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

If you’re moving to Hong Kong or setting up a company there, opening a bank account is a must. However, despite its importance, opening a bank account is not all that simple. 

For starters, not all banks accept applications from non-residents. Some require in-person interviews, and others are unclear about their requirements and pricing structure upfront. If you are not a Hong Kong resident, opening a bank account will be difficult without the right guidance.

In this guide, you’ll learn everything you need to know about opening a bank account in Hong Kong, including key requirements for foreigners, common fees, and the options available to help you get started.

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 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. 

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

Whether you’re opening a personal or corporate bank account, you’ll need to provide supporting documents and meet specific requirements. 

These can vary depending on the bank, the type of account (such as savings or current), and the specific product offered. Some accounts are designed for particular use cases. It’s always best to double-check the requirements on the bank’s official website for the exact product you’re applying for. 

Generally, you’ll 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.

Hong Kong has over 100 banks regulated by the Hong Kong Monetary Authority, each offering different account packages. To find the right fit, it’s important to compare their services, fees, and eligibility requirements.

Start by looking at what the bank offers and whether it matches your banking needs. Consider features like:

• Multi-currency support, including the ability to hold or transact in renminbi and other major currencies.
• Debit card and credit card availability for ATM withdrawals, payments, expenses, and travel needs.
• Access to online and mobile banking, and the overall internet banking experience. Some platforms are far more user-friendly than others.
• Whether the bank offers any rebates on fees or transactions based on usage or account type.
• Availability of investment products, such as investment accounts or savings plans

When choosing a bank, also check if it’s part of Hong Kong’s Deposit Protection Scheme. Most licensed banks participate in this, and deposits held in HKD, RMB, or other currencies are protected up to HKD 800,000 per depositor.

After choosing where to open your new account, prepare the supporting information and documents according to the bank’s requirements, then submit them 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. 

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.

After you submit the documents, the bank will thoroughly review your application to determine your eligibility and ensure compliance with its internal policies. 

In some cases, especially for business accounts, the bank may request additional documents or schedule a verification interview. This is typically part of the Know Your Customer (KYC) process and may take place either in person or via video call, depending on the bank’s procedures, your nationality, and the nature of your business. 

Once your application is approved, the bank will contact you to provide your new account details and instructions on how to activate your account. The activation typically involves making an initial deposit and registering for online banking services. 

You can also register your Hong Kong mobile number with a compatible bank account to receive transfers via the Faster Payment System (FPS) without having to share your account details.

The time it takes to open a bank account in Hong Kong varies depending on several factors, including whether you’re opening a personal or business account, which bank you’re opening it with, and the completeness of documents. 

Most 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).

Some banks also offer an online account opening option for businesses, but the eligibility requirements vary depending on the bank. If you are a foreign company or an entrepreneur without an HKID, consider business banking alternatives 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: 

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

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. Some banks require an initial deposit or a minimum balance. Personal accounts generally have low or no fees, while business accounts tend to be more expensive.

Here are the typical fees associated with opening a bank account.

• Account set-up fee: Banks typically charge this fee for setting up corporate accounts, with charges starting from HKD 1,000 for local companies and approximately HKD 10,000 for overseas companies. These fees are typically not applicable to personal accounts.
• Initial deposit: Around HKD 10,000 – 50,000, depending on the account type. Personal accounts typically have lower minimum deposit requirements than business accounts, with some even requiring no initial deposit at all.
• Minimum balance: HKD 50,000 – 500,000. Most banks charge a monthly maintenance fee of around HKD 200 - 450 if you cannot meet their minimum deposit requirement. Some banks may not have a minimum balance requirement on personal accounts. 

Additionally, some banks charge an account closure fee if you close the account within a short period, typically around HKD 200 if the account is closed within 3 months of opening. 

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 requires just two 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.