No Hong Kong Bank Card? 3 Ways to Fund Your HK IPO Subscription
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You have already opened a brokerage account with Futu or Tiger, you are ready to fund it, and then the platform tells you: "We recommend funding via a Hong Kong bank account." All you have is a mainland China bank card.
This situation is more common than most people expect. A large number of mainland investors and overseas Chinese hit the same wall when trying to subscribe to Hong Kong IPOs. This article covers three practical alternatives currently in use, breaking down the steps, costs, and limitations of each so you can find the approach that fits your situation.
The Problem: Subscribing to HK IPOs Without a Local Bank Card
Yes, you can subscribe to Hong Kong IPOs without a local bank card — three practical funding methods exist today. According to the HKMA, Hong Kong currently has 8 licensed virtual banks, several of which accept remote account opening from mainland residents.
Opening a Hong Kong bank account is not straightforward for mainland residents. Traditional banks like HSBC, Hang Seng, and Bank of China (Hong Kong) typically require you to apply in person at a Hong Kong branch. Some banks offer mainland pre-registration services, but the process is cumbersome and approval can take several weeks.
This creates a practical contradiction: you can open a stock brokerage account entirely online, but funding it often requires a Hong Kong local bank account. If a popular IPO comes along with a three-to-five-day subscription window, there is simply no time to rush and get a Hong Kong bank card sorted.
The good news is that most mainstream brokers do support funding methods beyond Hong Kong bank cards, though each platform has its own supported channels and rules. The following three methods are the ones that mainland investors and overseas users have found to be genuinely workable.
Option 1: Fund via Wise Transfer
The most popular choice for cross-border investors. Wise now serves over 16 million customers globally and supports transfers in 40+ currencies, including HKD. It allows you to convert RMB or other currencies into Hong Kong dollars and wire them directly to your broker's receiving account.
How It Works
- Register a Wise account and complete identity verification (usually requires a passport or national ID card, plus proof of address).
- Hold a HKD balance in Wise, or set up a transfer directly from a RMB-denominated account.
- Go to your broker's platform, navigate to the "Deposit" or "Transfer" page, and select "Wire Transfer." Copy the broker's receiving bank account number, SWIFT code, and reference information (usually your account number, which must appear in the payment reference field).
- Initiate the transfer in Wise, select Hong Kong dollars, enter the broker's receiving details, confirm the amount and fees, then submit.
- Allow 1 to 2 business days for the funds to arrive.
Fees
Wise charges in two parts: a fixed fee plus a currency conversion fee.
- If you already hold a HKD balance in Wise, you only pay the fixed wire fee, which is typically HKD 35 to 50.
- If you need to convert RMB to HKD, an additional conversion fee of roughly 0.5% to 0.7% applies. For a transfer of HKD 5,000, the RMB-to-HKD conversion fee comes to approximately RMB 30 to 40, bringing the total cost to around HKD 60 to 90.
- Compared to traditional bank wire transfers, Wise uses exchange rates close to the mid-market rate, which is noticeably better than the rates offered at bank counters.
Limitations
- You need to register a Wise account in your own name and link a bank card. KYC verification can take a few days. If you decide at the last minute to subscribe to an IPO, not having a Wise account ready could be a real obstacle.
- Mainland users need a bank that supports international wire transfers (such as China Merchants Bank, Bank of China, or China Construction Bank's international remittance services). Most banks cap individual daily international transfers at the equivalent of USD 50,000, which is not a constraint for most retail IPO subscribers.
- Wise is not a product built for the Chinese mainland market, and accessing the platform may require additional network configuration.
Best suited for: Overseas Chinese investors, or mainland users who want to participate in HK IPOs on an ongoing basis and do not mind a one-time setup effort.
Option 2: Fund Directly with a Mainland Bank Card
Some Hong Kong brokers accept direct funding from mainland bank cards via UnionPay or RMB. This method skips the third-party remittance platform and sounds like the simplest option, but in practice it comes with more restrictions than it appears.
Which Brokers Support Mainland Bank Card Funding
- Futu Securities: Supports mainland bank card (UnionPay) quick funding. You can usually complete the transfer directly through the online banking or mobile banking app of major banks like China Construction Bank or Industrial and Commercial Bank of China.
- Tiger Brokers: Also supports UnionPay funding. In the app, go to "Deposits & Withdrawals" and select "UnionPay Deposit."
- Interactive Brokers (IBKR): Does not directly support mainland UnionPay funding. International wire transfer is required.
Example process using Futu:
- Open the Futu NiuNiu app and go to "Me" > "Deposits & Withdrawals" > "HKD Deposit."
- Select "UnionPay Quick Deposit." The system will redirect to a third-party payment page.
- Choose your mainland bank (CCB, ICBC, CMB, etc.), enter your card details and verification code.
- Confirm the amount and submit. Funds typically arrive the same day or the following day.
Fees
- UnionPay deposits usually carry a service fee of roughly 0.1% to 0.2%, and some platforms waive fees up to a certain amount.
- After the funds arrive, you need to exchange them from RMB into HKD at the broker's real-time reference rate, which is typically less favorable than the mid-market rate Wise uses. The difference is roughly HKD 20 to 50 per HKD 10,000 converted.
- For small amounts (under HKD 20,000), the total cost is comparable to Wise. For larger amounts, Wise's exchange rate advantage becomes more significant.
Limitations
- The UnionPay deposit channel is not always stable. Some users have reported processing delays during peak periods just before an IPO subscription deadline, and arrival times can be unpredictable.
- Each UnionPay deposit typically has per-transaction and daily limits (usually between HKD 50,000 and HKD 200,000 per transaction depending on the broker), so large amounts must be split across multiple transfers.
- A small number of mainland banks apply additional risk controls to "cross-border payment" transactions, which can occasionally result in a blocked transfer that requires calling the bank to resolve.
- This method relies on a third-party payment channel rather than a direct bank wire, which makes it somewhat less reliable.
Best suited for: Futu or Tiger users who already have a mainstream mainland bank account (CCB, ICBC, CMB), and who want to make small, quick deposits without prioritizing exchange rate efficiency.
Option 3: ZA Bank Virtual Banking
The most comprehensive solution — it gives you a genuine Hong Kong bank account. ZA Bank has surpassed 800,000 registered users since launching in 2020, making it the largest virtual bank in Hong Kong by user count. Established under ZhongAn International and regulated by the HKMA, what sets it apart is that the entire account opening process is done on your phone. You do not need to visit a Hong Kong branch, and mainland residents can apply remotely.
This means ZA Bank addresses the root problem of not having a Hong Kong bank account. You can remotely open a genuine Hong Kong bank account and use it for deposits and withdrawals.
Account Opening Requirements
- A valid passport (mainland national ID cards are also accepted, but a passport is the recommended document).
- A Hong Kong local phone number for receiving verification codes. Users without a Hong Kong number have reported contacting ZA Bank's customer service for assistance, though results may vary.
- The entire process is completed within the ZA Bank app and typically takes a few business days for approval.
ZA Bank (Referral code: XL82N9)
How It Works
- Download the ZA Bank app and follow the prompts to upload your ID documents and complete facial recognition.
- Enter referral code XL82N9. Promotional rewards may be available during certain periods.
- Once your account is approved, you will have a Hong Kong local bank account number.
- Transfer funds into ZA Bank from the mainland via international wire, or receive payments directly if you have income in Hong Kong.
- Use your ZA Bank account to fund your HK stock brokerage account, exactly as you would with any standard Hong Kong bank card.
Fees
- ZA Bank does not charge monthly fees or require a minimum balance.
- Transferring funds in from the mainland still requires an international wire transfer, with fees set by the sending bank (mainland banks typically charge RMB 100 to 200 per wire).
- Transfers between ZA Bank accounts are free, and the bank may offer faster settlement with certain brokers.
Limitations
- Account opening requires a Hong Kong local phone number, which is a real barrier for mainland users with no Hong Kong connections.
- Wiring money from the mainland to ZA Bank is not fundamentally different from wiring directly to a broker. It adds an extra step and does not reduce fees. The advantage is more flexible withdrawal options afterward.
- Virtual banks have certain functional limitations compared to traditional banks, particularly for large international wire transfers and cheque services. Check ZA Bank's official website for the latest feature details before opening an account.
- Not every investor needs a Hong Kong virtual bank account. If you only plan to subscribe to one or two IPOs occasionally, the Wise route involves lower overhead and is simpler to set up.
Best suited for: Investors planning sustained activity in the Hong Kong market beyond just IPO subscriptions, such as day-to-day trading and regular withdrawals, or users who need a local Hong Kong account for business purposes.
Comparison of the Three Options
| Method | Arrival Time | Approximate Fees | Convenience | Best For |
|---|---|---|---|---|
| Wise Transfer | 1-2 business days | HKD 35-50 fixed + ~0.5%-0.7% conversion | Moderate (requires prior registration) | Overseas Chinese; mainland users participating in HK IPOs long-term |
| Mainland Bank Card (UnionPay) | Same day to next day | 0.1%-0.2% channel fee + ~HKD 20-50/10K FX spread | Higher (in-app operation) | Futu/Tiger users; small, quick deposits |
| ZA Bank Virtual Bank | Same as a normal HK card once open | Free to open; wire fees ~HKD 100-200 as per international wire | Moderate (requires HK phone number) | Users needing long-term HK market access with flexible funding |
What About Withdrawals?
This question deserves more thought than the funding question, yet most people only think about it after they have been allocated shares.
Most brokers apply the following withdrawal rules:
- Withdrawals must go back to the same account that was used for the original deposit. In other words, if you funded via Wise, your withdrawal should also go to Wise.
- Some brokers require withdrawals to be sent to a Hong Kong local bank account and will not send funds directly to mainland accounts or Wise.
Using Futu as an example, the primary HKD withdrawal route is to a Hong Kong local bank account. If you do not have one, you may need to withdraw via international wire to Wise. Specific policies change over time, so it is worth confirming with customer support before you make your first deposit.
Practical implications:
- If you fund consistently via Wise, withdrawals can also go back to Wise and then be transferred to your bank account from there. The loop is closable, but every withdrawal incurs fees.
- If you have a ZA Bank account, withdrawing to ZA Bank is the most straightforward option, and you can then handle the funds however you prefer from there.
- For users who funded with a mainland bank card, whether withdrawals can go directly back to a mainland card varies by broker. Always confirm this in advance.
Recommendation: Before making your first deposit, confirm the broker's policy on "withdrawals to non-Hong Kong accounts." The last thing you want after a successful IPO allocation is to find your withdrawal route blocked.
Practical Guidance
Here is a decision framework based on different situations:
If you only plan to subscribe to one or two HK IPOs occasionally and do not want to maintain extra accounts long-term: Use Wise. Register once, and subsequent deposits are straightforward. The withdrawal path is also clear. KYC verification takes roughly 1 to 3 days, so register the account before you need it.
If you already use Futu or Tiger and are subscribing in small amounts (under HKD 50,000): UnionPay direct deposit is the most convenient option. A few taps in the app, and funds typically arrive the same day. This works well for reacting quickly to popular IPOs.
If you plan to be active in the Hong Kong market long-term, not just for IPOs but also for regular trading and withdrawals: Opening a ZA Bank account is worth the effort. Once you have a Hong Kong local account, deposits and withdrawals work the same way as they do for Hong Kong residents, and the barrier to ongoing participation drops considerably.
If you are depositing a large amount (over HKD 200,000 in a single transfer): A direct international bank wire to the broker's receiving account is the most reliable approach. The absolute wire fee (HKD 100 to 200) is negligible as a proportion of a large transfer, and the reliability is higher than third-party payment channels.
Frequently Asked Questions
Can I open a Hong Kong stock account without a Hong Kong bank card?
Yes. Major online brokers including Futu Securities, Tiger Brokers, and Interactive Brokers all accept account applications from mainland residents. You only need a mainland national ID card or passport and to pass an online or video identity verification process. Opening the account itself has nothing to do with having a Hong Kong bank card. The bank card requirement only comes up at the funding stage, not during account opening.
Can Wise be used normally from mainland China?
Wise is an international remittance platform. Accessing it from within China's network environment may require additional configuration. When registering and making transfers, make sure your network connection is stable, and do not attempt to use Wise for the first time on the eve of an IPO subscription deadline.
How is ZA Bank different from a traditional Hong Kong bank?
ZA Bank is a licensed bank regulated by the HKMA. Deposits are protected under the Hong Kong Deposit Protection Scheme (up to HKD 500,000 per account), and it has the same legal standing as HSBC or Hang Seng. The main differences are that there are no physical branches — all services are handled through the app — and some advanced features (such as large international wire transfers and cheque services) are more limited compared to traditional banks.
What should I put in the payment reference when sending a wire via Wise?
Each broker has slightly different requirements, but you typically need to include your brokerage account number in the payment reference (Reference) field. This allows the broker's system to automatically match the incoming funds to your account. Leaving this blank or entering incorrect information can cause delays or result in the funds being returned. Before initiating the transfer, copy the exact reference details from the broker's deposit instructions page.
How long are IPO subscription funds locked up, and when are they released?
Subscription funds are frozen from the moment you submit your application until the allocation results are announced, which is typically 3 to 5 business days after the subscription deadline closes. Unallocated funds are returned to your account on or the day after the allocation date. Allocated funds are debited from your account and the corresponding shares are credited to your holdings. These funds cannot be used for other trades during the subscription period, so factor this into your planning when deciding how much to deposit.
Disclaimer
This article is for informational purposes only and does not constitute financial advice or an investment recommendation. Broker funding policies, supported channels, and fee structures are subject to change. Please confirm current details with each platform's official website or customer support before proceeding. Cross-border remittances are subject to foreign exchange regulations — please comply with the applicable laws in your jurisdiction. All investments carry risk; assess any decision carefully based on your own circumstances.
The ZA Bank referral link in this article is a promotional link. LowRiskTradeSmart may receive a referral commission through this link. This does not affect our objective assessment of ZA Bank.
Fee data last verified February 2026.
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