How to open a Bank Account in Hong Kong
This article was written by Xuezi Zhang
Getting a bank account opened in Hong Kong is important for everyone, including locals, students, and tourists. Depending on who you are, there might be different steps or things you need. Here’s a simple guide to make it easier for each type of person.
Documents required:
For Permanent Residents
For Hong Kong nationals or permanent residents, the process is relatively straightforward. The essential documents required include:
1. A local phone number
2. A local address
3. A Hong Kong Identity Card (HKID)
4. If the applicant is under 18, they might need to be accompanied by their parents or guardians.
Students studying in Hong Kong
For Permanent Resident Students:
The requirements are the same as for other permanent residents, including the need for a local phone number, address, and HKID. If the student is under 18, they might need to be accompanied by their parents.
For International Students:
Foreign students need to prepare a bit more documentation to establish their identity and student status in Hong Kong:
1. A valid passport
2. A valid student visa
3. A local phone number and address
4. An enrollment certificate from the school
5. Alien Residence Card (optional)
Tourists
Visitors, including those who do not possess a student visa or permanent residency, generally face more restrictions. The necessary documents usually include:
1. A Local phone number
2. Proof of address in Hong Kong or home country
3. A valid passport
4. Proof of Employment
5. An ARC, if you manage to obtain one can significantly facilitate the process.
Banks are friendly to non-locals:
HSBC, Standard Chartered, Hang Seng Bank and DBS
HSBC is a major international bank in Hong Kong. They are known for their foreigner-friendly services, offering accounts that cater to the needs of international students, workers, and even tourists under specific conditions.
Hang Seng Bank is another good option. It is a local bank with a strong presence in Hong Kong, known for competitive rates and a simplified account opening process for foreign entrepreneurs.
Conclusion
Opening a bank account in Hong Kong requires careful preparation and understanding of the local banking landscape. By ensuring you have the necessary documents, the process can be straightforward, whether you’re a permanent resident, a student, or a visitor.
Sources:
https://wise.com/gb/blog/opening-a-bank-account-in-hong-kong
https://statrys.com/blog/open-hong-kong-bank-account