Opening Your First Bank Account in Hong Kong

I was planning to write my first post on this blog and it occurred to me that one of the most important matters to sort out as a new resident of Hong Kong is probably to open up a bank account. So first thing first, which bank should you go with?

Which Bank Should You Choose?

Hong Kong is blessed with a diverse range of banks to choose from. As handling cash is still a big part of Hong Kong life, my priority then was to look for banks that have an extensive network of ATM’s throughout the city. I was deliberating between HSBC, Hang Seng Bank, and Bank of China, but ultimately I went with Bank of China due to the proximity of a bank branch to my office building.

From my personal observation, there are a greater number or Bank of China (BOC) and Hang Seng (HS) ATM’s within MTR stations, which makes cash withdrawal more convenient. Thus, in a city that has probably too many options to choose from, you can’t go wrong with either BOC or HS.

What Should You Bring To The Bank Branch To Open An Account?

Opening bank accounts are a breeze if you have already obtained your HKID as you can just download the relevant bank apps on your phone and go through the whole application process anywhere.

However, if you’ve recently touched down you most likely need to spend a few weeks to apply for the HKID, thus the only option available is to walk into a physical branch. That being said, in general, my experience opening bank accounts in branches are fairly straightforward.

For my first bank account, I brought some important documentation, such as:

My passport;
My work visa;
Latest payslip; and
A letter from my company confirming my employment in Hong Kong along with my position, salary and duration of my employment.

All in all it took less than an hour to get myself a bank account!

The Two Major ATM Conglomerates

Do note that there are two main ATM operators in Hong Kong. On one hand you have the Joint Electric Teller Services (Jetco), a conglomerate of about 30 banks, that allow fee-free withdrawal of cash from any of their banks. There could be some minor limitations such as a minimum and maximum withdrawal amount if you’re withdrawing from an ATM that is not operated by your specific bank, but for all intents and purposes. They manage about 60% of all ATM’s in Hong Kong and notable banks include Bank of China, Citibank, Standard Chartered bank etc.

On the other hand, you have HSBC bank and Hang Seng bank, who operate the remaining 40% of ATM’s. If you have a bank account with either banks, you can withdraw cash without any fees across their network.

It goes without saying, withdrawing from the other ATM operator not within your bank’s network would incur a withdrawal fee, around HK$20 or so. In summary, if your bank is not HSBC or Hang Seng, you should be able to withdraw cash at any non-HSBC/Hang Seng ATM without any withdrawal fee, just look for the Jetco logo around the ATM. Do let me know in the comments section below if you have a different experience!

Opening Your First Bank Account in Hong Kong

Which Bank Should You Choose?

What Should You Bring To The Bank Branch To Open An Account?

The Two Major ATM Conglomerates

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Which Bank Should You Choose?

What Should You Bring To The Bank Branch To Open An Account?

The Two Major ATM Conglomerates

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