How much money is needed to Survive the first month in HK?

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  1. #1

    How much money is needed to Survive the first month in HK?

    I will be moving to Hong Kong to start work by January, my first pay check is due by end Jan.
    I’m just organizing my financials, Could you help me to figure out how much money I should be bringing in to HK for initial settlement of the first month.

    As I can understand below is what I may need, the ones with the question marks are the once I’m not sure about.

    3 ½ times of the Rent (HK$12k x 3.5) for Deposit, Rent & Broker charge
    Basic Living expenses for one Month (HK$6-7k for two people, We are a low maintenance young couple & we will be living 2 MTR stations away from my workplace – Tiu Keng Leng to Kwun Tong)
    My Apartment is almost fully furnished, just need to buy a double bed – how much?
    Any utility deposits?
    Mobile/Internet deposits?
    Bank Account opening minimum?
    Any Tax? – I think my first tax deduction will come by Jan 2011, Correct?

    Basically could you please advice any other thing you could think of that I may cost me to survive my first month in HK.

    Also what’s the best method of bringing money in to HK?

    Is there any advantage of living the first month in a Serviced apartment & then moving to a rented apartment?
    I know it helps to buy more time to look around for better apartment deals & delay the initial months costs till you get your first pay check. Any other benefits? I had read much negative comments about low/mid-level servised apartments thus far. Any good mid-level servised apartment (HK$10-12k month) that you could suggest?


  2. #2

    The best way to get money when not in your home country is by using the ATM -- as long as your bank doesn't charge you ridiculous fees. The exchange rates via the ATM are some of the best.


  3. #3

    Join Date
    Oct 2009
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    17

    Just from my experience...

    1. Basic living expense for two people -- $6k - 7k is a bit tight. It is doable, but you will be on survival mode.

    2. You can get a mattress for about $1k. Of course, there is almost no upper limit you can spend on this. Add another $200+ for bedding sheet etc.

    3. Mobile / Internet -- Mobile you can just get a prepaid for now. Internet you might have to sign a contract, which means a downpayment for about $1k.

    4. Some banks doesn't have account opening minimum, or at least you can ask them to waive it for the first month.

    5. Serviced apartment in mid-level for 10k to 12k sounds unrealistic.

    6. ATM -- Citibank and BofA (CCB) is probably your best bet if you're from US.


  4. #4

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    Quote Originally Posted by all2009:
    5. Serviced apartment in mid-level for 10k to 12k sounds unrealistic.
    You misunderstood that entirely. Yes, you can get a small serviced apartment for that budget in less expensive areas. But I'm slightly confused that the OP seems to first specify where he will be living (Tiu Keng Leng) but then asks for recommendations for accommodation.

  5. #5

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    I think he means mid-level as in not a doss 'ole but not a snobs gaff. Not half way up t' hill t' th' Peak.


  6. #6

    Hello guys,
    Actually I just realized there is actually a place called 'Mid-Levels' in HKG - oops!

    What I meant to say was mid-range serviced apartment in terms of value. I did came across some of the Studio apartments when I goggled which are around HK$6-8k so thought mid range would be around 10-12k, maybe I'm wrong.

    PDLM,
    Thanks for your post.
    I have pretty much decided to stay in Tiu Keng Leng based on only visiting few apartments in one day when I was visiting HK but now after little more search on the net I've beginning to think would there be better options for me if I try & look at few more. This is why I was talking about both Tiu keng Leng apartment & Serviced apartments, but I'm a bit skeptical about all negatives of moving in to serviced apartments - some were scary as the management staff seems to just walk in & out of your apartment without your consent. really don’t want to stay in a place like that.. hence the request for recommendations, plus I was bit curious about all the hype about serviced apartments against long term rented apartments.


  7. #7

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    The most common recommendation for serviced apartments is just for the first month or two while you look around and find a place that you are happy to rent long term. If you are able to make a 12+ month commitment then most people would say rent a normal apartment, not a serviced one (but some people do live in serviced apartments, or even hotels, for years).