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

Ranked as the world's third-largest financial centre, Hong Kong has a well-established banking infrastructure and a vibrant business-friendly environment.* * Its developed banking sector, favourable tax system, and role as a renminbi hub make it a practical choice for opening a bank account. 

Whether you’re setting up a company or relocating for personal reasons, we’ve prepared this guide to walk you through the process of opening a bank account, including requirements for non-residents, common fees, and banking options to help you get started. 

To open a new account online, you’ll have to:

1. Choose the bank in Hong Kong that you want to open an account with 
2. Download the bank’s mobile app or access their website
3. Fill in the application form, which typically asks for your name, address, and contact information. 
4. Upload the supporting documents, like proof of identity (passport or HKID) and proof of address (utility bill, lease agreement, etc.).
5. Complete your identity verification, which may involve recording a video of yourself or providing additional biometric checks like facial recognition.
6. Activate your account once approved. 
   

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 a HKID, consider business banking alternatives like financial service providers and fintech companies that allow you to open an account remotely from your home country. 

The documents you need when opening a bank account will depend on the type of account and each bank's specific requirements. 

We will cover the 2 most common types of accounts offered by banks in Hong Kong: personal accounts and business accounts.

Opening a personal account in Hong Kong is a straightforward process. You can visit the bank’s website or go to a branch in person to complete the application form.

Bank websites and branches will provide detailed information about their account options (like current accounts or savings accounts), interest rates, ATM access, associated fees, and promotional offers. 

For personal accounts, most banks will typically ask for the following documents to open a new account:

• Hong Kong Permanent Identity Card (HKID Card) for residents
• Valid passport for non-residents
• Proof of Residential Address, such as recent utility bills, a rental agreement or other official documents. Your bank should provide a list of acceptable options.

Depending on your circumstances and the banking services needed, banks may require additional information along with the above list. Specifically, this may include proof of income or employment for non-permanent residents or those who have just arrived in Hong Kong.

Opening a business account follows a similar process to opening a personal current account. However, businesses are required to submit additional documentation, primarily to meet compliance requirements.

Here are some of the documents that you will need to open a business or corporate account in Hong Kong: 

• Certificate of Incorporation: An official document proving your company's legal registration with the Company Registries in Hong Kong.
• Business Registration Certificate: A certificate issued by the Inland Revenue Department as a tax identification document.
• Article of Association: A document outlining the company's rules and regulations and the rights and responsibilities of its shareholders, directors, and officers.
• Identification Documents of the Ultimate Beneficial Owner(s): Copies of the official identification document that proves the identity of the ultimate beneficial owner(s), such as a HKID or passport. 
• Certificate of Incumbency: A legal document issued by the company secretary listing the names of the company directors, officers, and shareholders. 
• Other Documents and Information: This may include a board resolution, partnership agreement, proof of business address, business plan, organisational chart, recent bank statements, or a reference letter from your previous bank.

Lastly, you must also state your purpose for opening a corporate bank account and the nature of your business activities and operations in Hong Kong.

Once all the documents and information are prepared, submit your documents to the bank representative you are in contact with or submit them online if your business account provider accepts online submissions.

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.

Each bank offers different packages, so the first step is to compare services, fees, and eligibility to find the best fit for your banking needs. 

Consider features like SWIFT payments, internet banking, mobile banking, multi-currency accounts, and debit or credit cards. Additionally, you can compare interest rates on savings and time deposit accounts and check for account maintenance and transaction fees, including international transaction costs and currency exchange fees. The quality of customer service is also important. 

These are the popular banks in Hong Kong to consider:

When choosing a bank, it’s also important to review their compensation schemes. In general, licensed banks in Hong Kong must participate in the Deposit Protection Scheme, in which deposits in Hong Kong dollars, renminbi, or other currencies held at a Scheme member’s Hong Kong offices are covered up to HKD 800,000 per depositor. *

Since each bank may have its own policies on the types of entities they accept, we recommend reviewing the information on your eligibility to open an account with the provider before applying.

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, the bank may contact you for additional supporting documents, information, or verification. This is likely in cases of corporate bank account opening, where an interview with a bank representative is often a standard part of the Know Your Customer (KYC) procedure to verify the nature and legitimacy 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. 

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 a closure fee if you close the account within a short period. This fee is typically around HKD 200 if the account is closed within 3 months of opening. Early account closures may incur more fees.

The fees listed are general estimates based on publicly available banking information as of February 2025. Actual fees may vary by provider and the type of account. 

Different banks also have different fee structures; for instance, some may waive certain service charges or provide cash rebates for maintaining a specified balance. We recommend checking directly with your chosen bank for the most accurate and up-to-date information.

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. 

Banks typically ask for:

• Identification documents like a passport 
• A copy of your current and valid visa or Hong Kong entry and exit permit.
• Proof of address, such as a utility bill or bank statement. 

Some may also request you to provide the following:

• Purpose of opening a bank account in Hong Kong
• Proof of income, such as salary slips, tax returns, and bank statements.
• Employment information, including occupation, employer details, and monthly salary.
• Proof of study, such as a letter from the university to support your visa or residency status.
• A reference letter from a previous bank that verifies your financial history and reputation. 
  

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. 

Banks in Hong Kong that are more likely to accept foreign account holders tend to be international institutions such as HSBC, Standard Chartered, and Citibank. Some banks allow you to start the process online, but physical presence may still be required depending on the circumstances. For precise requirements, it's best to contact the bank directly.

Alternatively, check if international banks offer branch visits in your location, explore online-only or virtual banks for fully remote account setups, or explore fintech providers for payment solutions, though they don't offer traditional banking services like loans, investment products or debit cards.

While traditional banks are often the go-to option for financial services, Hong Kong also offers a wide range of non-bank alternatives that might better suit your operations. These solutions provide cost-effective options and online products tailored to specific needs, such as:   

• Business accounts with minimal fees and personalised support are ideal for growing startups and SMEs facing challenges with traditional banks.
• Multi-currency support that facilitates cross-border payments in various currencies beyond HKD, RMB, and USD.
• Account integration with accounting software or ecommerce platforms to streamline business operations.

One alternative solution to consider is Statrys. 

Statrys is licensed and regulated in Hong Kong as a Money Service Operator (MSO) and provides multi-currency business accounts tailored for cross-border payments. Business account users can hold up to 11 major currencies and can easily exchange currencies when the rates are favourable, with the added option of FX services. Statrys also provides a dedicated account manager for personalised support.