Widely regarded as Asia’s leading financial center – a title it shares with Singapore – Hong Kong is one of the world’s easiest places to manage your financial life. Home to several large international banks and a variety of local alternatives, managing your finances in Hong Kong is straightforward, affordable, and very simple.
Hong Kong is home to several well-known international banks. Standard Chartered Bank, one of the world’s most well-known public banking companies, is based in Hong Kong. Likewise, HSBC – arguably the world’s most famous banking group – was founded in Hong Kong and maintains one of its largest offices in the city.
With a reputation as a major offshore financial center, Hong Kong is the ideal place to base your financial activities while residing in Asia. Unlike many other East Asian countries, which apply a range of strict controls to bank accounts opened by non-citizens, Hong Kong makes it very easy to open a bank account as a non-citizen, and even as a non-resident.
Citizens of almost any country can open a personal bank account in Hong Kong without having to maintain an address in the city. As such, Hong Kong is one of the world’s most popular locations for offshore personal banking. All that’s required is a proof of address in another country, as well as a valid form of identification (typically a passport.)
Most expatriates in Hong Kong opt to bank with one of the city’s more well-known options: HSBC, Standard Chartered, Bank of China, and Hang Seng Bank are all reliable options. All offer accounts to foreign customers and are renowned as being affordable and easy to work with. Bank accounts at these banks can be accessed using online banking for people that live outside of Hong Kong.
Fees for personal bank accounts in Hong Kong range from one bank to another, but the city’s large amount of competition in the financial sector makes banking in Hong Kong fairly affordable. Most banks in Hong Kong are happy to open accounts in a variety of currencies for customers that carry out most of their banking in a currency other than Hong Kong Dollars.
While opening a bank account for an individual in Hong Kong is quite simple, opening a bank account for a company can require significantly more time and paperwork. Hong Kong banks are happy to manage accounts for foreign companies, and many companies based outside of Hong Kong use the region’s affordable and reliable banks to manage their financial affairs.
Depending on the region in which your company is incorporated, you may need to provide your bank with a Certificate of Incorporation, information about your company’s sources of revenue, personal identification of yourself, and other documents. Most business banking is performed by major banks such as HSBC and Bank of China, although some people opt to use a smaller bank.
Thanks to its fantastic bank policies for expatriates and the wide variety of options available, Hong Kong is one of the world’s easiest territories to manage your finances from. Hundreds of thousands of people don’t have it wrong – basing your finances in Hong Kong is straightforward, simple, and highly affordable.