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Q: It is possible for an expat to open a bank account in Hong Kong?
I don’t live there; however, a bank account in Hong Kong has a lot of advantages. I try to open one but in contrast to main land, it is surprisingly difficult.
The main problem was what they call an “address proof”. Of course, I don’t have any gas, water or electricity bill (not from Hong Kong and not even from my country) and none of my documents states my address (in mainland or overseas). Let’s add that most of my documents are in Spanish.
12 years 7 weeks ago in Money & Banking - China
Can monkey's climb trees, parrots talk and dogs bark? Well if you answered yes then the answer is a definite yes! Just trying to have you say yes more than once so you know that Yes you can open a bank account, and yes you can be an expat, and yes you can do it in Hong Kong.
You can open it up wherever you want! The more you learn the more you know! Now you know!
crimochina:
jesus christ stop with the act already you're embarrassing wumaos, american, ethnic americans (where the puck did i get this term from), and the planet earth. when aliens read your crap they're gonna think the whole planet is full of dumbasses who are trying to act as if they are someone else.
Opening a bank account in Hong Kong does not require a local address. I have a couple set up there for different purposes. One of the main things you want to think about when you do set up an account is what type of currency will be going in it.
HSBC and many other banks have multi-currency accounts that make putting money in them very easy.
However, there are a couple drawbacks. For example, the HSBC in mainland China is not really associated with the HSBC's in the rest of the world. So if you want to withdraw money you will need to do so from ATMs. I think the limit is 20k RMB per day. Useful for personal expenses, not so useful for business expenses.
If you need something with your address on it, simply print up a letter head or envelope. They should accept those without problem. When I setup mine, I used a combination of my passport and business card.
The whole process took less than an hour for me. Hopefully it will be as easy for you.
profenieto:
In which bank you opened it? What kind of account is it? For me is not so simple, first: they ask me for an “address proof” but as I said before, I don’t have any. I receive all my bills through e-mails. The people of the banks told me that printing those “e-mail bills” was not acceptable. Second: They also want my documents in “English” while all my papers are in Spanish. And third: I don’t have any business card.
I have one at Bank of China in HKG. It is quite handy, because I can do all my banking there, plus it is easier than involving my account with B of C in the mainland. Tale for example, SS will not do direct deposit into B of C in mainland, but wll dointo B of C in Hkg. So, once money is in HKG (in dollars), I can exchange them into Rmb and move it to the mainland account, or use ATM to withdrawl as needed.
I had no problem opening the account, I showed my passport, business card with my minland address, and my B of C mainland savings passbook, and I was out of the bank in less than 90 minutes.
profenieto:
Of course you haven’t any problems; maybe you are American, English, Australian, etc. So, your documents should be written in English. My documents are in a more “exotic” language and that was one of the problems they point me in Bank of China. Plus, I have no idea of what is a "business card".
Profenieto:
It seems to me that you are allowing yourself to drawn in a glass of water. Your nationality has nothing to do with it, if you are from Mexico and I am from USA makes no difference to open a bank account.
If your documentation is in Spanish, and can't find a translator to do it in Mandaqrin directly, then why don't you make a Spanish to English translation, then get others to do the English to Mandarin translation and problem resolved.
If you do not know what a business card is, google for an answer, or ask the question. I am sure you have seen them, just do not know them by that name. Business cards are normally 5-1/2 cms x 9 cms long, made of mostly heavy paper or thin "cartulina", or plastic, and has the person's name, address, phone number, titles, degrees, and anything else you may consider important. Here in China, they cost 20 Rmb for 250 of them.
If you wish to see some different designs, please visit
http://businesscards24.com/photo-business-cards/
Now my friend, calm down and examine each reason they gave you for not opening the account, and find a solution to overcome their reason. It is as simple as that, do not make a mountain out of an ant hill, please.
profenieto:
My comments are not a sort of recrimination to you (you are taking a time to answer my question and I sincerely appreciate it). I’m just sharing to you (and to any one who can find it useful) this experience, which at least in my case, was quite frustrating. Concerning their reasons, first: they don’t accept my documents in Spanish and they will not accept the translations to Mandarin and English (that’s what they told me in BOCHK). Second: The “business cards” (thank you for the link, in my country we call it: “presentation cards”) are not a valid address proof. Third: I visited more than 10 different banks, including: BOCHK, HSBC, Construction Bank and ICBC. It was the same everywhere. By the way, you need more than a glass of water to make drawn but please, be fair, you have to admit that in all your life, you never had this kind of problems (and probably you will never have it).
HappyExPat:
Point received, Profenieto. You have no idea of what kind of problems I could have, but I am sure that even if you do not believe me, I do have some very similar to yours. I have spend most of mylife in a way rejected by my peers, thru no fault of my own. Yes, I do have US citizenship by birth, but also carry an Spaniard surname. In Louisiana I was consider a Hispanic minority, and managed to enter LSU not on my grades, but as a minority . I moved to Puerto Rico, and there locals considered me a Gringo, and Americans there considered me a local. My marriage license was in Spanish, my divorce decree is also in Spanish My Driver's License is also in Spanish, and I am fluent in more than English thanks to wise parents. I have never had ny problems with Chinese Officials anywhere accepting some of my documents in Spanish, provided the Chinese translation is duly authenticated and notarized. There must be a reason for the refusal. You do not have to say it here, but unless my case was anexception and not the general rule, I showed my US passport, my Certificte of Temoprary Residence in China issued by local Police, and my business card (or tarjeta de presentacion as you call it. And of course,the money to be depoited. Bank of China,Hng Kong, at Bank of China Tower there. I did make a prior appointment, it was for 2 pm, I was out of the Bank around 3:15 or 3:20 pm. I am sorry you went thru such incongruencies, and I do know how you feel. Yet, I do not allow that to affect me or my thinking.
profenieto:
Of course, this should not affect you or your thinking, neither is that my intention. Again, I’m just sharing an experience, a bad experience this time but maybe, the next can be a good one. Do not take it personal, I’m not meant to annoy you.
HappyExPat:
No Profenieto, you do not anoy me at all, I just hate to see a compadre down because some idiot willnot bother to see his documents. Cheer up and d not give up. Next time in HKG, try again, please.
I also have an account in Hong Kong with HSBS but I had to go to Hong Kong to open the account. I tried here in Main Land but they said only if I went Hong Kong could I accomplish this. Not sure about other banks. And if you can't give them the correct paperwork in Cantonese, then why would you expect them to do it in Spanish? You are in China
