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i can't open bank on HK

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  1. #51

    Join Date
    Dec 2002
    HSBC has dedicated "Premier Centers" all over HK but they cannot open a simple premier account and deposit $1m for my wife who is permanent HKID holder and living here for 12 years, Japanese nationality (but this should not matter).
    They can open accounts. They're just not used to your levels of honesty.
    Paxbritannia and bdw like this.

  2. #52

    Join Date
    Jan 2018
    Quote Originally Posted by traineeinvestor
    I agree that it sucks but respectfully disagree with the suggestion that the OP puts a false nationality and/or passport number on the application form.

    If the bank ever suspects that the account has been opened using false information, they will be obliged to file a report to JFIU (they have no choice in the matter under HK's AML laws) and it is a near certainty that the account will be frozen until JFIU completes its investigation. Also, JFIU's investigation will likely include making inquiries of OPs employer and, possibly, landlord.

    Technically, it would also be a criminal offence as well.
    OK, I withdraw my advice to lie, no need to go to jail for a bank account. Just seems like really harsh treatment and I know how absolutely frustrated I was trying to get a business account- seriously, the banks acted like we were a money-laundering operation for synthetic opioids from China.
    traineeinvestor and bdw like this.

  3. #53

    Join Date
    Nov 2005
    Cramped island

    Most people have a very huge mis-concept of banks..
    They are commercial entity... most of their services are provided economically for free, especially if you don't intend to keep a large deposit in the system.

    Simple economics, if you place 1mio HKD deposit in their system, and average 2.0% interest rate, they would make 0.5% off you (i.e. 5k HKD) if they manage to lend out at 2.5% mortgage rate..

    Consider that if you have a syrian nationality, your account would likely be flagged as 'requires attention'.. and their KYC/Compliance chap would need to spend extra 3 hours going thru systems and asking various documents from you to try to make sure you are clean...

    From what i gathered, the whole streets are short of KYC/Compliance area guys as HKMA are getting drastically strict on this part of most banks.. Then they have all reasons to figure out a way to reject you.
    Rejection is a commercial decision... Compliance mechanism is set by a bank, and they set that decision based on their own commercial logic/economics. Not based on a social service mentality..

    So best solution.. go hunt around and see if any bank are willing to open your account. The smaller chinese banks probably have less concerns with having these rare passport copies floating around than your typical HSBC/SCB/Citibank, all whom have been fined zillions of dollars in the last 5-10 years dealing with middle eastern clients.

    shri likes this.

  4. #54

    Join Date
    Aug 2009

    Seriously, don't lie or indicate any other nationality to try an bypass the system. And why should you?

    HK Govt has issued you with a visa to work in HK, opening a bank account is a mere formality.

    laam likes this.

  5. #55

    Join Date
    Nov 2019
    Quote Originally Posted by LifeInHK
    >>>]]Do what i said. Don't show your passport, .....

    Err.... Bad advice. Only for PERMANENT HKID people... they do not need to show passport.
    @laam :
    You are a VISA holder, and your HKID has restrictions on it, so the bank will certainly insist on seeing your passport. The best advice is given by GotIt . Have added some details

    1) Ask your employer, what is the bank and BRANCH where the business account they have, and visit that bank.

    Important is the business account that the employer use to process their PAYROLL.

    2) Take employment letter confirmation To That specific branch.... specifically asking to open bank account for you.

    Better ... ask your company HR staff (the person who is doing the payroll) to go there with you. Then the company can "introduce" you.
    yeah they are using payroll

  6. #56

    Join Date
    Sep 2018

    Hong kong has banks from many different countries. You do have other options besides local and Chinese banks. I have found 2 middle eastern banks that may be more open to you.

    Mashreq Bank:
    National Bank of Pakistan:

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