How to open a bank account in Hong Kong as an American

With its striking skyline, vibrant culture and stunning cuisine, Hong Kong is known both as a great place for tourists, and an attractive expat destination. If you’re a frequent visitor — or planning a longer term move to Hong Kong — you may be considering opening a Hong Kong bank account.

This guide covers how to open a bank account in Hong Kong — and how to open a Hong Kong bank account in the US if you’ve not yet made the move overseas.

📑 Table of Contents
Can a US citizen open a bank account in Hong Kong? How to open a bank account in Hong Kong: step by step What are the best banks in Hong Kong? Costs and fees of having a bank account in Hong Kong Send money to and from Hong Kong in just a few clicks with Wise

Can a US citizen open a bank account in Hong Kong?

Yes. Hong Kong has a developed banking system, with a broad range of local, regional and global banks to choose from.

US citizens can open Hong Kong bank accounts — although the process is generally easier, with a bigger choice of products available, for applicants who are residents of Hong Kong with a valid Hong Kong ID (HKID) card.

Ultimately banks make their own decisions about who they offer account services to — some won’t be prepared to offer accounts to non-residents, or may have restrictive conditions for US citizens. However, by shopping around you’ll usually be able to find an account that suits you.

Can a tourist open a bank account in Hong Kong?

Many Hong Kong banks offer non-resident accounts which can be opened using your US issued proof of ID and address.

That means that you can open a Hong Kong bank account even as a tourist.

Is it possible to open a Hong Kong bank account online?

Many Hong Kong residents with an adult HKID are able to open bank accounts online. However, this service is often not available to US citizens, tax residents, or Green Card holders.

While banks can set their own account opening policies, US legislation (FATCA) requires extra checks when US citizens or tax residents open overseas accounts — and some banks are unwilling to put the extra processes in place as part of their online opening option.

If you can’t open an account online with a Hong Kong bank, you do have a couple of other options — open an account with a global bank before leaving the US, and transfer your account to their Hong Kong operation when you move, or choose an online provider which lets you hold, exchange and spend currencies including HKD.

Send money toHong Kong

How to open a bank account in Hong Kong: step by step

As a US citizen you’ll usually have to visit a branch to set up a Hong Kong bank account. Here are the typical steps to take:

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Step 1. Check out a range of Hong Kong banks and pick the right provider and account for you

Step 2. Gather the documents needed to apply for your account

Step 3. Make an appointment online to visit the branch of your choice

Step 4. Visit the branch to register your account with the help of a customer service agent

Step 5. Once your details have been verified, you’ll be able to start using your account

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What information is needed to open a Hong Kong bank account?

Broadly speaking, you’ll need the following documents in order to open an account:

Your official ID, such as a passport or a HK ID card Proof of address, such as a utility bill, a bank statement or a mobile phone bill (less than 3 months old) If you don’t have a Hong Kong address, proof of your home address (you can also use a relative’s or friend’s address) A valid visa

If you’re an employee, you’ll also need to show your contract or a letter confirming your employment.

If you’re a student, you’ll need an official letter from your university or education facility in Hong Kong confirming your registration as a full-time student.

💡 Any documents you provide which are not already in English or Chinese will usually have to be officially translated — check what the bank will accept before you attend your appointment.

HK ID Card

You’ll need an HK ID card if you’re over 11 years old and plan on staying in Hong Kong for more than 180 days.

The card makes it easier to use public services, get immigration clearance and even apply for a library card. It’s more secure than a passport and has a range of ingrained data to protect you from identity fraud. It’s also necessary if you want to open a business bank account.

Getting one is free and the process is very straightforward. You’ll need to book an appointment with the Registration Of Persons Office and take your visa, passport, application form and 2 passport-sized photos to the appointment with you. You should receive your HK ID card in around 10 days¹.

What are the best banks in Hong Kong?

Most banks offer the same type of services such as current, savings, time deposit and payroll accounts.

However, if you already bank with a large international bank such as HSBC, Standard Chartered Bank or Citibank in the US, the simplest solution may be to talk to them about how to open a local account with their Hong Kong operation.

If you’re looking for a new provider once you move to Hong Kong, you have a lot of choices. Here’s a brief look at the 5 biggest banks in Hong Kong to help you find the right one for you.

HSBC

HSBC² is the largest international banking group in Hong Kong — and a familiar global name. You’ll find a full range of account products and services including:

Premier banking for high wealth customers Current accounts, time deposits and savings options Exclusive offers for new customers Investment options and pension services Loans and credit

Standard Chartered

Standard Chartered³ is a British banking giant which has been operating for over 150 years, with a presence in Hong Kong for almost as long. As a global business you’ll find personal, business and cross border services including:

HKD, CNY and USD current accounts Savings accounts including sustainable savings options Offers and rewards when spending with partner merchants Loans, credit cards and mortgages Investment products and guidance

Citibank

Citibank⁴ operates in over 160 countries, and serves 200 million+ customers. As you’d expect this US-founded banking giant offers a full selection of in person and online banking services which are straightforward and easy to use.

Broad range of local, foreign and multi-currency accounts Wealth management and investment services Loans, credit and mortgage products available Simple to open your account before you arrive in Hong Kong Maintain Citigold status in Hong Kong if you already have a Citigold US account

Hang Seng

Hang Seng⁵ is part of the HSBC group, so it offers many of the same products and services. Here are some to look out for:

Accounts for everyday use, private banking for high wealth individuals, and children’s accounts Broad range of investment options Foreign exchange services Loans for a variety of purposes

Bank Of China

BOC⁶ is a good choice if you have a lot of dealings with mainland China and need an account and card which can be used for both HKD and CNY. Here are a few highlights of BOC (Hong Kong) services:

Accounts for day to day use, saving and investment Wealth management and private banking Cross border and remittance services to mainland China SME and corporate banking services

Costs and fees of having a bank account in Hong Kong

Depending on your bank, you may be faced with a number of fees and charges. You should go through your bank’s terms and conditions, so you’ll know what fees they charge and whether you can avoid them at all. Here are a few to look out for:

Fee type	Typical Hong Kong bank costs
Minimum opening balance, maintenance or fall below fee	Some bank accounts have no monthly charges — but premium banking services tend to come with high minimum balance requirements and a fall below fee of 300 — 400 HKD/month⁷
ATM fees	Out of network fees — which can be over 2% — may apply International charges may also exceed 2% of the transaction value
International payment fees	Online international transfers can cost around 50 HKD + exchange rate markup Payments arranged in a branch are significantly more expensive — up to 240 HKD depending on your account type⁸
Check fees	Check books may cost 25 HKD for delivery
Early closure fees	Early closure fees may apply if you shut your account within 3 months — check the terms and conditions carefully

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Sources:

1. HKID
2. HSBC
3. Standard Chartered
4. Citibank
5. Hang Seng
6. Bank of China
7. Citibank > Service fee
8. HSBC > Bank tariff
9. Please see Terms of Use for your region or visit Wise Fees & Pricing: only pay for what you use for the most up to date pricing and fee information
10. The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system and systems availability of our partners' banking system, and may not be available for all transactions

Sources checked on 08.25.2022