HK Bank Account Opening Guide
There are many well-known banks to choose from in Hong Kong, and each bank has its own characteristics and advantages. This article will briefly introduce you to the four major banks to open an account in Hong Kong and the relevant steps.
There are many well-known banks to choose from in Hong Kong, and each bank has its own characteristics and advantages. This article will briefly introduce you to the four major banks to open an account in Hong Kong and the relevant steps.
What is the use of opening a bank in Hong Kong?
High deposit interest rates
The latest data for 2024 shows that deposit rates of Hong Kong banks are generally above 3%.In general, larger banks have slightly lower interest rates, while smaller banks or virtual banks have higher interest rates.For example, Standard Chartered Bank and BOC Hong Kong have an annualized interest rate of 3.5%, and the three-month annualized interest rate of Citibank Hong Kong dollar deposits can reach 5.2%.
No Foreign Exchange Barrier
The lack of foreign exchange controls means that customers can allocate their funds to any country or region in the world, and there is no limit of US$50,000 per person per year.For international students or people with overseas business, Hong Kong bank cards seem to be the best choice.
Easily invest in overseas products
Many investment products in Hong Kong are connected to the global financial market. Having a Hong Kong bank card is equivalent to getting a ticket to invest in overseas assets.With a Hong Kong card in hand, you can purchase overseas properties at any time, deposit overseas, invest in Hong Kong and U.S. stock funds, etc.
Notes for opening a bank account in Hong Kong
The processing process is complex
Opening accounts in Hong Kong is much stricter than in the mainland. Most banks will conduct due diligence on customers and remember to answer seriously.In addition, banks may also require the submission of some complicated documents, which makes the entire account opening process more cumbersome.
Account must be logged in frequently
After opening an account at a bank in Hong Kong, if you do not log in for a long time, the account will go to a dormant state, and you will need to go to Hong Kong in person to fill out a form and apply for activation. For people who live far away from Hong Kong, it is a waste of time and energy.
How to open an account with a bank in Hong Kong?
At present, there are two main ways to open an account in a Hong Kong bank-opening an account in other places and opening an account in Hong Kong.
Among them, three requirements need to be met to open an account in a different place: deposit of HK$300,000 to HK$500,000 for three months, purchase of wealth management products, and make an appointment for services through the bank's official website or official public account.
For opening an account in Hong Kong, the basic materials that need to be prepared are as follows (slightly different from bank to bank):
BOC Hong Kong
Opening threshold: No deposit, no management fee;
Required documents:
- Valid identification document: such as ID card, passport or other valid government-issued identification document.
- Proof of address: Utility bills, bank statements or other valid proof of address (such as a lease contract) within the last three months.
- Tax certification documents: If you need to open an investment account, you may need to provide a tax number (such as personal tax number or tax payment certificate).
- Entry Record/Visa: Non-Hong Kong residents need to provide entry visas or records in Hong Kong.
Account opening cycle: Get out of the account on the same day to collect the card.
HSBC Hong Kong
Required documents:
- Valid identification document: such as ID card, passport or other valid government-issued identification document.
- Address proof: Address proof documents within the last three months, such as utility bills, bank statements, telephone bills, etc., must show clear address information.
- Statement of tax resident status: A tax number (such as a personal tax number or tax payment certificate) may be required to comply with CRS (Common Reporting Standard) requirements.
- Entry Record/Visa: Non-Hong Kong residents need to provide entry visas or records in Hong Kong.
Optional files:
- Proof of income: Such as payroll or tax return documents, proof of financial status may be required for advanced accounts.
- Proof of work: If you have a certificate of work, it will usually help the smooth progress of the account opening process.
Standard Chartered Hong Kong
Required documents:
- Valid identification document: such as ID card, passport or other valid government-issued identification document.
- Proof of address: Utility bills, bank statements or other valid proof of residential address within the last three months.
- Tax Number: Tax number (such as personal tax number or tax payment certificate).
Hang Seng Hong Kong
Required documents:
- Valid identification document: such as ID card, passport or other valid government-issued identification document.
- Proof of address: within the last three months, such as bank statements, credit card bills or utility bills.
- Other documents: In some cases, the bank may require you to provide work proof, tax proof or other proof of assets.
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