The first aspect is that the entry and exit of Hong Kong funds is not controlled, and the opening of offshore account in domestic foreign banks should be supervised by domestic financial management institutions. Therefore, offshore account cannot deposit cash at present;

Secondly, in terms of bank charges, Hong Kong local accounts rarely charge fees, while offshore account charges fees according to each transaction.

The third aspect is that the account opening documents are different. Offshore account can accept mainland ID card holders to open accounts, while local accounts in Hong Kong require the account holder to have a passport or pass.

Fourth, local accounts in Hong Kong are fully functional, while some functions in offshore account are limited.

The fifth is the speed of account opening. The former is faster and the latter is slower.