This article provides a detailed guide for individuals who want to open a Hong Kong bank account and own a Hong Kong bank card. The content includes preparations before going to Hong Kong, how to make opening an account easier, and how to choose a bank to open an account with.
Some background knowledge you need to know: Basic knowledge of bank accounts and cards in Hong Kong
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Preparations before going to Hong Kong
Reasons for opening an account
You need to think about it from these two aspects:
- Why do you need such a bank account?
- How do you convince the bank to open an account for you?
Regarding the first question, if you haven’t figured it out yourself, then this article is not for you. Moreover, bank accounts also have maintenance costs. If you don’t use it for a while, the account will be frozen, and you need to go to Hong Kong to unfreeze it. After the ID documents are replaced, you have to go to the counter to update it. So you really need to think carefully about whether you really need it?
If you are sure you need a Hong Kong bank account, then you have to consider how to convince the bank to open an account for you. Here are some common reasons.
| Reason for opening an account | Possible rebuttal from the bank | Effective ways to refute the bank |
|---|---|---|
| Consumption | Mainland cards can be used. Do you apply for a card every time you travel? | None |
| Savings | Insufficient funds, the interest rate difference is not significant | Take tens of millions to smash them |
| Insurance | No insurance-related documents | Bring the original insurance policy |
| Financial management (stock trading) | Insufficient funds, lack of investment experience, high risk | Use money, use investment certificates |
| Living in Hong Kong | Proof of documents? | Bring your Hong Kong ID card |
If your application is rejected, you can apply for a review. Since you need to apply for a review, you can directly ask the other party to provide the rejection document.
Proof of identity
ID card (required for mainland residents), Hong Kong and Macao pass, passport.
Chinese-funded banks will require an ID card. Use the Hong Kong and Macao pass or passport corresponding to the entry slip.
Proof of address
You need to provide your residential address to ensure that you can receive letters. Used to receive mailed password letters, bank cards, checkbooks, and subpoenas (if you do something you shouldn’t do).
If the address is different from the address on the ID card, other proof of address is required.
The proof of address should preferably have the official seal of the government department. Such as: household registration book, driver’s license, real estate certificate.
It also supports using: electricity bills, gas bills, water bills, credit card bills with your name and address in the past 3 months (you need to stamp the bank’s official seal). These address proofs are best mailed (to prove that you can receive letters), bring the envelope.
In order to meet the different standards of different bank outlets for proof of address, please prepare as many available materials as possible for future use.
International roaming
Contact your telecom operator to activate international roaming service. Used to use mobile data network traffic in Hong Kong, receive SMS messages (if you need to use this number to register a bank account).
It is recommended to buy an unbundled card (no monthly plan) at 7-11, Mannings and various mobile phone stores in Hong Kong. The cost is lower than the roaming package of mainland mobile phone cards.
If you plan to keep a Hong Kong phone number for a long time and receive text messages in mainland China, Club sim card is more recommended, because after using it up, you can also choose to buy a number retention package, which costs 6 Hong Kong dollars per year.
Cash
Since you need to deposit a certain amount of money into your bank account, it is recommended that you bring cash for deposit (common currencies are acceptable), because there is a limit on the amount of cash withdrawals at ATMs in Hong Kong, and there will be handling fees. Do not carry too much, otherwise you may not be able to pass the border. Please check the control rules of all the areas you pass through in advance (for example, you can only carry a maximum of 20,000 RMB out of China; the limit is higher when entering Hong Kong).
Generally, banks require a deposit of 10,000 Hong Kong dollars (or other currencies of equivalent value) when opening an account.
Considering that you may spend cash in Hong Kong, please exchange an appropriate amount of Hong Kong dollars at the bank.
Hotel reservation
If you plan to stay overnight in Hong Kong, please book a hotel in advance. Because each entry into Hong Kong requires consumption of endorsements, whether you can endorse after returning to the mainland is a metaphysical question, it is not recommended to stay overnight in Shenzhen.
Consumption
Consumption in Hong Kong basically supports Octopus (Hong Kong transportation card), and most stores also support common electronic payment methods in mainland China. Buses and subways can use electronic payment (receive the ride code in Alipay, UnionPay, and WeChat APP in advance). Ferries can only use Octopus. Apple phones can install tourist Octopus, and use debit cards or credit cards in mainland China to pay for top-ups.
Other
Hong Kong uses British sockets, buy a converter in advance.
Check the places you want to go and the transportation methods in advance. Plan the route.
Download the APP of the bank you want to open an account with in advance.
Check the address and phone number of the branch you plan to go to in advance. It is best to make an appointment.
Hong Kong bank business hours:
- Monday to Friday 9:00-17:00
- Saturday 9:00-13:00 Sunday closed
Now a small number of banks offer weekend business services, please check in advance.
How to make opening an account easier
Bring enough funds and supporting documents.
Make an appointment in advance.
Choose a bank that is easier to open an account with. You can refer to the options below.
Different branches of different banks have different standards for opening accounts. You can try running to more branches.
Communicate more with the bank staff.
How to choose a bank to open an account with
ZA bank; livi bank; Airstar Bank. These three virtual banks, install the software on your mobile phone, and you can open an account with your Hong Kong and Macao pass.
There are no physical bank outlets. You need to transfer funds from other banks. Transfers from banks outside Hong Kong (relative to Hong Kong), such as transfers from mainland Chinese banks, are also possible, although they may incur high fees. It should be noted that banks in mainland China may restrict the outflow of funds.
ZA bank: There are many local activities in Hong Kong and there is a visa debit card.
Bank of China (BOC), HSBC: Convenient for cross-border transfers
For HSBC, you can check out this article HSBC account opening guide
CMB Wing Lung Bank (CMBWL) and Nanyang Commercial Bank (NCB): Provide suitable exchange rates and the account opening procedure is relatively smooth. You can download the corresponding mobile APP to apply for an appointment to open an account. Nanyang Commercial Bank can be downloaded in the Hong Kong app store 南商e+. China Merchants needs to deposit 10,000 Hong Kong dollars, otherwise there will be a management fee.
China Construction Bank Asia (CCB): Cash withdrawals at ATMs in mainland China are free, but you need to make an appointment in advance. The documents required to apply for an account usually include an ID card, a pass, and proof of address. However, you may also be required to purchase insurance and other documents.
Industrial and Commercial Bank of China Asia (ICBC): Provides convenient cross-border services, and credit card applications are relatively easy. You can make an appointment to open an account through the official website or by phone. However, there is a certain probability that you will need to go to the bank to handle the business twice. The first time is to submit the required documents, and the second time is to collect the account-related documents. The required documents usually include an ID card, a pass, proof of address, a Hong Kong credit card statement, a Hong Kong stock account opening certificate, and bank statements. Please note that specific requirements may vary depending on the branch, and some branches may also require proof of salary.
Standard Chartered Bank (SCB): Credit card applications are relatively easy. You will be required to buy insurance, and you can apply for a credit card if you deposit 120,000.
CITIC Bank International (CNCBI): It is easy to apply for an account. You can make an appointment on the Android application (iOS only supports online application for hkid). If you want a card, you need to go to the branch. It is also easy to apply for a credit card. You can apply for a credit card with 60,000
Hang Seng Hong Kong, make an appointment by phone, you need ID card, pass, English version of proof of address (you can use other Hong Kong bank statements) The reason can be to repay Hong Kong credit cards and investments (issued other Hong Kong credit card bills and Hong Kong stock statements)
Bank of Communications Hong Kong. You need to make an appointment on the official website in advance. When opening an account, you need to bring proof of address, which can be proof of address in mainland China or Hong Kong. Some branches may ask you if you have a Hong Kong address. In addition, you need to bring your ID card, pass and proof of employment (from a mainland company).
Shanghai Commercial Bank. You need to call the branch yourself to make an appointment. Prepare the following documents: ID card, pass, and proof of address. You may also need to provide proof of employment, bank statements, and supporting materials for the purpose of opening an account, and the specific requirements may vary depending on the situation.
Recommended reading
Basic knowledge of bank accounts and cards in Hong Kong
Hong Kong Bank Faster Payment System FPS Detailed Tutorial to Avoid Pitfalls
Hong Kong Bank CHATS US Dollar and Euro Transfer Fees
Apply for a Hong Kong bank card by opening a bank account in Hong Kong
Transfer money from mainland China to Hong Kong for free
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