ATM cards & internet bank - Account opening

[fargone]

You can do it within a few hours when you are here in Hong Kong. Just make sure you bring along a recent utility bill in YOUR name (UK address is perfectly fine) and your passport.

Depending on what type of account you open, you can leave the bank with an active ATM card and online access.

Hi all,

Was not sure if I had to introduce myself somewhere so apologies if I have not shownany netiquette. I'm basically planning to move to HK this year and am looking at how to set up as much as possible before I settle.

I already figured out that I need to have my Passport/HKID Card + 1 or 2 recent utility bills to open a bank account.

Regarding Internet Banking access...
I've looked at a few banks' homepages and it appears that I need to have either an ATM card or credit card. Can someone advise if this true? What are the hurdles to cross before I can access an account online?

Thanks

[Claire ex-ax]

ATM card will let you take out cash here and abroad at ATM machines (there are two systems in Hong Kong and you can take cash out/pay bills at any ATM in your bank's system free of charge. It will also have the EPS function (like a debit card), which will allow you to pay in thousands of places without cash/credit card. You can also use it for 'cash back' at many places. If you think you will never need cash (ha!) or prefer to spend your lunch hour queuing in the bank, then you don't need an ATM card.

Credit cards work the same here. It can be difficult to get one immediately though.

For online banking, well with my bank I just registered and had immediate access. Banks will also have smartphone apps for you to do you online banking wherever you are.

[Gruntfuttock]

Does anyone have bank accounts without an ATM card these days? Does your bank account where you are now not have one?

In any case, internet banking is basically automatic with any standard bank account these days.

[fargone]

Thanks for the advice. The reason why I was asking about the ATM card as a pre-requisite for online banking is because this is not the case for UK HSBC bank accounts. I have a login ID and a secure key which generates a random code each time I log in.

The other reason for my questions is because I heard that ATM cards in HK carry an annual fee (50 - 100 HKD?). Obviously I do not need to have it until I'm firmly settled in HK. But I guess I need the ATM Card Number to actually sign into the online banking portal...

Aside from standard current accounts, does anyone know whether online banking is available for more exotic accounts? (such as multi-currency accounts)

[shri]

http://www.hsbc.com.hk/1/2/hk/banking

Sort of explains how exotic or ordinary banking can be on the interwebs with HSBC. Pretty much standard as far as most banks go .... SCB, BoC, BEA, Hang Seng, Citibank etc .... (google 'em).

[shri]

http://www.hsbc.com.hk/1/2/hk/banking/download

Has account related fees. You'll find similar documents on most bank websites.

[fargone]

http://www.hsbc.com.hk/1/2/hk/banking/download

Has account related fees. You'll find similar documents on most bank websites.

Thank you! Looks like ATM Card fees are waived (at least with HSBC) which is contrary to what I heard.

Now it's just a case of choosing a bank. Back to the research

[fargone]

Thanks all for the useful info. It's now a case of finding the right bank to open an account with. The standard ATM card fee by HSBC seems to be waived so this is contrary to what I've heard.

[drumbrake]

Most banks waive most fees as long as you maintain a minimum balance / have a payroll account. Personally I'd avoid HSBC.

[HK_Katherine]

Certainly when I opened a basic Hang Seng account i was given an ATM card on the spot. It would be well nigh impossible to run a practical account here without an ATM card!