Recently, a message has been going viral in WeChat Moments—“Wise now allows mainland users to apply for Hong Kong accounts!” It makes it sound like you can get a Hong Kong card just by clicking a few buttons. But don’t get too excited just yet—it’s not that simple. Let’s clarify what’s really going on.

**How did this rumor get twisted?**

The origin is pretty straightforward: In March 2025, Wise launched a multi-currency business account service in Hong Kong aimed at small and medium-sized enterprises. It lets users manage income and expenses in different currencies and provides local receiving details. This was just a normal business update, but as the news spread, it got distorted:

Initially: “Wise offers Hong Kong local receiving details” → Then: “Wise opens Hong Kong accounts” → Eventually: “Mainland users can open Hong Kong bank accounts online.”

Why did this happen? Mainly because Wise does provide things like HKD receiving codes, and the account opening process is smooth, so a lot of people naturally think, “Isn’t this just like a bank?” But in reality, it’s very different.

**Payment tool ≠ bank—don’t get confused**

Although both can handle HKD transactions on the surface, a Wise account and a real Hong Kong bank account are totally different things. What are the key differences?

First, regulatory status—Wise is essentially a payment institution, regulated by the UK FCA and others, but it’s not a bank. Licensed banks in Hong Kong are true financial institutions, directly regulated by the Hong Kong Monetary Authority. What does this mean? The money you keep in Wise is not protected in the same way as bank deposits.

Next, functional scope—Wise focuses on cross-border transfers and multi-currency exchanges, which are indeed convenient. But if you want a credit card, a loan, or to buy investment products—sorry, all these core banking services are not available through Wise. It’s more like a “cross-border wallet,” not a full-service financial platform.

Finally, compliance use—this is often overlooked. If you need account proof for immigration, tax filings, or other official purposes, Wise accounts may not be accepted. Many institutions require a “bank account,” and payment tool accounts don’t qualify.

**Bottom line**

The new Wise service is genuinely useful for SMEs doing cross-border business: it helps manage multiple currencies and reduce exchange losses. But it’s just an efficient payment tool—definitely not a shortcut to getting a Hong Kong card. If you need real Hong Kong bank account services, you still have to go through the proper channels.

Don’t get misled by clickbait headlines. A tool is just a tool—know what you need before choosing, and you won’t fall into a trap.