Personal HK bank account

[Why]

Does anyone have experience opening a HK bank account (personal) being a non-resident?
Directly or with an agent?
Would be interested to hear your feedback.

 

[Sols]

Quite easy to do in person if you can deposit at least 1 million HKD within a reasonable timeframe (a couple of months), and qualify for premium/wealth banking. You can do it with pretty much all the big/international banks and several of the smaller/local banks. Just contact them, book an appointment, and show up armed to the teeth with documents. The goal isn't to have all documents ready then and there. The goal is to show you have your affairs in order enough that they'll be comfortable with you sending the remaining documents later.

Remote is doable as well, but it takes much longer, and chances of success appear lower than in person. I've heard of people with similar profiles where one had success in person and another was rejected remotely.

 

[Why]

Quite easy to do in person if you can deposit at least 1 million HKD within a reasonable timeframe (a couple of months), and qualify for premium/wealth banking. You can do it with pretty much all the big/international banks and several of the smaller/local banks. Just contact them, book an appointment, and show up armed to the teeth with documents. The goal isn't to have all documents ready then and there. The goal is to show you have your affairs in order enough that they'll be comfortable with you sending the remaining documents later.

Remote is doable as well, but it takes much longer, and chances of success appear lower than in person. I've heard of people with similar profiles where one had success in person and another was rejected remotely.

Thank you, solar twin. I do not really want to deposit HKD though, more interested in a multi-currency accoutn

 

[Sols]

Thank you, solar twin.

Just missing our blue and green cousins.

I do not really want to deposit HKD though, more interested in a multi-currency accoutn

That's fine. It's one million HKD or equivalent across other currencies.

The HK banking sector for wealthier clients comes in three tiers:
200,000 HKD/equivalent for above-average banking, usually not meant for non-residents.
1 million HKD/equivalent for premier/wealth banking, usually available to non-residents.
8 million HKD/equivalent for private banking, also available to non-residents.

Not all banks have all three tiers and Citibank for example starts their second tier at 1.5 million instead.

 

[Why]

I was actually looking at Standard Chartered which seems to have much lower thresholds. However it is very difficult to get in touch with them and get real answers on what they need, and there is a long queue to open accounts.
Considering using an agent to fast track but again very hard to get clear details.

 

[Sols]

Standard Chartered has Premier banking at 200,000 HKD or equivalent. AFAIK, though, they prefer it that non-residents go for Priority with the 1 million HKD minimum.

I don't think their lowest tier, Easy Banking, is available to non-residents at all. But I could be wrong.

In my experience, agents are helpful for business banking and if you're opening a business account, you can usually tack on a personal account around the same time. I'm unsure about agents for personal banking. Might be an option, though.

 

[Why]

I recently saw someone mentioning $100 fee for an agent to open a personal account in HK (depending on country of origin) but can't seem to find the post anymore....

 

[Forester]

I recently saw someone mentioning $100 fee for an agent to open a personal account in HK (depending on country of origin) but can't seem to find the post anymore....

FYI, the post you are referring to and a few related ones were deleted, on the consensus of me and @JohnLocke. We found it to be an inappropriate advertising; in addition untrustworthy – $100 will not help to open a premier account in any reputable bank and if you remember the statements like “team A will not onboard the particular person but the team B will do” I guess that you will see that it is either a scam or something shady (or a description of processes in a bank where I would not like to have an account ).

As to the merit of the thread, note that if you were OK with SG instead of HK, your position would be remarkably better. The times when opening a bank account in SG was easy-breezy are gone, unfortunately, but still it is quite well doable, even remotely; and no agents needed.

 

[daniels27]

How much are you willing to invest? Is HSBC an option?

 

[Why]

FYI, the post you are referring to and a few related ones were deleted, on the consensus of me and @JohnLocke. We found it to be an inappropriate advertising; in addition untrustworthy – $100 will not help to open a premier account in any reputable bank and if you remember the statements like “team A will not onboard the particular person but the team B will do” I guess that you will see that it is either a scam or something shady (or a description of processes in a bank where I would not like to have an account ).

As to the merit of the thread, note that if you were OK with SG instead of HK, your position would be remarkably better. The times when opening a bank account in SG was easy-breezy are gone, unfortunately, but still it is quite well doable, even remotely; and no agents needed.

Thank you for the infos, that is very helpful. Yes SG would definitely be an option. Can you make some recommendations? Feel free to message me in private if needed.

How much are you willing to invest? Is HSBC an option?

HSBC requires a minimum of $200K so it is out of the way at the moment.

 

[Forester]

Thank you for the infos, that is very helpful.

You are welcome.

Yes SG would definitely be an option. Can you make some recommendations? Feel free to message me in private if needed.

My personal first option would probably be Standard Chartered; and it can go public quite well, I think: Straight2Bank Onboarding Portal.

HSBC requires a minimum of $200K so it is out of the way at the moment.

Nevertheless, SC SG requires a minimum of 200K, too, IIRC; and perhaps it is again the lowest threshold there generally – but check it, I can be wrong as the situation is permanently changing.

 

[daniels27]

Are you in Hong Kong? What is the purpose of the bank account? I am asking because the fees vary a lot depending on the bank.

I think HSBC premier is possible with much less if you have time to travel.

 

[uranio]

I opened HSBC hongkong remotely in 20 minutes, got approved in couple of days.
they shipped bank card to the country I indicated.

 

[369]

I opened HSBC hongkong remotely in 20 minutes, got approved in couple of days.
they shipped bank card to the country I indicated.

what was minimum deposit amount?

 

[bibing]

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I opened HSBC hongkong remotely in 20 minutes, got approved in couple of days.
they shipped bank card to the country I indicated.

Did you get a debit card or just their gray Jetco bank card which is useful only in HK

 

[Clank]

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Did you get a debit card or just their gray Jetco bank card which is useful only in HK

You can always ask for a Multicurrency global money card.

 

[uranio]

no minimum deposit.
I'll answer about debit card question once I receive it, as it is shipped in another country where I'm not right now, so still I need to get it.

 

[Why]

I opened HSBC hongkong remotely in 20 minutes, got approved in couple of days.
they shipped bank card to the country I indicated.

what was the minimum deposit required?

 

[Addler]

Would hsbc share information internally between the branches in other countries?

 

[Clank]

Would hsbc share information internally between the branches in other countries?

As far as I know they only do if you allow them to do it by linking your account.