2025-12-07 05:24:20

Has your social media feed also been flooded with this message lately?

"Mainland users can now open a Hong Kong bank account online! Wise is open for applications!"

At first glance, it does sound tempting. But let's calm down—things might not be that simple.

The origin of this rumor actually traces back to a new business line Wise launched in Hong Kong this March—a multi-currency business account service aimed at small and medium-sized enterprises. It focuses on cross-border collections and fund management, and does indeed provide Hong Kong local collection details.

But as the news spread, it gradually became "distorted":

First round of retelling: "Supports Hong Kong local collection codes" → simplified to "gives you a Hong Kong account"
Second round of embellishment: "Hong Kong account" → directly upgraded to "Hong Kong bank account"
Final version: "Mainland residents can open a Hong Kong bank account online!"

Why is this misunderstanding so easy to happen? Because Wise’s product experience feels so much like a bank—account opening via app, local collection routes, real-time multi-currency exchange… it basically does almost everything a bank can do.

But at its core, Wise is just a global payment platform, not a bank.

What's the real difference? See the direct comparison:

| Core Difference | Wise Account | Hong Kong Licensed Bank Account |
|--------------------|------------------------------------------------|----------------------------------------------|
| **Regulatory Status** | Payment institution/e-money service provider (regulated by UK's FCA and others) | Licensed bank (directly regulated by HKMA) |
| **Fund Security** | Funds are independently held, but not covered by a deposit protection scheme | Covered by Hong Kong Deposit Protection Scheme (up to HKD 800,000) |
| **Scope of Services** | Cross-border transfers, currency exchange, virtual collection accounts | Full banking services: deposits, loans, wealth management, checks, ATM withdrawals, etc. |

Simply put: Wise is an efficient cross-border payment tool, but it can't store your money for interest, can't issue checks, and you can't withdraw cash from ATMs.

If you just need multi-currency management or cross-border collections, Wise is enough. But if you need full banking services and higher fund protection—you still need to go to a real licensed bank.

Don't be fooled by clickbait headlines. Figure out what you really need so you can choose the right tool.

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OnchainGossiper

· 13h ago

Another wave of clickbait, I knew it. Wise is indeed useful, but calling it a Hong Kong bank account is just too much. Seriously, this kind of news always gets distorted as it spreads, it happens every time. Wise is good enough for cross-border payments, but don't expect it to be used as a real bank account. Reminds me of that ERC404 fiasco before, public opinion spreading is really a disaster. Wise is just a tool, it's convenient, but you need to recognize what it actually is. Every time there are people fooled by this kind of headline, whatever, not going to complain anymore. Isn't it just a payment tool? Why force it to be a bank account, what's the rush? This time I can understand, Wise does feel a bit like a bank, but it's still far from it. Same old trick, gets passed around and ends up as something else. Clickbait really is everywhere, it's about time this trend was dealt with. Alright, those who are clear-headed know what's up, only fools would believe it all.

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UncleLiquidation

· 20h ago

Another clickbait headline again. Who said Wise is a Hong Kong bank... that's really ridiculous. --- Alright, Wise is okay for cross-border payments, but don't overthink it as a real bank account. --- I just want to ask, does anyone really believe this? There's no deposit insurance, and you still dare to call it a bank account? --- How far can these rumors spread, from a payment code all the way to being called a Hong Kong bank account... unbelievable. --- Wise is enough as it is, don't try to glorify it. Just fill the gaps as needed. --- Haha, got duped by clickbait again. Seems like you can only trust proper licensed banks for peace of mind. --- Multi-currency transfers are convenient, but Wise really can't offer the 800,000 insurance from the HKMA.

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MoonRocketman

· 12-07 05:51

Ha, another wave of clickbait is generating fake signals on the track, and RSI has already gone off the charts. Wise’s trick is to wrap a payment platform UI as a banking experience. Technically, they break through users’ psychological defenses, but at its core it’s still an electronic money service provider—not even close to reaching escape velocity to become a licensed bank. The gap in fund protection isn’t minor either: an HKD 800,000 buffer versus zero protection. That’s a big enough difference for a gravity pullback. Don’t be fooled—choosing the wrong tool is like running out of fuel in the atmosphere.

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SerumDegen

· 12-07 05:51

ah here we go again, another "hong kong bank account" cascade thats actually just... payment rails lmao. this is exactly how misinformation liquidates retail conviction - one reshare at a time

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SchrodingerAirdrop

· 12-07 05:50

It's the same old clickbait tactic for traffic again, Wise = bank account? Wake up, everyone. --- Each link in the dissemination chain adds something, and in the end it really turns into an urban legend. --- To put it bluntly, it's just a payment tool—don't expect it to generate interest on deposits. --- I just want to know how many people were fooled by this news, hilarious. --- Cross-border payments are decent, but if you want a real Hong Kong account, you'll have to find another way. --- It's always like this—one feature gets hyped up as ten features, exhausted. --- Such a big difference in regulatory levels, yet they still dare to confuse concepts. That's quite a move. --- Wise should advertise now; they're being hyped up for doing nothing, haha. --- So who is actually retelling this? Can we trace the source? --- The real issue is that funds are not covered by a protection scheme, okay?

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JustHodlIt

· 12-07 05:42

Another clickbait title like this again, seriously, enough already. Wise is just Wise, stop trying to hype it up as a bank account.

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GasGuzzler

· 12-07 05:34

Here we go again, these clickbait titles always manage to fool me, making me dig for the truth every time. It's exhausting.

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