Opening a bank account seems difficult in many countries globally. However, Hong Kong prides in its simple and straightforward procedures for the same. The country features more than 100 licensed banks not including its innumerable banking services. They also provide a wide range of accounts that focus on your needs.
Go through this piece to distinguish between the varieties of bank accounts and their respective steps of application in Hong Kong.
Anybody can conveniently apply to open bank account in Hong Kong. Both citizens and aliens qualify to hold these bank accounts even when they lack employment visas. You only require proving your identity and an address in Hong Kong.
Your needs define your ideal bank account. There exist savings, time deposits, investment and chequing accounts. If you desire an account in which you will deposit your income, then you might consider integrated Hong Kong bank accounts. It blends the services of savings and chequing accounts in one thus enabling your employer to remit your salary automatically into your account via auto-pay. Timed deposit accounts on the other hand yield interest on your savings using local or foreign currencies. Then, investments accounts provide dividends and bonds for sale both from Hong Kong and overseas.
Certain banks including The Bank of East Asia (BEA) and HSBC group their bank accounts using tiers like HSBC Advanced and premier accounts. Highly ranked accounts present more benefits compared to their low-tiered counterparts. Normally, higher accounts demand more minimum deposits.
After deciding on the type of bank account that you desire alongside its tier, then, you should proceed to choose between local and international banks. It goes without a word that international bank accounts like Citibank pride inconvenience. They feature branches in select parts of the world aside from Asia including America and Europe. However, they charge higher administrative fees. You can nonetheless open bank account in Hong Kong with a local bank due to its comprehensive accounts. For instance, Standard Chartered Bank and the Bank of East Asia pride in appealing welcome packages. Unfortunately, they do not guarantee their services outside of Asia.
You could rank among the population that prefers saving and trading in Chinese’ Renminbi. In such a case, you should invest in identifying the firmly developed Chinese banks that also operate branches in Hong Kong. For example, you should know more about The Bank of China that presents diverse multi-currency investments and savings accounts for Hong Kong and China in equal measure. Expatriates seem to prefer Hang Seng, Standard Chartered and HSBC banks.
It is possible to apply for these accounts either in person or on online platforms. HSBC, Hang Seng, and Standard Chartered are a few Hong Kong Banks offering online account application services. If you prefer to open bank account in Hong Kong from online, you should start with filling in the online application forms. Upon completion, you will upload a copy of your original identification documents. You will provide your valid passport while Hong Kong citizens must issue their identity cards. Then, you will prove your address in Hong Kong. You will deliver your utility bills, bank statements or utility bills often in person to your desired bank in order to verify your address.
Individuals on payroll must, however, provide their pay slip if not contract letters as evidence of their employment. This is mandatory when enrolling for bank accounts that offer auto-payroll services.
It is prudent to apply for a bank account in your motherland before traveling to Hong Kong. This employs to scenarios where your bank features its branches in Hong Kong. As a result, you will provide documents that attest your relocation to Hong Kong. For example, you might issue originals and copies of your employment or admission letters in Hong Kong to your home country’s bank.
You must prepare to maintain your bank account in your nation. This proves your ability to apply for another bank account in a foreign country. Once the application process is over, you will collect your ATM card from the given bank’s branch in Hong Kong as your banker recommends.
When setting up your ATM’s pin, you must avail yourself in person regardless of the location from which you applied for your personal bank account. Your account must also have the minimum deposit amount that is vital for opening and sustaining it. Most Hong Kong Banks demand a minimum deposit of HKD $1000. You can either deposit it over the counter during the application process or do it in person within 3 days if not through your ATM.
Multi-currency Timed Deposit Accounts differ from other accounts. Their minimal deposits, for instance, differ among banks and currencies. You will also state the timespan for buying the currencies before appending a corresponding signature.
You can pick your ATM card within 7 working days in person or through the mail. Then, you will activate it and follow the given guidelines for updating your details before you start using your account. Above all, your account defines the range of services that you can get from varying ATM counters.