How to open an HSBC account in Hong Kong?
Our guide covers everything you need to know about opening a bank account with HSBC in Hong Kong, including the procedures, requirements, and benefits.
Standard Chartered account opening: How to open a bank account in Hong Kong?
Standard Chartered is one of the three note-issuing banks and is one of the commonly used banks in Hong Kong. Standard Chartered has multiple branches in key locations in Hong Kong and offers a wide range of banking services, including attractive credit card offers and relatively low stock trading commission fees, to meet the savings and investment needs of the general public, such as foreign exchange transfers, stock trading, and loans. This article will introduce the requirements, process, and types of accounts for opening an account with Standard Chartered, making it easy for you to understand what to consider when opening an account with them.
Who can open a Standard Chartered bank account online in Hong Kong?
In recent years, many banks have introduced mobile account opening services, allowing new customers to open accounts without the need to visit a branch in person or submit any physical documents. Through the SC Mobile App, you can open an Integrated Deposits Account with Standard Chartered. Customers who wish to open an account with Standard Chartered using their mobile phones must meet the following conditions:
- Not holding any Standard Chartered Bank (Hong Kong) Limited deposit account, including Savings Account, Current/Cheque Account, Integrated Deposits Account, Time Deposit Account
- Holding a valid adult Hong Kong Identity Card (HKID)
- Hong Kong Permanent or non-Permanent Resident aged 18 or above
- Opening this account for personal use only
- Non-US resident, non-US citizen and not holding a US Permanent Resident Card (Green Card)
How to open a Standard Chartered bank account online in Hong Kong?
- Download the SC Mobile App and click ‘Open an Account’ on the main page
- Input your mobile number and email address
- Receive the one-time password via SMS to verify your mobile number
- Capture your HKID and take a selfie
- Provide personal information such as employment details
- Set your online banking username and password
- You will receive SMS and email to notify your application status shortly
- Login to SC Mobile to set up your banking plan
What documents do I need to open a Standard Chartered bank account in Hong Kong?
If you’re opening an account via SC Mobile App, you don’t need to upload any document during the application process.
In addition to opening an account via mobile, you can also fill out an account opening form online and then visit a branch to complete the account opening. You’ll need a copy or a photo image of your valid adult Hong Kong Identity Card (HKID). If you are not holding a Hong Kong Permanent Identity Card, you may use your passport or document of identity showing both your photo and the document number instead.
What are the minimum balance requirements to open a Standard Chartered bank account in Hong Kong?
When opening an account, different types of accounts have different initial deposit or monthly salary requirements, and customers must also maintain a certain balance to avoid service fees. As of August 1, 2019, Standard Chartered has abolished the minimum total balance service fee for Premium Banking. However, if Priority Banking customers do not meet the minimum balance requirements, they may be subject to a quarterly service fee of HKD 900.
| Banking plan | Minimum balance |
|---|---|
| Priority Private | HKD8,000,000 |
| Priority Banking | HKD1,000,000 |
| Premium Banking | HKD200,000 |
| Easy Banking | HKD10,000 |
| HKD Savings Account | HKD1,000 |
| Foreign Currency Savings Account | $200 or JPY20,000 |
What are the types of Standard Chartered bank accounts in Hong Kong?
| Banking plan | Features |
|---|---|
| Priority Private | Connect with your relationship manager anywhere with the digital platform A wider array of product solutions and exclusive offerings and privileges for professional investors |
| Priority Banking | Wealth Saver Account to earn monthly total return up to 4.125% p.a. without locking-in your funds Cross-border witnessing service for account opening Multi-currency debit card to conduct purchases and cash withdrawal transactions and debit directly from the foreign currencies in your account |
| Premium Banking | An additional bonus with a payroll account Annual fee waived for the Cathay Mastercard MPF and insurance services |
| Easy Banking | SC Pay and Scan & Pay to transfer and receive money from friends or pay merchants instantly HKD current accounts overdraft protection |
When sending a remittance through Standard Chartered, you will need to pay a minimum fee of HKD50, which may vary depending on your account type and the remittance method. However, the cost of bank wire transfers often goes beyond the surface fees because banks typically use exchange rates that are higher than the market exchange rates. If you are sending foreign currency, you may end up paying more HKD during the currency conversion, effectively incurring a 'hidden fee' within the exchange rate.
Fortunately, there are innovative international remittance solutions available today, such as Wise, which use the mid-market exchange rate. Wise provides transparency by clearly showing the fees and exchange rates for each transaction upfront. Additionally, you can lock in exchange rates and instantly see the amount the recipient will receive, helping you budget effectively. Therefore, in addition to considering bank wire transfers, you can also use Wise's remittance service, which can significantly reduce your remittance costs and save you time.
How to open a Standard Chartered bank account by appointment?
If an applicant is not eligible to open an account using the SC Mobile App or encounters difficulties inputting the required information on their mobile, or if they need services such as checkbooks that require a physical signature, they will need to bring the application documents and visit a Standard Chartered branch to open an account. You can expedite the process by filling out your information online before visiting the branch. Users can register on Standard Chartered's website, provide their name and contact information, submit the information online, and will be contacted and invited to visit a branch to complete the account opening process.
How long does it take to open a Standard Chartered bank account in Hong Kong?
If customers meet the conditions for mobile account opening and their submitted information is accurate, an account can typically be opened within a few minutes after the application is submitted. Standard Chartered will send confirmation SMS messages and emails regarding the account opening result to the provided mobile number and email address on the same day of successful account opening. After successful account opening, new customers can immediately use the Standard Chartered Mobile Banking app and access online banking to view account details and start using Standard Chartered's banking services, including deposits. The withdrawal and fund transfer functions will be activated within two working days after the account verification.
Frequently asked questions
Can I open a Standard Chartered account if I already have a Standard Chartered credit card?
Yes, you can open an account using the SC Mobile App even if you already have a Standard Chartered credit card, as long as you do not currently hold any Standard Chartered deposit accounts and meet other requirements. After successful account opening, your Standard Chartered credit card information will be automatically updated based on the information provided in your account opening application.
What are the benefits of having a Standard Chartered payroll account?
When opening an account, customers can apply for a Standard Chartered account to receive their payroll. Customers need to fill in Notification for the Change of Auto-Payroll Account form to inform their employer of the change in their payroll account and, within two months of the payroll account's opening date, set up automatic payroll transfers through the Bonus Payroll Account. Different monthly salary amounts may come with corresponding rewards points or cashback offers, and the promotion period may change from time to time. Please refer to Standard Chartered's website for more details.
Like other banks, Standard Chartered offers convenient and comprehensive online and mobile banking services, such as sending money abroad online, eliminating the need to visit a branch in person for remittances. While Standard Chartered offers different promotions for different account types, its remittance fees are still relatively high compared to some other major banks. Additionally, you should pay attention to the exchange rates used by Standard Chartered, such as whether they are more expensive than the mid-market exchange rates, which are often referred to as hidden remittance costs. You can check exchange rates on SC Mobile App and its online forex trading platform.
If you frequently need to make international remittances, it's advisable to compare with other remittance services and choose the method that suits your remittance needs best, such as Wise, which uses mid-market exchange rates and may be a more cost-effective and convenient way to send money.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Sources:
1 Standard Chartered HK: Mobile Account Opening
2 Standard Chartered HK: Service Charges
Sources last checked on 26 Oct 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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