Opening a personal bank account in Hong Kong is relatively easy and straightforward compared to some countries in the world. 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. With over 100 licensed banks and a plethora of banking services, there are many types of accounts geared to your needs. The following is an introduction to bank account opening in Hong Kong.
I. Required Documents
Broadly speaking, the following documents are needed in order to open a personal account in Hong Kong.
(1) Passport;
(2) A second identification document, like the driving license;
(3) Residential Address proof(address proof can be utility bill, any ID, bank statement or letter. But attention, it should be strictly in English);
(4) Bank’s recommendation letter.
Non-residents need to also provide one of these documents from their home country address. The bank will then post a letter to that address which you must furnish at the bank to open the account.
II. Procedures for Bank Account Opening
1. Once you have decided which type of account (and if applicable, which tier to apply for), the next step is to decide whether you want to apply for an account in a local or international bank.
2. When you are ready to apply, you can do so online or in person. Currently, the Hong Kong banks that have online application services available are HSBC, Standard Chartered Bank, and Hang Seng Bank.
3. If you choose to apply online, once you have completed the online application forms, you will be asked to provide original and photocopies of your proof of identification (valid passport or Hong Kong identity card) and proof of a Hong Kong address (which includes utility bills, phone bills, and bank statements) to the bank in person.
4. If you require auto-payroll services, or are applying for an account with such functions, you will also be asked to provide proof of your employment or the business license.
In general, the minimum deposit for most bank accounts is HKD $1000, and you can deposit it with the bank representative on the day of application, within 3 days in person, or via the ATM.
III. Popular Banks for Recommendation
HSBC, Hang Seng, and Standard Chartered are all 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. 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.
Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in Unit702-703, 7/F, Fourseas Bldg, 208-212, Nathan Rd, Jordan, Hong Kong.
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