Opening a Bank Account

Do you want to open bank account in Hong Kong? There are numerous benefits of opening a bank account in the state. The state offers different kinds of accounts. You can open a savings account, or a multi-currency account or even a current checking account. The initial amount for the accounts usually is $1000, but it may be different depending on the bank or account you choose to open. On top of these, you can apply for a credit card.

It is on top of that workable for you to set up more than one account for various purposes. You might also need the preference of connecting all your accounts to one card and use a general account for all. Your bank will advise you further on this. Cheques are widely used in Hong Kong to date, so consider setting up a cheque account otherwise known as a current account alongside a chequebook.

Opening A Bank Account In Hong Kong

There are things you need to have to qualify to open bank account in Hong Kong. First, you need a Hong Kong Identity card. If you want to start, a joint account with someone both of you should present your valid Hong Kong Identity Cards. The bank will also want to see your passport and a sponsor’s letter of employment. According to the bank you are working with, they may need other additional documents, which you will provide when requested. For you to open a bank account in Hong Kong, you will also have to show proof of your Hong Kong address. You can present a utility bill in this case. For an American, your social security number is a requirement when you are opening a bank account in America. The purpose of this is to report income interest to the United States Internal Revenue Service.

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Cash Withdrawals

After you open your bank account, you can withdraw using ATM services that all the banks offer. An exception is with HSBC, which does not provide these services. S all other banks offer ATM services through the Jetco system. American Express cardholders are capable of using ATMs too. They can withdraw traveler’s checks together with money at Express Cash ATMs. Visa and Master Card holders can withdraw from HSBC ATMs. It is impossible to withdraw foreign currency from ATMs so take note of that.

EPS Cards

The EPS card functions as a debit card when shopping. It is in malls, department and chain stores and supermarkets that you can buy with the EPS card. You cannot pay for services in restaurants and travel companies using the cards.

Credit Cards

In Hong Kong Visa, American Express Credit Cards and MasterCard are accepted in large shops and restaurants. The process of obtaining a credit card in the state is straightforward. All you need to do is to ensure that you have a good credit record. If you have a regular salary and a good credit record getting and using your credit card in Hong Kong will be very easy. There are incentives offered on the cards that you will get to enjoy. You get awards such as gifts and annual fee waivers. If you have an account in a major bank, you will discover that they offer credit cards t low-interest rates.

Bank Charges

Bank charges are different for different banks. These charges also vary depending on the type of account you have with the bank and the service package that you chose. Before choosing a bank make sure that, you compare a number of them to see which one charges favorably. Hong Kong banks can charge you as their customer for closing an account before three months elapse from the day of opening, they charge you every six months if your account is inactive for a year and if it has less than $2000. They can also charge you for telegraphic transfers.

When you get a credit card, avoid pans that allow you to join free and start to charge you later. Be careful to avoid such circumstances and even those banks that heavily charge customers if the balance drops below a fixed level.

Online Banking

Many banks in Hong Kong urge their members to manage most transactions online. Online banking can be a very convenient service for you because you can perform operations at the coziness of your residence or anywhere otherwise you are. It is also free.

Paying Bills in Hong Kong

The jetco payment terminals in banks in Hong Kong are useful for paying all kinds of bills from gas, water, electricity, and tax. Another option you have is to set up a debit arrangement directly; your bank will help you with this. You can also pay phone bills at the Hong Kong Post Offices and cheques or 7-Eleven shops.

Open Bank Account In Hong Kong: Step By Step Guide

  • Make an initial appointment
  • Conduction of a preliminary review
  • The signing of the bank application forms following a successful preliminary review
  • Pay the initial deposit, which differs depending on the bank
  • Presenting signatories, which also vary from bank to bank. Some banks accept Identity cards and some need to see the shareholders physically.
Author: Razai