February 12, 2024

6 mins

Opening Bank Account in Hong Kong

Hong Kong is a vibrant destination for expats, newcomers, and foreigners, offering a unique blend of opportunities and challenges. As a global financial hub, it attracts professionals from various industries, providing a dynamic and cosmopolitan environment. Expats often appreciate the city's efficient public transportation, world-class healthcare system, and diverse culinary scene that caters to international tastes. Opening a bank account in Hong Kong can be a straightforward process for expats and foreigners, as the city is known for its efficient and well-established banking system. Many international and local banks offer a range of services tailored to the needs of expatriates.

Opening a Bank Account in Hong Kong as a Non-Resident

If you're a non-resident, the process of opening a bank account in Hong Kong is accessible, and you don't need permanent residency to do so. However, it's crucial to note that each bank may have its own set of requirements for non-resident applications, along with offering different financial products. To initiate this process, start by researching the eligibility criteria and prerequisites for opening an account with a specific Hong Kong bank. Once you have all the the necessary documents, visit a local bank in person for identity verification and the application process. Choose the type of account that suits your needs, and then patiently await approval. The bank may request additional documents. Once approved, you'll receive your account details and gain access to your account. 

Opening a Bank Account in Hong Kong: The Online Process

After successfully setting up an account and activating online banking, you gain the ability to open additional accounts as needed. The process involves making an appointment and physically visiting a branch of the bank to complete the account setup. While some banks may offer the convenience of completing an online application form in advance to expedite the process, the in-person visit remains a requirement. Nevertheless, remote account opening may be possible for those with a home bank having branches in both the UK and Hong Kong. 

Types of Banks in Hongkong

In Hong Kong, a global financial hub, various types of bank accounts cater to the diverse needs of individuals and businesses. The banking sector in Hong Kong is well-regulated, and efficient, and offers a wide range of financial services. Here are some common types of bank accounts in Hong Kong:

Savings Account:

This is a basic account that allows individuals to deposit and save money while earning a modest interest rate. Usually, savings accounts have lower transaction fees and are suitable for individuals who want to keep their money secure while earning some interest.

Current Account:

Current accounts are designed for day-to-day transactions. They allow frequent deposits, withdrawals, and transfers. It is ideal for individuals and businesses that require easy access to their funds for daily operations.

Fixed Deposit Account:

Fixed deposit accounts offer higher interest rates compared to savings accounts but require depositors to lock in their funds for a fixed period. It is a popular choice for those looking to earn a higher interest rate on their savings over a specific term.

Foreign Currency Account:

Hong Kong is an international financial center, and many banks offer accounts in various foreign currencies. This type of account is beneficial for individuals and businesses engaged in international transactions, allowing them to hold and manage funds in different currencies.

Joint Account:

Joint accounts are shared by two or more individuals, such as spouses or business partners. All account holders have equal access to the funds and can make transactions, making it a convenient option for shared financial responsibilities.

Business Account:

Tailored for businesses, these accounts offer features like business loans, overdraft facilities, and online banking services. Business accounts help companies manage their finances, pay suppliers, and receive payments from customers.

Senior Citizen Account:

Some banks offer special accounts for senior citizens with benefits like higher interest rates, lower fees, and additional services catering to the needs of the elderly.

Children's Savings Account:

Geared towards parents who want to save for their children's future, these accounts often come with lower fees and educational benefits.

Investment Account:

For individuals interested in securities trading, Hong Kong banks provide investment accounts that allow the buying and selling of stocks, bonds, and other financial instruments.

Choosing a Bank in Hongkong

When selecting a bank in Hong Kong, it's crucial to consider a range of factors. Begin by evaluating the services offered, such as savings and current accounts, investments, and specialized options. Look for a reputable and financially stable institution, given Hong Kong's robust regulatory framework. Assess the fee structure, including transaction charges and account maintenance fees, and prioritize banks with widespread ATM networks and user-friendly online platforms for accessibility. Customer service quality is essential, and for international transactions, opt for banks with global expertise. Lastly, consider interest rates on savings and fixed deposit accounts, ensuring they align with your financial goals. Thorough research and comparison of these factors will guide you toward selecting a bank in Hong Kong that suits your needs effectively.

Major banks in Hong Kong

  • Standard Bank
  • Standard Chartered Hong Kong
  • DBS Hong Kong
  • Bank of China (Hong Kong)
  • Hang Seng Bank
  • OCBC Wing Hang Bank
  • HSBC Hong Kong
  • Citi Hong Kong
  • BNP Paribas

Online banks in Hong Kong

  • Mox
  • WeLab Bank

Guidelines for a Smooth Account Opening Experience

Opening a bank account in Hong Kong is a straightforward process, but it involves certain requirements. Generally, individuals need to visit a local branch in person, bringing along a valid passport, proof of Hong Kong address (such as utility bills or rental agreements), and proof of employment or a valid visa for non-residents. The bank may also require additional documents depending on the type of account and the customer's profile. 

For HongKong Residents:

A valid Hong Kong Identity Card (HKID) is crucial to confirm residency and identity, accompanied by proof of address through documents like utility bills or rental agreements.

For Non-Residents/ Newcomers/ Expats

Non-residents, newcomers, and expats must provide a passport with a valid visa or entry permit, and a secondary confirmation of address, often from their home country, is typically required by banks.

Newcomers and expats may be required to provide employment or income proof, such as employment contracts or recent pay stubs. Depending on the bank's policies, additional identification documents may be necessary to meet specific requirements.


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Hong Kong's welcoming expat community, coupled with English being widely spoken, facilitates a smooth transition for newcomers, creating a vibrant and inclusive environment in this global metropolis. However, before exploring banking options, obtaining a visa or the required permits for residence in Hong Kong is a crucial initial step. For additional support, explore Niural's work visa assistance, by contacting us at

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