Opening a bank account after relocation: which bank to choose and what to take from home

[oktohk]

Hi,

We are going to relocate to Hong Kong soon and it so happens that I would like to receive salary from my employer and for that I am going to need a bank account.

I understand that to open a bank account under current HKMA regulations we would need to provide a bank with a Proof of Address. What would be the best way to get such proof as soon as possible? We are going to stay in a company provided serviced apartment for the first month so it would be really complicated to get a rental contract or an utility bill during this time. So we thought about bringing proof of our address in our home country - bank letters, utility bills - would that help us to open a bank account right away? Would it be an issue that we will have a bank account with foreign proof of address if we are going to use it as Hong Kong residents?

So basically - is there something we should do right away in Hong Kong or take from our home country to lose as little time as possible on banking matters?

In case if we need to wait for our first utility bills to pour in - is there a usual way to receive salary before an account is available, by a check perhaps?

And with that in mind, what are the best options for issue free banking in HK? I hear that HSBC service is pretty poor and hear good things about Hang Seng and Bank of China, but what are the companies which will open accounts quickly and not hassle us with frequent branch visits after?

To answer common questions: I am not a US person, I don't have an account with an international bank in my home country, I hold a passport of an OECD country.

Thanks!

[Scousebanana]

Banks in Hong Kong seem to be stuck in the 1980s - lots of bureaucracy for little apparent reason. Their processes are not very coordinated, so just because you get turned down by one bank on one day, you may get a different answer (even in the same branch) the next day.

Although they have tightened up further on anti-money laundering recently, you should still be able to open a bank account in your first month. I know of at least 3 new arrivals in the last few months who have managed to do so. You will need your passport and you should obtain a letter from your employer explaining that you are employed by them and are now resident in Hong Kong. Ideally, also take along your HKID (the temp one they issue on your first visit to register is fine) and the lease agreement for your serviced apartment. They may say they cannot mail you at that address, but I gave them my work address for the first few months and they seemed fine with that.

By the way, Hang Seng is owned by HSBC so I'm not convinced their service will be any better. I am with HSBC myself and they drive me nuts at times, but I do usually get to where I need to be in the end - it just takes patience. I know a few people who have moved to Citibank and seem quite happy with their service, though they don't have many branches outside of the main hubs.

[oktohk]

Thank you for the reply! It sounds really reassuring. Do I understand it right that it was HSBC who has opened you and account with your work address?

[HK_Katherine]

You can certainly use overseas utility bills (within 3 months validity) but they will then send all correspondence to that address (which is fine if you have relatives there who can email you the info, not so much if you sold your house!).

[oktohk]

Thanks! What kind of correspondence would that be? It is certainly would be no issue if they send statements back home but it will be a problem if they send credit/ATM cards or PIN envelopes there.

Would it be a problem to change the status of my account from a 'non-resident' with a foreign address to a 'resident' with an HK address later?

[Scousebanana]

Yes, I opened my account with HSBC within my first week of arriving in HKG, giving them my office address as my correspondence address and my serviced apartment address as my residential one and notifying them of the change of address once we found a more permanent home. I also opted for as many e-notifications as possible, so most of my correspondence is via email.

[Firemin]

Having opened an account last month (lucky on the third attempt!) I would advise the following:

HSBC did not accept my paper HKID card - they said it was not a valid form of ID (despite the HK govnt stating that it is!).
HSBC did not accept my serviced apartment rental agreement as proof of address, because it was in my employer's name (even though it had my name as the registered occupant!).
My employer had to write a covering letter confirming my employment terms, and I had to provide a copy of the contract with renumeration details.
Account was opened with my passport as ID and UK driving license as proof of address. I used my office address for correspondence. Had to go back in once I got my 'solid' HKID card...

[AGxM]

I used the bank my employer banked with and had no issues using a passport and a serviced flat address with a letter from my company....this was 6+ years ago though

[oktohk]

Thanks everyone for answers! I see that it is a common practice here to open accounts with only a serviced apartment contract and a company letter so I think it should not be a problem other than I'll have to shop around banks to find one which will accommodate me.

I'm still going to have my local utility bills translated with a certified translator just in case.

[james_hklocal]

Having opened an account last month (lucky on the third attempt!) I would advise the following:

HSBC did not accept my paper HKID card - they said it was not a valid form of ID (despite the HK govnt stating that it is!).
HSBC did not accept my serviced apartment rental agreement as proof of address, because it was in my employer's name (even though it had my name as the registered occupant!).
My employer had to write a covering letter confirming my employment terms, and I had to provide a copy of the contract with renumeration details.
Account was opened with my passport as ID and UK driving license as proof of address. I used my office address for correspondence. Had to go back in once I got my 'solid' HKID card...

There is no "paper HKID card" here. You may have something showing that you are applying for an HKID card but it is not a HKID card. Also, HK Government don't state that it is.