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tijssie80
Veejay
Joined: Sep 04, 2006
Posts: 1812
Location: Shanghai, Honkou
Status: Offline
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 Posted:
Jan 08, 2007 - 08:37 PM |
 
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| Post subject: Opening Bank Account Hong Kong |
Hi All,
I want to open a Bank Account in HongKong.
I have a EU-Passport and a standard visum for China, no working permit yet.
Can I open an account with my EU-Passport?
Which bank would be the best option?
Can I use Internet Banking easily?
Thanks! |
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Great legs! ...what time do they open? |
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Andreas
Board Royalty
Joined: Feb 27, 2004
Posts: 6408
Location: 31 N 121 E
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Jan 08, 2007 - 08:52 PM |
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I would recommend a multi-currency account with HSBC. Using one myslef for more than 9 years. Their internet banking is one of the best I have ever seen.
You don't even have to go to Hong Kong for that. You can do all the paperwork with the HSBC branches here in Shanghai. |
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If it has tits, tires, or a transom, there's gonna be issues! |
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aidamnor
Barker
Joined: June 19, 2006
Posts: 126
Status: Offline
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Jan 08, 2007 - 09:20 PM |
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There's a difference between opening an account IN Hongkong and opening an account with a HSBC bank.The poster wants to open an account in HK, right?
To open an account with HSBC IN HK, I think you need to be a HK resident - at least this was the case a few years ago - rules may be different now.
If you want to simply open an account with HSBC, you can do it right here in Shanghai BUT they are not yet able to issue you with an ATM card - rather inconvenient. If you open a Premier account with a minimum of US$50 000, it may be a little different. Check them out - I like HSBC but not too impressed yet wth the range and quality of services on the mainland. We opened ours in HK when we were residents there and we now do all our banking via internet - great service and we have no complaints. You can even apply for loans and insurance services via the phone and get instant approval if you open a payroll account with them. With a Premier account, you get a personal banker as well. Check them out. |
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santamaria |
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Andreas
Board Royalty
Joined: Feb 27, 2004
Posts: 6408
Location: 31 N 121 E
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Jan 08, 2007 - 09:30 PM |
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Sorry, I have to correct you there. You can open an account IN Hong Kong, or open account IN Hong Kong but do all the paperwork here with HSBC in Shanghai. Within our family we have three HSBC accounts in Hong Kong, and none of us had to have a HK residency.
You do not need to take the Premier account. The Power Vantage is just as good, and the fees are lower. The HSBC banking facilities in mainland China are just as useless as the local banks, but there are chances that this will change this year. That's why I still do all my banking in Hong Kong. |
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If it has tits, tires, or a transom, there's gonna be issues!
Last edited by Andreas on Jan 08, 2007 - 09:44 PM; edited 1 time in total |
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Georgie
Raver
Joined: July 14, 2005
Posts: 468
Location: In hell
Status: Offline
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Jan 08, 2007 - 09:34 PM |
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Yes I would support Andreas - you don't need to go to HK or be a resident there. We also have Power Vantage opened here in Shanghai at one of the HSBC branches. They will help you complete all the paperwork and then send the docs off to HK. |
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aidamnor
Barker
Joined: June 19, 2006
Posts: 126
Status: Offline
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Jan 08, 2007 - 10:28 PM |
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thanks for the updates! good to know HSBC Shanghai can help with at least the paperwork. |
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santamaria |
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AYSYN
Lurker
Joined: Nov 29, 2006
Posts: 37
Status: Offline
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Jan 09, 2007 - 12:19 AM |
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Yes, HSBC is the way to go! There online banking is great and the fees really low for international wire transfers. |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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Jan 09, 2007 - 12:27 AM |
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Hang Seng, BEA and Citibank are also good options. For HSBC indeed no need to be HK resident, I don't know about the application through the Shanghai bank though, that should be possible for personal accounts. PowerVantage seems to be the best deal, you can manage all major currencies from within the same account, you will also get a checking account, the fees are quite low, HK20/month if you maintain a balance of HKD10,000 with them over the last three months (daily average), HKD80 if your balance is lower. |
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greenmark
Ranter
Joined: July 28, 2005
Posts: 557
Location: Location Location
Status: Offline
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Jan 09, 2007 - 08:41 AM |
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You do not necessarily need to be a resident of HK to open an account there, but you do need a minimum opening balance (HKD 20,000 if I recall but I might be wrong). Another method is for a HK registered company to refer you to the bank.
Of course arranging the account in the HSBC branches here might be a lot easier anyway. You should also consider Standard Charter. |
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Camielvv
Newbie
Joined: Jan 10, 2007
Posts: 1
Status: Offline
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Jan 10, 2007 - 05:29 PM |
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Is HSBC, especially with internet bancing, not very expensive? |
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YariGuy
LoopKicker
Joined: July 13, 2004
Posts: 874
Location: Puxi
Status: Offline
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Jan 10, 2007 - 05:51 PM |
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Just wanted a clarification -- internet banking is different for HSBC HK vs. the mainland, right? Because I don't find internet banking for the mainland to be impressive at all. In fact it's crappy. |
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denny007
Rocker
Joined: Mar 31, 2006
Posts: 689
Status: Offline
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Jan 10, 2007 - 05:56 PM |
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| YariGuy wrote: |
| Just wanted a clarification -- internet banking is different for HSBC HK vs. the mainland, right? Because I don't find internet banking for the mainland to be impressive at all. In fact it's crappy. |
You probably did not see Bank of China's "internet banking" - can check only transactions and put money in/out of time deposit. Nothing else allowed (i.e. make money transfer ? no way - you need go to the bank) |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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Jan 10, 2007 - 07:46 PM |
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| YariGuy wrote: |
| Just wanted a clarification -- internet banking is different for HSBC HK vs. the mainland, right? Because I don't find internet banking for the mainland to be impressive at all. In fact it's crappy. |
By crappy, you meant the design or the available functions?
I have never used the mainland HSBC online banking system so I can't really compare, but HSBC has been usually ranked at the top in the banking industry for its consummer banking and its internet banking, and the online experience as far as I am concerned is flawless, inexpensive and really convenient. I guess the mainland China online banking is a replica of the HK one, with a delay though, and with less functions due to the restrictions that apply to the banking industry in China (you have to go through a big number of applications even for introducing very simple banking products etc.). |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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Jan 10, 2007 - 07:54 PM |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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Jan 10, 2007 - 07:57 PM |
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| greenmark wrote: |
You do not necessarily need to be a resident of HK to open an account there, but you do need a minimum opening balance (HKD 20,000 if I recall but I might be wrong). Another method is for a HK registered company to refer you to the bank.
Of course arranging the account in the HSBC branches here might be a lot easier anyway. You should also consider Standard Charter. |
This applies for business accounts. Currently most of the banks do not require a minimum opening balance per se although some monthly charges applies when your "total relationship" gets lower than a certain amount.
True that some banks require a reference before opening an account, (an example is CITIC Bank), but I think it is mostly for business/corporate accounts. And this does not apply to the major banks personal accounts (HSBC, Standard Chartered, Citibank) |
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