九龙博客 KowLoon Blog

1. Why open an account?
A Hong Kong bank account is used for overseas payments and receipts. For example, if you have overseas income, it is basically impossible to receive large amounts with a mainland bank account, and receiving small amounts frequently will also be restricted, requiring various proof materials, which may not allow you to transfer in. However, a Hong Kong bank account does not have these restrictions and can be used normally.

2. Communication aspects

1. Be sure to activate mobile roaming in advance (contact your mobile operator to confirm), and search for "Hong Kong roaming" in Alipay/Taobao/JD/operator APP to purchase a single-day or multi-day data package, depending on your itinerary. This ensures that you will have internet access in Hong Kong and can receive SMS normally, as account opening requires SMS verification.

2. If you arrive in Hong Kong and find that your phone has no signal/internet, quickly find a subway station/mall/store to use Wi-Fi, and then contact your operator to resolve the signal/internet issue.

3. Alternatively, you can take your Octopus card to 7-Eleven or Fortress to purchase a data card.

3. Travel

1. You can use Alipay's "Hong Kong Ride Code" or WeChat's "Ride Code" to take the subway/bus;
2. You can download the Octopus APP to recharge for taking the subway/bus. The Octopus APP has a local version and a tourist version; generally, downloading the tourist version is sufficient;
3. Using Gaode Navigation can solve most navigation needs. You can also download Google Maps in advance for navigation and use them in combination. This can meet your needs for finding walking, subway, and bus routes.

4. Document materials

1. Chinese Resident Identity Card

The remaining validity period of the document must be more than 6 months.

2. Hong Kong and Macao Travel Permit

The remaining validity period of the document must be more than 6 months.

If you do not have a travel permit or if it is not valid, you can make an appointment at the local entry and exit administration hall for processing, which is easy and convenient.
3. Endorsement on the Hong Kong and Macao Travel Permit

The endorsement is printed on the back of the travel permit, where you can see the validity period.

If you do not have an endorsement or it has expired, you can go to the entry and exit hall or a self-service endorsement machine for endorsement. Endorsement types for group visas can also pass normally; there is currently no distinction between group and individual visas, so there is no need to worry.
4. Proof of address in the mainland

Any one of the credit card bills, utility bills, or property certificates from the last 3 months (any one of them) is required, and it needs to be your current communication address detailed to the door number and have your name on it.

⚠️ If your ID card address is the same as your current communication address, then no address proof is needed, but it is recommended to prepare a backup, as some people have encountered situations where they were asked for address proof even when the addresses were the same.

5. Entry receipt

A small white slip printed automatically by the customs gate when entering Hong Kong; be sure to keep it safe, as the police may randomly check it.

6. Hong Kong dollar cash: You need to deposit money after opening a bank account.

It is recommended to prepare 1000 Hong Kong dollars for each card; you may not use it all, but it would be awkward if it is not enough. Some banks may require a deposit of 10,000.

7. Others

For friends working in a company, the account manager may look at your payroll records, tax records, etc. For students and freelancers, you can provide deposit information, freelance income information (if any), etc.

The core is to demonstrate that you are a normal user, that you will deposit money or conduct transactions with HSBC after opening the account, and that you have a certain economic foundation.

5. Business hours
Regular working days are Monday to Friday: 9:00 AM - 5:00 PM
Some banks are open on Saturday mornings: 9:00 AM - 1:00 PM
Sunday: Closed

6. Reasons for opening an account
When opening an account, the account manager will ask you why you are opening an account and what it will be used for.
Generally, saying investment or wealth management will lead to checking investment records for investment and asset balances for wealth management.

7. Which banks can be opened
I have divided the banks into two categories: physical banks and virtual banks. Opening two physical banks is sufficient for daily use, while virtual banks can be opened on your phone for convenience and to take advantage of account opening benefits. 💰

Physical Banks

Virtual Banks
What is a virtual bank?

A virtual bank refers to a bank that primarily provides retail banking services through the internet or other forms of electronic transmission channels rather than physical branches.
The introduction of virtual banks is a key initiative for Hong Kong to move towards a new era of smart banking. The Monetary Authority believes that the development of virtual banks can promote financial technology and innovation in Hong Kong and provide new experiences for bank customers.

Quoted from the Hong Kong Monetary Authority official website.

The benefits of virtual banks are that account opening is convenient and has no thresholds. They can be used for fund transfers, daily consumption, etc., and you can also take advantage of account opening benefits. 💰