How to Open a Bank Account in Hong Kong - A Quick Guide [2025]

Opening a bank account in Hong Kong in 2025 isn’t as straightforward as it used to be. Tighter compliance rules, in-person requirements, and stricter documentation mean that both residents and foreigners need to come prepared. 

Whether you’re moving to Hong Kong, running a business, or simply looking for a trusted place to manage your money, understanding the process upfront will save you time and frustration. 

This guide will cover the essentials, from the documents you’ll need and the steps involved, to online banking options, costs, and fintech alternatives available.

Before we go into the steps, here are some key points to understand about banking in Hong Kong, especially if you’re applying as a foreigner or from overseas.

• Foreigners can apply, but most banks require you to be a resident or hold a long-term visa with a valid reason for opening an account.
• In-person visits are often required, particularly for business accounts at traditional banks.
• Some digital banks support online-only applications, but these are usually limited to Hong Kong residents holding an HKID. 
• Fintech alternatives like Statrys offer business accounts with remote onboarding and more flexible requirements.
• Documentation is strict. Be prepared to provide ID, proof of address, and business documents if applicable.
• Multi-currency support varies. Not all banks allow you to hold or receive foreign currencies apart from Hong Kong dollar. Among those that do, most support 3 currencies: Hong Kong Dollar (HKD), Chinese Renminbi (RMB), and US dollar (USD).

Understanding these basics will help you choose the right provider and avoid delays during the application process.

Documents needed vary depending on the bank, the type of account (such as savings or current), and the specific product offered. However, you’ll generally need the following:

If you are opening a business bank account, you may also have to state your purpose for opening the bank account and the nature of your business activities and operations in Hong Kong.

Now that you know what to prepare, let’s dive into how to open a bank account in Hong Kong. While specific steps may vary between banks, this general outline can give you a good idea of what to expect.

Here’s what the typical steps look like:

1. Choose the Bank – Compare services, fees, and account features.

2. Submit Documents – Provide ID, proof of address, contact details and supporting paperwork.

3. Verification – The bank reviews your application and may request an interview.

4. Activate the Account – Make an initial deposit and set up online/mobile banking.

Hong Kong has over 100 banks regulated by the Hong Kong Monetary Authority, each with different banking services and target customers. To find the right fit, you’ll want to start by covering the basics: check if they have the services you need, make sure fees fit your budget, and confirm that you’re eligible to open an account.

Licensed Hong Kong banks are part of the Deposit Protection Scheme, which covers up to HKD 800,000 per depositor.

Once you’ve decided where to open your new account, gather the necessary documents and supporting information as specified by the bank. Submit these along with your application form.  

Generally, banks in Hong Kong accept documents in either English or Chinese, but make sure to check with your bank first for specific requirements or additional guidelines. If documents are translated, they may need to meet specific formatting or translation requirements, such as being certified by a qualified translator.

Some banks offer a mobile account opening service that allows you to submit electronic copies of the documents online without visiting a branch. However, business clients may be required to make an appointment with a bank representative to submit the application.

In this step, the bank reviews your application thoroughly to confirm your eligibility. They then carry out the KYC (Know Your Customer) process, a regulatory requirement where the bank verifies the applicant’s identity and assesses potential risks. 

💡 What to expect

• Additional requests: Banks may ask for more specific documents.
• Interviews: In some cases, especially for business accounts, the bank may request a verification interview. Traditional banks usually do this in person, while digital-first banks may allow video calls, but typically in the case that the applicant is a Hong Kong resident or the company is wholly Hong Kong-owned. 
• Risk-based checks: Businesses in higher-risk industries (e.g. finance, trading, crypto) or with offshore structures are more likely to face extended reviews or in-person requirements.

The time required for verification varies. Simple personal accounts are often approved within a few days, while business accounts take longer.

Once your application is approved, the bank will contact you to provide your new account details. You may be able to use the account immediately, or you might first need to make a minimum deposit and set up online or mobile banking to activate it.

If your account includes debit or credit cards, you may need to request delivery and activate them separately. You can also look to set up SMS or email alerts for transactions or low balances, and many banks allow you to customise daily limits for added security.

Additionally, you can also register your Hong Kong mobile number with a compatible bank account to receive transfers via the Faster Payment System (FPS), a local service that allows instant money transfers without sharing your account details.

Some banks in Hong Kong, including virtual banks or digital banks, offer online and mobile account opening processes. However, this is primarily available for permanent residents with Hong Kong Identity Cards (HKIDs). 

Let’s look at the typical conditions and steps.

Eligibility depends largely on the bank, but here are the common requirements:

➡️ Be a Hong Kong Identity Card (HKID) Holder: Many virtual banks allow you to open a personal account entirely online through their app.

➡️ Be a wholly Hong Kong-owned company with a simple ownership structure: Some banks let you apply for a business account online, provided the directors hold HKIDs and the company structure is straightforward.

If you don’t fit the criteria above, opening an account entirely online can be trickier. While some banks allow you to start the application online, you may still need to complete it with a branch visit. Eligibility requirements vary depending on the bank.

For a foreign company or an entrepreneur without an HKID, consider alternative solutions like financial service providers and fintech companies that allow you to open an account remotely from your home country.

To open a new account online, you can follow these steps: 

• Download the bank’s mobile app or access their website
• Fill in the application form, which typically asks for your name, address, and contact information. 
• Upload the supporting documents, like proof of identity (passport or HKID) and proof of address (utility bill, lease agreement, etc.).
• Complete your identity verification, which may involve recording a video of yourself or providing additional biometric checks like facial recognition.
• Activate your account once approved. 

Non-residents and non-permanent residents can open bank accounts in Hong Kong. Still, the process may require additional documents and information, and the available banking options may be more limited. At a minimum, banks will ask for your passport, a valid visa or Hong Kong entry permit, and proof of address such as utility bills or bank statements from the last 3 months.

Depending on your situation, some banks may also request:

• A clear reason for opening the account (e.g. relocating, studying, business needs)
• Proof of income, such as salary slips, tax returns, and bank statements.
• Employment or study details, such as a job contract or a letter from the university. 
• A reference letter from a previous bank confirming your financial history

It is important to note that while opening a bank account as a non-resident is possible, the eligibility criteria and specific required documents may vary between banks. 

International banks such as HSBC, Citibank, and Standard Chartered are generally more open to foreign applicants. Some allow you to start the process online, but interviews (in person or by video) are often required.

Opening a bank account in Hong Kong involves a number of common bank fees. Personal accounts usually have lower fees, while business accounts tend to be more expensive. Initial deposits and possible minimum balance requirements may also apply.

Here’s what to expect:

It’s also important to note that different banks have different fee structures, which can vary across their account types. Some may offer promotional fee waivers if you meet certain criteria, so it’s best to check the exact fees directly with the bank.

If opening a bank account with a traditional institution seems too complex or restrictive, there are regulated alternatives worth considering, especially for international entrepreneurs and SMEs.

Statrys is one of these alternatives. As a licensed Money Service Operator (MSO) in Hong Kong, Statrys offers multi-currency business accounts specifically designed for companies with cross-border operations. The application is 100% online, and setup typically requires just two main documents:

✔️A copy of the passport(s) of the director(s) and/or shareholder(s)

✔️A copy of your Business Registration Certificate 

Here’s a brief look at the key highlights.