To setup an IB account online is fairly simple, upload HKID, passport, address proof, etc. Then at some point you get get 4 options about how to verify your ID. If you want to continue all online and start trading, choose option 4, you then link your IB acccount to a HK bank account, send >HKD$10,000 from that HK bank account to your IB account, your ID is verified. This is what I have done, now I am trading using IB, I purchase mainly Irish domiciled ETF's in USD like IWDA and EIMI, I can do fx conversions between HKD/USD and a million other currencies at the best rate possible for average Joe's like you and me. I have a margin account which lets me purchase more shares than funds I have sent to IB, USD margin rates are 1.83% which is quite good. So all this part is fine and simple to setup online.
However, the limitation I have now with option 4 is I must deposit funds only from this HK account I specified at setup, and I can only withdraw funds back to this same account, in HKD/USD/RMB only. So for other currencies like AUD, GBP, JPY, etc, I have access to the best exchange rates in the world, but then cannot withdraw. So I can purchase AUD shares inside IB, as long as I keep it inside IB is fine, but I cannot withdraw that AUD to an AU bank account. I can only convert back to HKD and then withdraw it to my HK bank account. So this is why if you are opening IB account to trade, then option 4 is fine, but if you are opening IB for the specific purpose of fx conversion and sending to an overseas bank account, then you will need to do option 1-3.
If you are in Hong Kong, its easy, just go option 1, visit the IB office and show your HKID, its done in 5 minutes. For me overseas, there are a few other methods, such as sending them a cheque, but some signature nazi prick in Citibank whose entire job description is to look for signatures that dont match on cheques and bounce them, gets a lot of enjoyment from my pain and suffering, I have to try again to please this prick or maybe wait until the borders open or find some other way to verify my identity.