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How to Open a Bank Account in Hong Kong

Opening a bank account in Hong Kong is straightforward for both residents and non-residents. Here's a detailed guide:

Personal Accounts

Step

Requirement

Documents Needed

Hong Kong ID or passport, proof of address

Process

Visit the bank’s website or branch, complete the application form, submit required documents

Business Accounts

Step

Requirement

Documents Needed

Certificate of Incorporation, Business Registration Certificate, Articles of Association, proof of identity of beneficial owners, and more

Process

Gather necessary documents, submit online or in person, possibly attend an interview for verification

Choosing the Right Bank

Factor

Considerations

Account Features

Interest rates, fees, additional services, customer service

Popular Banks

HSBC, Standard Chartered, Bank of China

Online and Digital Solutions

Some banks offer fully online account opening for residents. Fintech companies provide digital account opening services for businesses.

Comparison of Popular Banks

Bank

Features

Interest Rates

Fees

Customer Service Rating

HSBC

Extensive global network

Competitive

High

Excellent

Standard Chartered

Comprehensive services

Moderate

Moderate

Good

Bank of China

Strong local presence

Low

Low

Good


This chart shows the various documents needed when opening a business account in Hong Kong.

Currency Comparison Chart

Currency

Exchange Rate (approx.)

Hong Kong Dollar

7.75 HKD to 1 USD

Yuan (CHY)

Varies

Macau Pataca (MOP)

Weaker than HKD

Understanding the currency exchange rates is crucial when dealing with international transactions.

Fintech Banks

Fintech banks offer digital banking solutions that simplify the account opening process, especially for businesses. These banks provide a range of services, including multi-currency accounts, lower fees, and seamless online banking experiences.

Fintech Bank

Features

Benefits

Neat

Digital business accounts

Easy account setup, multi-currency

Airwallex

International transactions

Low fees, competitive exchange rates

Revolut

Personal and business accounts

Fee-free spending abroad, easy transfers

Opening a bank account in Hong Kong, whether personal or business, involves gathering specific documents and choosing the right bank based on your needs. While traditional banks offer robust services, fintech banks provide streamlined, digital solutions that can simplify the process, particularly for international businesses. Understanding the requirements and available options will help ensure a smooth and efficient banking experience in Hong Kong.


Can Woodburn help you?

 

Woodburn Accountants & Advisors is one of China’s most trusted business setup advisory firms.


Woodburn Accountants & Advisors is specialized in inbound investment to China and Hong Kong. We focus on eliminating the complexities of corporate services and compliance administration. We help clients with services ranging from trademark registration and company incorporation to the full outsourcing solution for accounting, tax, and human resource services. Our advisory services can be tailor-made based on the companies’ objectives, goals and needs which vary depending on the stage they are at on their journey.

 

Talk to an expert


Schedule a 30-mins complimentary, no-obligation call to see how Woodburn can help you. Book a call with our Head of Business Advisory - Kristina Koehler-Coluccia.

Topics we can advise on include:

  • Company Registration

  • Cloud Accounting & Financial Reporting

  • Cloud Payroll Services

  • Tax & Audit Services

  • Recruitment

  • Employer-of-Record

  • Visa Application

  • Trademark Registration

  • Switch to Woodburn

  • Partner with Woodburn (cross referral) 

Our calls are automatically scheduled via Zoom - or via Teams, WeChat or WhatsApp upon direct request. 

Our advisory calls are available from Monday-Friday from 8am to 5pm CEST and Wednesday until 9pm CEST.

 



Woodburn Accountants & Advisors is one of China and Hong Kong’s
most trusted business setup advisory firms

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