary WMC Southbound services?: Fubon Bank (China) is the Mainland partner bank of Fubon Bank (Hong Kong) under Cross-boundary WMC Southbound services.

Q2. Can I open a Cross-boundary WMC Southbound account in joint names?: Cross-boundary WMC Southbound account can only be opened in sole name. Account opening request for WMC Southbound account in joint names or company name would not be accepted by the Bank. Further, customer should not authorize a third party to operate the account.

Q3. What information do I need to provide for completing the application for Cross-boundary WMC Southbound services?: The customer should provide his or her Mainland Resident ID card, valid Entry-exit Permit for Travelling to or from Hong Kong and Macao, or valid PRC passport held by him or her for the purpose of verification of his or her identity and eligibility under the WMC Southbound services.

Q4. Can I make simultaneous applications at two different banks in the same area when applying for the Cross-boundary WMC Southbound services?: Each qualified WMC investor can only apply for one Mainland Remittance Account and one Hong Kong Investment Account and one Macao Investment Account simultaneously.

Q5. Will I be provided a cheque book and ATM card for my Cross-boundary WMC Southbound account?: According to the regulatory requirements, in order to ensure closed-loop funding, we cannot provide cheque book service and an ATM card.

Q6. Can the funds kept in the Cross-boundary WMC Southbound multi-currency savings account be withdrawn from the WMC account by the customer?: No, you can’t. The funds in the Cross-boundary WMC Southbound multi-currency savings account can only be used for cross-boundary WMC remittances and trading of cross-boundary WMC investment products (i.e., cross-boundary WMC eligible fund products). Other transactions (such as cash withdrawal/fund transfer/FPS/payment of bills, etc.) would not be allowed.

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