Hong Kong is one of the largest international finance and banking centers with more than 200 banks representing over 30 countries.  As such, banks are well equipped with multi-currency accounts to satisfy the interests of both locals and Hong Kong expats.  The Hong Kong Monetary Authority (HMA) oversees all financial and banking related services.

Opening a Bank Account

Opening a Hong Kong bank account is a very simple process.  A completed application form, proof of a local address, and some form of identity are generally the only requirements for setting up an account.  Depending on the bank, additional verification – a passport, employment contract with salary details, or a sponsorship letter  – may be required.

Local banks cater to local needs, so it is best for expatriates to do banking in places like Central, Tsim Sha Tsui (TST), Wan Chai, or Causeway Bay, where the branches have more experience in dealing with foreign customers.  One of the most popular banks among Hong Kong expats is HSBC because of its presence on the international stage; however some Asian banks, such as DBS, are becoming major players.

Banking Fees

Banking expenses may vary from bank to bank and depending on the types of accounts and services that are used.  Fees comewith the following services:

• Transfers – Fees only accompany outbound payments.
• Closing an account – Clients are usually only charged if this is done within three months of opening the account.
• Inactive bank accounts – Charges are only incurred if the account holds less than the minimum allowance.  Minimum amounts vary from bank to bank but are generally in the HK $1,000 – $2,000 range.
• Changing standing orders – Processing and cancellation fees may come into play if the specifics of an order need to be changed.
• Credit card  - Credit card plans are usually free to join, but the companies often require certain fees or impose charges after a year or two of holding the card.

Banking Services

Banking services include: savings accounts, checking (a.k.a. current) accounts, foreign currency accounts, time deposit accounts, money transfers, currency exchange, credit cards, standing orders, direct debits, and a number of investment and insurance services.

Branch offices are open Monday to Friday from 9 a.m. to 4:30 p.m., and on Saturdays from 9 a.m. to 12:30 p.m.  Additionally, most banks have ATMs spread all over Hong Kong, and at some of these locations money deposit machines are also available.  A few banks have established agreements for their customers to use ATM services from either of the banks’ ATM machines without having to pay a surcharge.

Photographs by mhansen514 and noelmoore at www.Flickr.com