Banking in Hong Kong
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Banking in Hong Kong
Opening a bank account
Hong Kong has hundreds of licensed banks that represent the interests of 32 foreign countries. There are three types of banks in Hong Kong: Licensed Banks, Restricted Licence Banks (RLB) and Deposit Taking Companies (DTC). Only licensed banks can operate current and savings accounts. Saving accounts can be in US dollars, renminbi or in Hong Kong dollars.
Some retail banks provide downloadable account opening forms on their websites. The criteria for opening an account vary from bank to bank. However, the standard documents required to open a savings or current account are:
- Hong Kong Identification Card or passport
- Proof of Hong Kong address or address in home country
- Application form
Telephone and e-banking are popular in Hong Kong and are usually free of charge.
Automated teller machines (ATMs) are plentiful. In addition to withdrawing cash, there are ATM machines available where you can pay bills, deposit cheques and deposit cash.
You may be issued with a cheque book when you open a bank account, but it is important to note that cheques are not widely accepted by retailers in Hong Kong.
In order to register for a credit card, you must provide the following information:
- Proof of salary or salary statements for the last three months
- Proof of address in Hong Kong
- Proof of Hong Kong ID or passport
Before applying to open a company bank account, it is essential to have already completed the registration and incorporation of your company. In order to facilitate the process, it is advisable to contact your local bank to get a checklist of the documents you will need.
Banks tend to require a minimum deposit to open an account, which may be as little as HK $2, 000 (US$ 57). The procedure is normally very straightforward, but obviously all banks reserve the right to ask for any further information if they require it.
Organisations that can assist with Banking
Sovereign offers a range of advisory and support services to assist companies of all sizes to establish successful business operations in foreign markets.
Business Banking advice Advice on which type of bank account would best suit your business. Help making payments – and getting paid.