Home / Family & Education / How To: Open a Bank Account in Hong Kong

How To: Open a Bank Account in Hong Kong

As one of the largest global financial centres, it’s no surprise that Hong Kong has a wide selection of banks for new customers to choose from. As with all choices in life, there are both advantages and disadvantages to each, as well as various perks and welcome offers when you join. Some things to bear in mind though, are the proximity of local branches and the bank that your employer uses, to allow your wage to be processed. To help you on your way, we’ve rounded up some of the most popular options and what each one has to offer.


Probably the most well known of banks globally, HSBC has its headquarters here in Hong Kong and is the go-to for most new European arrivals.

Account: Advance account

Required minimum balance: $200,000 (or a fee of $120 per month)

Features: Pre-approved for Visa Platinum card, dedicated counters, 24-hour hotline, ability to perform global transfers

Hang Seng

Hang Seng Bank is part of the HSBC group and is perhaps best known for establishing Hong Kong’s stock market index (the Hang Seng) in 1969.

Account: Preferred Banking account

Required minimum balance: $200,000 (free for graduates or with payroll)

Features: 500 free stocks and shares quotes, life insurance premium waiver in first year, Platinum card, handling fee waiver, first-year fee waiver on safe deposit box

Standard Chartered

This British bank is one of three (with HSBC and Bank of China) that issue Hong Kong banknotes and has been in the SAR since 1859.

Account: Premium Banking

Required minimum balance: $200,000

Features: Access to the Premium Executive Team, a first-year annual fee waiver on its Asia Miles Mastercard and 360-degree rewards programme to earn Asia Miles or points


Part of the New York-based Citigroup, Citibank is likely to be favoured by North American expats and has a strong presence here in Hong Kong.

Account: MaxiSavings account

Required minimum balance: $10,000 (or $60 per month)

Features: HKD and USD checking account, savings accounts for HKD, USD, and RMB


The Development Bank of Singapore, better known as DBS, is the largest bank in Southeast Asia and has been in Hong Kong since 1999.

Account: DBS account

Required minimum balance: $200,000 (with a range of waivers, including payroll setup, or a fee if $100 per month)

Features: A range of wealth management tools, two-in-one savings and current account, and an Octopus ATM card

Dah Sing

This Hong Kong-based bank offers over 15 deposit accounts, including fixed deposit, integrated accounts, high interest, and foreign currency accounts.

Account: YOU Banking

Required minimum balance: $10,000 (or $70 per month)

Features: British Airways Avios miles rewards, Dah Sing Octopus App card, an ATM card that can be used at all JETCO machines with an Octopus card

Bank of China

The other big name for banking. Many businesses will hold either an account here or with HSBC (and often both) to allow easy payments and transfers.

Account: i-Free banking solution

Required minimum balance: $10,000 (or $60 per month)

Features: Option for USD current account and another foreign currency savings accounts, RMB services, internet and phone banking, BOC i-card and credit card fee waiver

Account: Enrich banking

Required minimum balance: $200,000 (or $120 per month)

Features: 24-hour online banking chat service and hotline, a World Mastercard, and exclusive customer events

Read more! Explore the rest of our Family & Education section on Localiiz.

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