Hong Kong Orientation Guide

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Opening a Bank Account
Setting up a Hong Kong account is straightforward if you have the correct documentation in
place.However,itcan takemore thanaweekto receiveyour checkbook foracheckingaccount
(referred to as a “current account” in Hong Kong).Therefore, we would recommend that you
attend to thiswhileyouareonyour initial home finding trip.Note thatyour credit cardapplication
is a separate approval process which can take longer.
In most cases, to open a bank account, you need to arrive prepared with:
+ Hong Kong Identification Card (your Temporary HKID will suffice)
+ Original Passport, if opening a joint account, you will need both passports. If you do not have
anHKIDcardyouprovideapassporttoopentheaccount,youwillneedtobringalong
a second type of identification such as a driving license.
+ Original recent proof of current overseas residential address. For example, bank statements
or utility bills issued within the last 3 months from the country of origin with full name
and home address specified. The name shown on the address proof must be the exact
full name as thepassport.
Alternatively, in some instances, a valid photo-bearing National ID card or driving license
with full name and home address details included may be acceptable. Please note that a
proof of address at a ServicedApartment is not acceptable, even if it was previously
your long-termresidence.
+ You may also be required to provide a letter from your employer that verifies proof of
employment and your income (or a reasonable sum). This is a requirement for a Hong
Kong credit cardapplication.
+ It will be necessary to sign the forms in the presence of a bank employee; therefore, all
relevant parties need to be present.
+ Normally there is a minimum initial deposit. You do not need to have the full amount with
youatthetimeofopeningtheaccountforthehigherservicethresholds(refertothe
respectivebankwebsites)aslongasyou transferwithinashortperiodoftime.
Writing a Check
WritingacheckinHongKongcanbealittlemorecomplicatedthanwhatyouareusedtoat
home. Bank staff often examine checks carefully for any irregularity; the slightest difference in
signatures or any corrections will be questioned and returned for verification. Also, do not postdate
checks. Use a black or blue ballpoint pen.
Checksgenerallyneed tobe“crossed”.Thismeansthattwodiagonal linesaredrawn in
theupperleft-handcornerofthe checkusually to the leftofyourprinted name.Acrossed
check restricts the check frombeing deposited into any account other than that of the payee.
Additionally,thepayee’snamemustbewrittenon thecheckexactlyas it appearsonhisorher
account.Forinstance,ifyouwritea check tothe“HappyHarryCompany,”thecheckwillnotbe
accepted if the actual company name is “Happy Harry’s Company Ltd.”
Bank Opening Hours
Regular banking business hours vary
depending on the bank, but are generally
9:30 a.m. to 5 p.m. Monday through Friday,
and 9:30 a.m. to 12:30 p.m. on Saturday.
Notice to those with U.S. Citizenship
or Residency
d the
listofcountriescomplyingwiththeUS
Government legislation relating to the
Foreign Account Tax Compliance Act (FATCA).
FATCA mandates compliant
financial institutions to disclose their
account information to the US
Internal Revenue Service (IRS).All
residents inHongKong with U.S.
citizenship or U.S. residency status
can expect additional documentation
to be required to open a bank account
and we advise you to contact the
bank directly to understand their
exact requirements.
Here is a helpful site from HSBC on the subject:
askedquestions#personal-cuI
At a minimum, you will be required to provide:
1. Social Security Number,
2. IRS FormW-8BEN
3. IRS Form W-9
These US IRD forms can be
downloaded from: