Banks and finance services in Hong-Kong

Hong Kong is one of the world’s leading banking jurisdictions. This article is mainly about how to open personal and business bank accounts, how to apply for credit, how to set up a merchant account and how to transfer money to and from Hong Kong.

Apply for credit

The good thing about non-resident banking in Hong Kong is that you can apply for credit. Hong Kong has many fantastic miles-earning cards. If you do not have a  credit file, the bank likely ask you for either a proof of income or to leave a security deposit. This will depends on the bank, that security deposit may be equal or larger than the credit limit granted. In most cases, returned to you in full once you have established a good payment history. While many bank follows their own rules, most of them tend to ask for a deposit equal to around 10% of the minimum salary required for a specific card. For example, a card has a demand of 150000HK$ minimum salary , then the deposit asked by the bank is likely to be 15000HK$.

Preparation and due diligence

Obviously, your first step is to choose a bank type. This step is most important and deserves careful thought as it will directly influence the account opening process and the services you will going to access as an account holder. There are lots of banks operating in Hong Kong, may be more than 150 , and only a small fraction will accept non-residents. HSBC, Hang Citibank, Seng and Standard Chartered are some of those

The banks listed all offer similar accounts and debit cards (Unionpay, Citibank has a debit MasterCard). They all have online banking, mobile banking as well as digital cheque cashing facilities and foreign currency accounts.

  • domestic bank: HSBC.
  • corporate and investment bank: HSBC.
  •  international bank: Citi.
  • private bank: Credit Suisse.
  •  digital bank: Standard Chartered.
  • bank for SMEs: Hang Seng Bank.
  •  bank for CSR: Bank of China (Hong Kong)

Opening business accounts

To open a business account, you will first  book an appointment with the bank. we recommend calling at least 2-3 days in advance, so that  you get your preferred time-slot. During the call, the bank will notify you of their due diligence requirements and  the residence/headquarters of their commercial banking center. Simply show up with the requested due diligence documents. The account may be opened on the spot or in the following days (or weeks) this will depend on the bank, . A debit card will usually be issued and in some cases, a two-factor authentication device. Please note that most Hong Kong banks notify a company search fee when opening a business account.

Hong Kong banking is not very disisimilar from banking in most other countries. You can prospect your balance and initiate transfers also at any time using online banking, an app or over the phone. The debit card you received should work everywhere in the world, simply make sure that the processing machine / ATM has the logo displayed on your card (Visa, Unionpay, Cirrus etc). So this is the description about banks and finance services in hong kong.