Recently, a news went viral on social media: "Wise is open to mainland users to apply for Hong Kong accounts!" Many people are excited to think that they can finally get a Hong Kong bank card. But calm down - there's a huge misunderstanding.

Let's start with the conclusion: Wise did launch a new business in Hong Kong, but it is not a bank at all, and it is not a "Hong Kong bank account" for you. What is it suitable for? Cross-border receipts and payments. Want to use it as a local bank card in Hong Kong? Then you may be disappointed.

How is the news spread crookedly? **

Look back at the timeline and you'll understand. On March 4, 2025, Wise officially announced the launch of a Business multi-currency account for local SMEs in Hong Kong, which can process receipts and payments in multiple currencies, including Hong Kong dollars. This was originally a B-end product, serving local enterprises in Hong Kong.

The result? The message was condensed into one sentence during the dissemination: "Wise opens up mainland users to apply for Hong Kong accounts. Then many people came up with an equation: Hong Kong account = Hong Kong bank account = Hong Kong bank card.

That's the problem.

Why is this misleading? **

Wise is positioned not as a bank at all. It is a regulated payment institution and electronic money issuer, with electronic money licenses and payment licenses around the world, but in terms of legal attributes, it is completely different from traditional banks such as HSBC and Standard Chartered.

The "account" you get through Wise should be called an "e-wallet" or "virtual account". It can generate collection information for you in different regions ( such as the ) of Hong Kong dollar collection accounts, which is convenient for you to transfer and exchange money across borders, but the corresponding clearing paths and fund custody methods behind these accounts are far from the logic of real bank account operation.

What scenarios are they suitable for? **

If your needs are:
- Receiving payments from overseas customers
- Cross-border e-commerce collection
- Currency exchange and transfer, reducing handling fees

That Wise is a good fit. Transparent rates and exchange rates close to the mid-market are a good tool for cross-border freelancers and small and micro businesses.

But if you are counting on using it:
- Spend money locally in Hong Kong
- Handling loans, wealth management and other banking services
- A companion account as proof of Hong Kong identity

That's too much to think about.

Don't let the four words "Hong Kong account" cloud your judgment. Find out what exactly you need before deciding if Wise is your thing.