How To Open A Bank Account
February 28, 2009
Filed under Banking, Business and Finance, Guides, Personal Finance
The process for opening a bank account in Hong Kong banks is relatively simple. You need to go to the bank in person and fill out an application. You’ll be required to bring some form of identification with you, such as passport or Hong Kong ID. Note that you do not have to be a HK resident to open an account. In fact, visitors and tourists alike can do so; however, a proof of address is needed.
In this case, the bank will send mail to whatever address you are staying at, and you will then have to bring the letter back to them. This also applies to those who have just moved to Hong Kong, but have no permanent address yet.
If you’re already moved in and settled, a recent utility bill (no more than 3 months old) such as gas or electric with your name and address should do.
In addition to proof of address, your bank might require a letter of sponsorship from your employer or an employment contract with salary information to prove your economic stability and status in Hong Kong.
Depending on the branch or location of the bank you wish to open the account at, the documents and requirements vary slightly. Two of the biggest banks in Hong Kong are Bank of China and HSBC, and they are popular among ex-pats.
For HSBC and Bank of China, you will need:
- Valid ID (passport or HKID)
- Proof of address
Keep in mind that most bank employees in Hong Kong speak English, but there can still be miscommunication sometimes. The banks in the more local populated areas tend to cater more to locals naturally, so we recommend going to the branches in Central, Tsim Sha Tsui, or Causeway Bay to open your account, as they are used to dealing with ex-pats and visitors.
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This is good advice including open the bank account in areas where you are confident that the staff can handle English. I didn’t do this and although the Hang Seng Branch staff are frlendly, I usually need to take a local friend.
Secondly, I was asked as a tourist originally to prove my home address in Canada with a utility bill with my name and address there on it.
Great article. Hope to read one about corporate accounts as well, for business owners. Cheers.
Patrick
When signing the application form, be mindful of your signature, as this one will be kept for comparison. If you cannot reproduce a similar signature when needed in the future, your request may not be processed by the back-office. Even though front-office staff has verified your ID! A friend experienced this problem several times.
Very informative.
Would also like to know more abt the various current/savings bank accounts in HK. I’ve been told that most banks take a quarterly charge out of your account -abt $120 – thats more than you make in interest per annum!
If you live in a sublet property then banks will not accept your rental contract because no stamp duty is paid on sublet properties.
You forgot to mention that all banks as far as I know need
a minimum deposit which can be quite hefty
I have been to the DBS Bank 2 days ago. I have shown them my Hong kong permanent ID (although I am not a Chinese National) and my proof of address from a government department.
The staff there was friendly enough. He took the proof of address and my ID and after few minutes he came back…
He says that “I am sorry but we can not open a savings account for you”. I did not bother to ask why. There are a lot of banks anyway.
I opened my account eventually from Hang Seng Bank.
Just asking “why is that???”
Is there anybody (not a Chinese national) ever been rejected to open a savings account from any bank?
Just left wondering…..
so does it means I can open a hong kong bank account without a hong kong address? I am from china, can I open account in hong kong without work visa and student visa or any long stay visa?
I tried to open an account at HSBC: After 5 attempts at 4 different branches, I give up… Each branch also seem to have different regulations and requirements regarding opening a personal account, but one thing in common: They don’t want my money.
> If you do not have a drivers-licence or proof of ‘official’ + permanent HK address (my 3-months rent contract, wasn’t sufficient) , you get forget it.
how about online banking transaction?My employer is an HSBC account holder and used to transfer my wage into my atm hangseng account.It took me days to wait and often bounced back.I was asked rather to open HSBC account to make transaction faster.Which in the second thought….all i know was HSBC and Hangseng were partners?I think something wrong with this online banking….i love hangseng anyway!!!!!!