Renowned as an international financial centre, Hong Kong has hundreds of licensed banks representing the interests of 32 foreign countries. The banking and financial services industry is regulated by the Hong Kong Monetary Authority (HKMA). One of the HKMA's responsibilities is to ensure the stability of the Hong Kong currency, currently pegged to the US dollar.

Types of Banks in Hong Kong

There are three types of bank in Hong Kong, Licensed Banks, Restricted Licence Banks (RLB) and Deposit Taking Companies (DTC). However, only licensed banks can operate current and savings accounts.

Retail banks provide a selection of different account services and tiers. Savings accounts can be in US dollars, renminbi or in Hong Kong dollars. Most banks allow customers to link savings, cheque (current account), credit card and debit card services to a master account. In most circumstances, customers can avoid bank service charges in exchange for a minimum deposit into these accounts.

Hong Kong Retail Banks

• ABN AMRO Bank
  Tel: 2176 8888
• American Express Bank Ltd
  Tel: 2844 0688
• Australia & New Zealand Banking
  Tel: 2843 7111
• Bank of China
  Tel: 2291 8000
• Citibank Hong Kong
  Tel: 2230 0400
• Hongkong and Shanghai Banking Corporation – HSBC
  Tel: 2748 3322
• Hang Seng Bank
  Tel: 2822 0228

Opening a Bank Account

Some retail banks provide account opening forms which can be downloaded from their websites. Requirements and criteria for opening an account vary from bank to bank. However, the standard documents needed for a savings or current account are:

• Hong Kong Identification Card or passport
• proof of Hong Kong address or address in home country
• application form

Note: It is not necessary to be a resident in Hong Kong to open a bank account.

Using a Hong Kong Bank Account

Banks in Hong Kong provide similar services to those that can be expected from any major bank throughout the world. These include, but are not limited to:

• savings and current accounts
• direct debits
• standing orders
• currency exchange
• money transfers
• insurance and investment services

Telephone and e-banking are popular in Hong Kong and are usually free of charge. Many telephone services operate 24 hours a day, 7 days a week. 

Automated teller machines (ATMs) are abundant and located all over the city. In addition to withdrawing cash, there are ATM machines for paying bills, depositing cheques and depositing cash.

Cheques

Banks provide customers with cheque booklets with individual cheques containing standard information such as the account number, cheque number, payable to, the amount, date of issue, name and signature.

Note: Cheques are not widely accepted by merchants and retailers in Hong Kong.

Credit cards

Banks issue a variety of credit cards with different credit limits depending on the client's credentials and annual salary.

To register for a credit card, the banks generally require the following information:

• proof of salary or salary statements for the last three months
• proof of Hong Kong address
• proof of Hong Kong ID or passport

Debit cards

Debit cards are issued to customers with either a savings or current account. Debit cards can be used to access accounts for the withdrawal of cash in place of a credit card at some banks and ATMs.

Banking Costs

Many banks charge fees to customers for the following services:

• closing an account
• inactive bank accounts with less than HKD 2,000
• transfers
• changing standing orders
• overdraft service and fees depend on the type of account the client holds

Paying Bills

Online transfers and telephone banking are options for paying household bills through the banks. The utility companies and the Hong Kong government have accounts into which money can be transferred.

Setting up online transfers and telephone banking usually requires an instruction form and a signature. The process may take from several days to a week.

PPS

PPS is a 24-hour bill payment service allowing customers to pay bills by telephone or Internet. The service is free of charge. To open a PPS account, take an ATM or credit card and mobile telephone number to a PPS registration terminal. These can be found throughout the Hong Kong region.

• PPS Hotline: 2311 9876
  Website
• To find a PPS registration point: Click here

At the terminal, registering is simple:

• Press "Open Account"
• Swipe the ATM card
• Choose the appropriate debit account
• Type in the usual ATM PIN number
• Create a five-digit telephone password (even if the user only wants an Internet account, it is necessary to create a telephone password first)
• Create an eight-digit Internet password (if required)
• A receipt will be delivered

The terminals cannot be used for transactions.

Note: If the PPS account has not been used for 18 months it will be automatically deleted.

Opening Hours

Retail banks in Hong Kong are open for business Monday to Friday from 09:00-16:30 and Saturday from 09:00-12:30. They are closed on Sundays and public holidays. Some banks and branches open earlier and close later while some services at banks may not be available an hour before closing.

Further Information

• The AngloINFO INFOrmation Page, Lost or Stolen Bank Cards or Mobile Telephones

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