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How to Open a Bank Account in Hong Kong [2024 Guide]

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Many banks in Hong Kong offer an online account opening process for residents and HKID holders.

Opening an account with traditional banks can take up to 15 working days, depending on each bank’s approval process. Virtual banks may offer a quicker setup, with some providers opening accounts in as fast as 3-5 days.

To open a bank account, individuals need identification (like a passport or Hong Kong ID) and proof of address. Corporate accounts require more extensive documentation, including incorporation documents, business registration certificates, and details of company structure.

Ranked as the fourth-largest financial centre globally, Hong Kong is definitely an attractive destination for opening a bank account. Coupled with a favourable tax system and its status as a renminbi hub, it is no wonder why Hong Kong is called "a natural first choice" as an Asian base for multinationals.

Whether you’re setting up a company or relocating for personal reasons, Hong Kong offers diverse local and international banks to cater to both personal and business banking needs. 

To help you get started, we have prepared this guide to walk you through the process of opening a bank account in Hong Kong for individuals and businesses, including different account types, requirements, common fees, and banking options. 

What Documents Do You Need To Open A Bank Account?

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

We’ll cover the 2 most common types most Hong Kong banks offer: personal accounts and business accounts. 

Opening a Personal Account 

Opening a personal account is quite easy in Hong Kong. You can visit your desired bank's website or visit one of the branches and fill out 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:

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-residents or those who have just arrived in Hong Kong. However, the bank should inform you if this is needed and how it will be used.


Tip: Still looking for a bank to open an account with? Explore the 7 best Hong Kong banks in 2024. 

Opening a Business Account

Opening a business account is similar to opening a personal current account, except businesses must provide more documents than individuals, mainly for compliance reasons.

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


What it is

An official document proving your company's legal registration with the Company Registries in Hong Kong.

A certificate issued by the Inland Revenue Department as a tax identification document. 

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. 

A legal document issued by the company secretary listing the names of the company directors, officers, and shareholders. 

Partnership Agreement

A legal agreement outlining the partnership's terms and conditions, including the partners' rights, responsibilities, and profit-sharing arrangements.

Other Documents and Information

Such as a board of resolution, proof of business address, business plans, an organisational chart, a recent bank statement, and a bank reference letter

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.

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Important: Before preparing the documents, make sure that you’ve researched the different types of business accounts and chosen the best fit. 

Step 1: Decide Which Bank To Use in Hong Kong

Each bank offers different packages for personal and corporate clients. Start by researching and comparing their offerings, fees, and eligibility requirements that align with your specific needs. Here are some factors  to consider when choosing a bank:

  • Account Features: Depending on your preferences, look for features like online banking, mobile banking, multi-currency accounts, debit cards, and credit cards.
  • Interest Rates: Compare interest rates on savings accounts and time deposit accounts to maximise your returns.
  • Monthly Fees: Some banks charge monthly maintenance fees for certain accounts, while some offer promotional or conditional waivers.
  • Transaction Fees: Consider banks with low or no fees for everyday transactions like ATM withdrawals and fund transfers. 
  • Additional Services: Explore additional services according to your needs, such as loans, insurance, investment products (including bonds, stocks, and mutual funds), merchant services, and wealth management services, especially if you’re a business. 

And here’s what to avoid:

  • High Fees and Hidden Charges: Some banks may charge excessive or hidden fees. Compare the fee structures of different banks to find one that fits your budget and transaction patterns.
  • Limited Services: Does the bank offer the essential services you need, like international money transfers or Internet banking? Also, make sure that the bank has branches and ATMs in multiple locations for convenient access to cash.
  • Poor Customer Service: A bank with unresponsive or unhelpful customer service can be frustrating, resulting in a bad banking experience.

Important: 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.

These are the popular banks in Hong Kong to consider:


Key Features

Potential Drawbacks

dbs logo

• Comprehensive personal, SME, and corporate banking solutions

• Quick account activation

Complex eligibility criteria

HSBC logo

• User-friendly mobile banking services through the HSBC mobile app

• Strong global presence

Potentially higher fees

• Customer-focused banking

• Prominent local Hong Kong bank with robust online banking services

Limited global presence

Bank of China logo

• Strong network with Mainland China

• Wealth management and investment services available

Potential language barrios for non-Mandarin speakers

Statrys mobile application dashboard showing a total balance in a business account.

Step 2: Submit Required Documents

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 apply for an account online without visiting a branch. However, business clients may be required to make an appointment with a bank representative to submit the application.


Important Notice: Hong Kong banks often require certified true copies of original documents to ensure their authenticity and validity. 

Step 3: Enter the Pre-approval Process

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

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. 

Step 4: Activate Account

Once your application is approved, the final step is to activate your new Hong Kong bank account. Your bank will contact you to provide instructions on how to complete this process, which typically involves making an initial deposit and registering for online baking services. 

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. Generally, it can be as fast as on the same day or up to 15 business days. 


Note: While the specific steps may vary depending on your chosen bank, the general process is as outlined above.

Bank Fee & Charges

Opening a bank account in Hong Kong comes with fees, and some banks have an initial deposit and minimum balance requirements. 

Each bank offers different fee structures, and some may have an exemption for some service charges. Be sure to check with the bank of your choice for these components before setting up an account: 

  • Account set-up fee: Banks typically charge this fee for setting up corporate accounts, which could range from HKD 1,000 to HKD 10,000. 
  • Initial deposit: Around HKD 10,000 – 50,000, depending on the account type.
  • Minimum balance: HKD 50,000 – 500,000. Most banks charge a monthly maintenance fee of around HKD 200 if you cannot meet their minimum requirement.
  • Processing fee: Depending on the specific transaction type, it can be as low as HKD 200 or as high as HKD 10,000.
  • Credit card: Annual fees for credit cards in Hong Kong typically range from HKD 300 or more. For international credit card orders, prices can range from HKD 30,000 to HKD 50,000 (this may vary depending on your bank of choice).
  • Foreign transfer fee: HKD 15 – 120 
  • ATM withdrawal fee: HKD 0 – 25
  • Closure fee: Around HKD 200 (when closed within 3 months of opening). Early fee closures may vary.

If you plan to make transactions in foreign currencies, check if the bank offers favourable exchange rates or opt for multi-currency accounts that can help you save on this cost. 

While the above information can help you approximate the cost of opening a bank account in Hong Kong, it is important to note that fees can vary widely depending on the type of account. 

We recommend checking directly with your chosen bank for the most accurate information.

How Does the Banking System in Hong Kong Work?

According to the Hong Kong Monetary Authority (HKMA), a corporation must be granted a licence to operate as a bank in the region.

The Hong Kong banking system consists of three-tier of deposit-taking institutions:

  1. Licensed Banks offer a full range of banking services while maintaining deposits of any size and collecting cheques drawn and paid in by customers. They can use the term “bank” without any restrictions. 
  2. Restricted License Banks can take any maturity deposits of HKD 500,000 or above. They are more focused on merchant banking and capital market activities.
  3. Deposit-taking Companies are companies often owned by or associated with banks. They engage in consumer finance, commercial lending, and securities while being able to accept deposits starting at HKD 100,000 within at least 3 months of the original term of maturity. 

The HKMA sets strict anti-money laundering regulations for all banking corporations. Thus, Hong Kong banks must verify all information and conduct due diligence before approving any new individual or business accounts.

Opening a Hong Kong Bank Account Online

While most banks typically require you to be physically present to open an account, there are alternatives and ways to open an account remotely. 

Most banks will allow permanent residents with Hong Kong Identity Cards to apply for basic personal accounts through an online mobile account opening process. HKID holders can also benefit from a digital-only banking experience with virtual banks. 

However, the option for entirely online remote account opening for foreign nationals and businesses may vary depending on the financial institution. In such cases, fintech companies in Hong Kong, like Statrys, may offer a more digitally convenient account opening process. 

Let’s learn more about Statrys below.

Alternative Solution: Statrys Business Account

screenshot of statrys platform

Statrys is an award-winning financial service provider based in Hong Kong and specialising in payment solutions for SMEs and entrepreneurs across Asia. Currently, Statrys has over 3,500 companies from over 70 countries worldwide. 

Although Statrys is not a traditional bank, it holds a Money Service Operator licence in Hong Kong, and it offers business accounts for businesses incorporated in Hong Kong, Singapore, and the BVI. Statrys also provides additional services, including company incorporation in Hong Kong and Singapore, offering a comprehensive solution for businesses looking to expand into the region. 

Opening a business account with Statrys is easy and can be done completely online. With a focus on people and convenience, Statrys is rated Excellent on Trustpilot, particularly for its efficient solution and responsive customer support. 

Statrys Services

Multi-Currency Business Account

Hold, receive, and send money in 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD.

Local Payments

Send local payments in 12 currencies: AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, and VND

Monthly Fee

Free (if 5 or more outgoing transfers are made in the month)

Business Account Opening Requirements

Must be incorporated in Hong Kong, Singapore, or the BVI.

Customer Support Channels

Website, Live Chat, Email, Phone, WhatsApp, and WeChat

Payment Cards

Physical and virtual Mastercard® 

FX rate and Fee

Competitive exchange rates (interbank rates) with FX fees as low as 0.15%

100% Online Account Opening


SWIFT Payments & Tracking


Xero Integration


Free Invoicing Software

Create, manage, and send invoices efficiently

Mobile App

Conveniently manage your account and handle your cards on your phone. Available on the App Store and Google Play Store.

Company Registration Service

100% online Hong Kong and Singapore company registration.

Trustpilot Score

4.7/5, based on 288 reviews

(Retrieved 20 June 2024)

Sample Statrys payment cards for CTA


How long does it take to open a bank account in Hong Kong?

Typically, residents can open personal accounts as fast as the same day. However, it might take a few days or up to 15 working days for non-residents. For business accounts, the processing time may extend to 2 to 3 weeks. 

Can I open a bank account in Hong Kong as a non-resident?


Can I open a bank account without going to the bank?


What if my bank account opening application is rejected?


Looking for a business account?