Compared to some countries in the world, opening a bank account in Hong Kong is relatively easy and straightforward. With over 100 licensed banks and a plethora of banking services, there are many types of accounts geared to your needs.
This handy guide will explain the differences between the most commonly used bank accounts in Hong Kong, and the steps to apply for one.
Most Commonly Used
HK Bank Accounts
Depending on your needs, some of the most commonly used bank accounts in Hong Kong include
Chequing accounts
Saving accounts
Timed deposit accounts
Investment accounts
Can I open a bank account
as a non-resident?
Hong Kong is a transient city, and most of its residents are temporary. Since then, opening a basic current account is as easy as it gets, even if you’re a tourist.
What are the needed document?
To open a bank account in Hong Kong all you require is ID and proof of address. It is not necessary to be resident in Hong Kong or have a work visa in Hong Kong and it’s perfectly possible for a tourist to open a bank account in the city.
For those with an address in Hong Kong, you need to provide proof of address, such as a utility bill or official government communication.
*Your official ID, such as a passport or a HK ID card;
*Proof of address, such as a utility bill, a bank statement or a mobile phone bill (less than 3 months old);
*If you don’t have a Hong Kong address, proof of your home address (you can also use a relative’s or friend’s address);
*A valid visa.
*If you’re an employee, you’ll also need to show your contract or a letter confirming your employment.
*If you’re a student, you’ll need an official letter from your university or education facility in Hong Kong confirming your registration as a full-time student.
Popular Banks for Expats
HSBC, Hang Seng, and Standard Chartered are popular with expats in Hong Kong. Be aware that not all bank employees are fully up to speed on their own bank regulations and may not know exactly what documents you’re required to provide.
Expats don’t often open bank accounts in Fanling(粉岭).
It’s best to head to the larger branches in Central where you will find English speaking staff and managers more used to the specific needs of expats.
There are also branches of most major, international banks in the city, although not all offer private banking services, those that do include Bank of America, Citibank, and Deutsche Bank.
You Need to PAY ATTENTION
to These Things!
1
You have to be in Hong Kong to open you bank account. Majority of the Banks in Hong Kong open 6 days a week, from 9am to 4.30pm on weekdays, with the exception of Friday when banks usually close by 5pm. On Saturdays, many banks close off shop by 12.30 pm.
2
Most of the branches of Hong Kong banks with English-speaking staff are located in Central and in places with a high concentration of foreigners, for example Causeway Bay(铜锣湾), Tsim Sha Tsui(尖沙咀), and Wan Chai(柴湾).
3
Most banks in Hong Kong have account maintenance fees, usually levied semi-annually. Also, you may be charged when your account balance becomes lower than a pre-agreed level.
4
Outbound transfers may come with some charges, likewise standing orders and closing your account before the expiration of a stated period. Some banks give out credit cards with a charges-free grace period, where charges only apply after a certain period.
5
Hong Kong Dollar is the currency used by Hong-Kong banks. Also, interest earned on bank deposits is not subject to tax (interest rates below 1 percent).
HACOS,Business Services Solutions Master