Which types of bank accounts are provided in Hong Kong?
Banks in Hong Kong offer a wide range of bank accounts which are generally categorized as savings, current, time deposits, non-HKD, integrated and investment accounts. Payroll Account is usually recognized as an integrated account. You can start to compare banking accounts from major banks from Hong Kong now.
What are the fees & charges for bank accounts?
Since many banks in Hong Kong have launched digital services, customers have to pay additional fees for the service involving paperwork. Besides, most banks have set minimum deposit requirements for saving accounts.
If I am a Hong Kong resident, what documents do I need to apply for a bank account?
Hong Kong residents only need to provide identification documents like ID card or passport, and the latest residential address proof such as gas or telephone bills.
If I am a non-Hong Kong resident, what documents do I need to apply for a bank account?
Non-Hong Kong residents need to provide passport and home country residential address proof. Some banks also require proof of employment. For example, foreign domestic helper needs to prepare his or her employment contract showing an employer's residential address.
Are the welcome offers only available to new customers?
Most welcome benefits are only available to new customers, but some banks may also offer bonus interest rates constantly to existing customers.
Note that the definition of "new customer" differs from banks - it may refer to new-to-bank clients (have not maintained any account from the bank in the past 12 months).
How much deposit can be protected by the Deposit Protection Scheme (DPS) ?
Under DPS, you can be compensated up to a maximum of HK$500,000.
Confused about credit card terms?
Glossary terms to know for first-time credit card users