The use of Hong Kong bank accounts is no different than in any other city.  The usual capabilities – cash withdrawal and deposit, using debit and credit cards, etc. – are made possible, as well as managing accounts and payments through the phone and Internet.  Hong Kong expats will have no problem adjusting, but take a quick read through the following services to make sure you get full use of your Hong Kong bank account.

Cash Withdrawal and Deposit

As mentioned above, cash can be withdrawn and deposited at ATM and money deposit machines around the city.

Checks

Upon signing up for a checking (current) account, customers are given a book of checks, which include their name and account information.  Checks are not as widely used in Hong Kong as in other places and are not even accepted at most retail stores and supermarkets.

Debit Card (EPS)

Bank cards can be used as debit cards, only in Hong Kong it is known as an EPS card.  Most supermarkets and department stores take EPS, but some small shops and restaurants do not.

Credit Cards

Banks have a number of credit cards available for their customers.  The type of card offered depends on a client’s annual salary, credit record, and amount of money in their savings and checking accounts.  Using credit cards in Hong Kong is very appealing as major banks offer low interest rates and incentives for frequent card users, such as waving fees and free gifts.

Online Banking

Setting up online banking is free and heavily encouraged by all Hong Kong banks.  Managing accounts and transactions online is easier for both the customers and the individual banks.

Telephone Banking

In addition to standard banking services, many Hong Kong banks have incorporated a free telebanking service, which allows customers to confirm transactions and check on account balances and other financial information over the phone.

Paying Bills

Customers can arrange for bills to be paid directly for their bank account.  This can be done in two ways.  The first method is to set up a direct debit with the bank to pay tax, water, phone, electricity, and gas bills.  An alternative option is to sign up with PPS, a new 24-hour bill payment service, which allows automatic payments to be made from a bank account to credit card companies, universities, charities, and many more merchants.  PPS accounts can be managed via phone or Internet.

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