For those who do business in Hong Kong, a ZA bank account is an excellent bank option that is simple to apply to.
ZA bank is the first digital bank that took root in Hong Kong, and it offers a wide variety of virtual services to its 300,000+ customers.
One of eight digital banks that operate out of Hong Kong, ZA supports three currencies: HKD, CNY, and USD.
Some of the services available through ZA bank include loans, insurance, business banking, FPS transfers, time deposits, and multi-currency savings accounts.
One of the most popular perks is a high interest rate of 1% on a total of three supported currencies.
ZA bank is a joint venture of Zhong An online (an internet company based in mainland China) and Best Group. It is one of eight digital banks currently in the Hong Kong market.
Who is Eligible for a ZA Account?
There are some qualifications you need to meet to open up a ZA bank account, but they aren’t too onerous.
If you are over 18, have a valid Hong Kong phone number and address, and possess a valid HKID card (both permanent and non-permanent residents are accepted), then you are eligible to apply for a ZA account.
How to Open a ZA Bank Personal Account
The process for opening a ZA bank personal account is fast and easy.
If you meet all the requirements, all you need to do is:
- Download the ZA Bank app.
- Next, you’ll verify your phone number (you must have a phone number so that you can receive SMS and authenticate your identity).
- You’ll need an invitation code, which you then input along with your email address.
- Select and scan your HKID card, confirm the information, fill in the address, job, the purpose of account, and tax information.
- Finally, you’ll set up your username and password.
That’s all there is to it!
Opening a ZA Bank Business Account
To open a business bank account with ZA bank, your business must be established or incorporated in Hong Kong.
This means you must have both a corporate registration number and a business registration number.
There is a bit more required for opening a business account with ZA bank, although it is still a simple and relatively fast process.
To apply for a business account:
- First, need to go online to bank.za.group and drill down from the “Bank” menu to the “business” header.
- Scroll down to “apply now” and click.
- Fill out the Business Account Opening form.
- Gather all required documents from the document checklist found on their website.
- Finally, submit the application and all related paperwork to firstname.lastname@example.org.
You will have to wait a bit longer to be approved for a business account than a personal account, but that’s to be expected.
While not instantaneous as with personal accounts, ZA Bank prides itself on moving quickly on processing new clients and can approve a business account as quickly as five minutes.
How safe is my money with ZA Bank?
The ZA bank has been licensed through the HKMA since 2019.
Begun as a fintech concern, it has moved onto a more stable footing.
It’s the first bank to be licensed to offer insurance (Life Protection, Accident Protection, Heart Attack, and Stroke Protection, and Cancer Protection), and is backed by Mainland capital.
While completely digital, it is licensed and backed like any traditional bank.
ZA bank is also a member of the organization known as the Deposit Protection Scheme.
They protect the Renminbi, the Hong Kong dollar, and foreign currency deposits to the tune of HK $500,000 per depositor.
However, they do not protect structured deposits, offshore deposits, bearer instruments, and time deposits with a maturity longer than five years.
Benefits of Having a ZA Bank Account
There are perks available to both personal account holders, as well as business account holders with ZA bank.
With a ZA personal banking account you can enjoy the following:
- You can connect your ZA account to other bank accounts
- Generous 1% savings rate
- A personalized debit card
- No annual fees, interest fees, or late fees
- You can receive a rebate of up to 11% on purchases
- Simple and fast to open an account online
- Instant FPS money transfers
ZA business accounts offer the following advantages:
- The simplicity of opening an account online
- Available business loans with a revolving credit line
- Local funds transfers
- You can fund savings accounts with CNY, HKD, or USD, with ZA bank planning to accept other currencies in the future.
- Instant notifications and card security features
- Low handling fees
- Time deposits are available for all three accepted currencies
For all account holders, the ZA app is a convenient way to access and manage all accounts and transactions.
They also offer e-statements and e-advice to review transaction histories, and fund transfers and payments via FPS and CHATS (only locally so far).
There is also the option to apply for personal loans of up to HKD $1,000,000.
You can complete the whole process online on their website, and the loan application will be approved within 30 minutes.
For every minute of time taken over the promised 30 minutes, ZA bank offers HKD10 up to a total “late” fee of HKD500.
Banking with ZA Bank
Before applying to ZA bank, just be sure that you have all residency paperwork (permanent or non-permanent) in line, and if you are a business that your business is incorporated in Hong Kong.
While ZA bank is a fintech that has less restrictive standards than most traditional banks, they do have requirements that must be fulfilled.
ZA bank is a newer option available to individuals and businesses in Hong Kong who want the convenience of online banking.
With easy sign-ups, a decent savings rate, no annual fees, simple deposits, and fast money transfers in three popular international currencies, ZA bank is an attractive prospect in modern online banking.
ZA Bank seems like not a great match for your business account needs?
Open a business account with Statrys and get all the corporate services like forex and multicurrency payments that a bank wont' give you.