Lunar New Year Bonanza: Hong Kong Banks Roll Out the Red Carpet for Mainland Visitors
As the Year of the Snake begins, Hong Kong is bracing for an influx of mainland Chinese visitors during the Lunar New Year festive period. To capitalize on this prime opportunity, the city’s major lenders are offering a plethora of perks to entice visitors to open new accounts.
A Golden Opportunity for Banks
With the government expecting around 1.43 million mainlanders to visit Hong Kong during the “golden week” holiday, banks are going all out to attract new clients. HSBC, Standard Chartered, and Bank of China (Hong Kong), as well as digital banks like ZA Bank, Mox Bank, and WeLab Bank, have crafted special offers to woo visitors.
HSBC Takes the Lead
HSBC, Hong Kong’s largest lender, is celebrating its 160th anniversary in style. As the title sponsor of the Lunar New Year fireworks, the bank is hosting a dinner with a view of the fireworks for select clients at Hysan Place. Later in the week, it will host a dinner overlooking the horse races at the Hong Kong Jockey Club and a wealth-investment dinner at the Cloud 39 rooftop ballroom. Feng shui masters will be on hand to discuss the outlook for the Year of the Snake.
Perks Galore
New account holders at HSBC’s retail banking centre at Hong Kong West Kowloon Railway Station will receive a HK$1,000 gift card for spending at Rosewood Hotel. There will also be a lucky draw for visitors to the centre. Hang Seng Bank, an HSBC subsidiary, is offering a combination of incentives, including cash offers up to HK$6,800, high-interest time deposits, and a gift bag with shopping coupons.
Other Banks Join the Fray
Standard Chartered is offering new customers an afternoon tea set gift card and a Rosewood Hotel staycation package. Bank of China (Hong Kong), DBS Bank, and digital banks like Mox are offering lucky draws for customers who use their apps to send electronic lai see, or lucky money, to friends and loved ones. WeLab Bank is offering a 5 per cent annual interest rate for time deposits in US dollars and Hong Kong dollars for two months. Bank of East Asia is giving cash rebates of up to HK$1,688 for new mainland clients who open SupremeGold or SupremeGold Private accounts.
Digital Banks Get in on the Action
Mox CEO Barbaros Uygun notes that e-lai see has become an integral part of Lunar New Year celebrations in Hong Kong. To capitalize on this trend, Mox customers who send an e-lai see of HK$50 or more will be entered into a lucky draw to win up to HK$888.80. Other digital banks, like ZA Bank, are also offering special promotions to attract new customers.
A Festive Atmosphere
As Hong Kong welcomes visitors from mainland China, the city is decked out in festive decorations. Tourists and locals alike are taking in the sights and sounds of the Lunar New Year celebrations. With banks rolling out the red carpet, it’s an opportune time for visitors to take advantage of the perks on offer.
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