How To Open A Bank Account In Hong Kong  2025

Opening a bank account in Hong Kong is a critical stage for those who want to have their own financial base in Asia, which is one of the strongest financial centers. Hong Kong presents a banking system that is quite stable and proficient, so the country is attractive to both the residents and foreigners. In this comprehensive guide, we will guide you through the process of opening a bank account in Hong Kong, including the documents that you need to provide and options available.

Why Open a Bank Account in Hong Kong?

Opening a bank account in Hong Kong has practical benefits for both locals and foreigners. For local residents, it provides access to reliable banking services, efficient payment systems, and investment products. For foreigners, especially entrepreneurs and investors, it enables smooth international transactions, multi-currency support, and strengthens the company’s credibility when operating in or through Asia. Hong Kong’s straightforward tax regime and strong legal protections also make it an attractive choice for managing business and personal finances across borders.

Types of Bank Accounts in Hong Kong

Personal Bank Account

A personal bank account in Hong Kong is intended for individual use and it is suitable for both residents and non-residents. It allows users to manage daily financial activities such as receiving salaries, transferring funds, making payments, and accessing savings or investment services. Most banks offer multi-currency support, online and mobile banking, debit cards, and other convenient features. While requirements can be different by bank, non-residents may need to provide additional documentation and attend an in-person or video verification.

Business Bank Account

A business bank account is essential for companies incorporated in Hong Kong or using Hong Kong as a base for international operations. It enables businesses to conduct transactions, pay suppliers, manage payroll, and receive payments from clients globally. Opening a business account typically requires company formation documents, a detailed business plan, proof of address, and information about directors and shareholders. A dedicated business account also enhances a company’s professional image and ensures compliance with local financial regulations.

Required Documents for Opening a Bank Account

When opening a bank account in Hong Kong, either for personal or business account, you will be required to provide certain documentation as well as comply with certain requirements. The requirements are different from one bank to another based on the types of accounts you want to set up. 

Personal Bank Account

If you are looking to open a personal bank account in Hong Kong whether you are a local resident or a foreigner, these are the list of the documents you should prepare : 

1. Identification Document: For foreigners, a valid passport with at least six months’ validity is required as the primary identification document. Hong Kong residents may present their Hong Kong Identity Card (HKID) instead.

2. Proof of Address: Opening a bank account in Hong Kong requires proof of your residential address, regardless of nationality. You may use utility bills (e.g., electricity, water, or gas), bank statements, or a copy of a rental contract. For foreign applicants, documents in English or Chinese are typically preferred, and some banks may request notarised copies or additional verification if the address is outside of Hong Kong.
   
3. Proof of Income: Depending on the bank’s policy, you may need to provide evidence of your source of income. This could include your latest payslips, employment contract, or bank statements showing regular deposits. For foreigners, especially those not employed in Hong Kong, banks may assess income proof more stringently to comply with anti-money laundering (AML) requirements.

Company Bank Account

Opening a bank account for your company in Hong Kong is essential for operating a business and is available to both local entrepreneurs and foreign business owners. You will typically need a mix of business and personal documents. While exact requirements vary by bank and company structure, the following documents are commonly requested:

1. Certificate of Incorporation: A complete copy of your company’s Certificate of Incorporation issued by the Hong Kong Companies Registry. This confirms your business is legally registered in Hong Kong. Foreign-owned companies must ensure this certificate is properly translated and certified if not in English or Chinese.
2. Business Registration Certificate: Issued by the Inland Revenue Department, this certificate confirms that your company is registered for tax purposes in Hong Kong. It is required by both traditional and online banks.
3. Memorandum and Articles of Association (M&A): This legal document outlines the company’s structure and governance rules. Banks use it to verify operational details.
4. Board Resolution: A formal resolution passed by the board of directors authorizing the opening of the account and naming the account signatories. This applies to all companies, but for foreign-owned firms, banks may also request additional information about overseas directors or shareholders.
5. Proof of Address: Similar to personal accounts, proof of the company’s business address is required. You can submit utility bills, a rental agreement, or a business center agreement. Foreign companies may be asked to provide a Hong Kong-based business address or local correspondence address, especially if applying remotely.

Additional Requirements For Non-Residents

If you are a non-resident of Hong Kong meaning you do not reside in Hong Kong, you are obligated to these requirements : 

1. Valid visa: Ensure you have a copy of your authentic visa or entry permit for the Hong Kong region. This is a very crucial matter as the bank account opening option is primarily designed for locals and not for visitors.

2. Business plan: A few banks may inquire about a well-structured business plan which should have information on the activities of the business and the reason for opening an account in Hong Kong, and discuss whether trading with foreign currencies is involved so that it can follow up with the client on what account is right for the business at hand.

You might need a multi-currency account, a money-management account, or an account with a low maintenance charge depending on your preference. All these accounts can be opened by an agent outside the country who will offer you the best suggestions for banks based on your preferences as a business owner. 

It is essential to know that the details of the documents needed differ from one bank to another, and they may be updated from time to time. So, it is recommended to go through the requirements of the bank when you want to open an account beforehand to stay updated about any changes in their online account opening requirements.

Step-by-Step Bank Account Opening Process

Step 1: Choose Your Bank and Product

Start by selecting a bank that aligns with your personal or business needs. Hong Kong offers a wide range of local and international banks, such as HSBC, Standard Chartered, and Bank of China. When choosing, consider factors such as available account types (e.g., multi-currency accounts), service fees, online banking features, and minimum deposit requirements. For example, HSBC One is often recommended for businesses handling multiple currencies, while simpler personal accounts are available for everyday use.

Step 2: Prepare and Submit Documents

Once you have selected a bank, prepare the necessary documentation. While exact requirements vary by bank and account type, you’ll generally need:

• Identification Document – Hong Kong residents should provide their HKID card, while foreigners need a valid passport.
• Proof of Address – Utility bills, bank statements, or tenancy agreements issued within the last three months.
• Valid Visa – For non-residents staying in Hong Kong.
• Employment or Income Proof – Job offer letters, employment contracts, or payslips may be required to prove income source.
• For Business Accounts – Additional documents such as the Certificate of Incorporation, Business Registration Certificate, Memorandum and Articles of Association, Board Resolution, and business address proof are needed.

Documents can usually be submitted online or in person, depending on the bank’s onboarding policy.

Step 3: Attend Verification or KYC Meetings (In-Person or Online)

Hong Kong banks are subject to strict Know Your Customer (KYC) regulations. You will typically be required to verify your identity through a face-to-face meeting at the bank or via a secure video call. During this meeting, a bank representative may ask questions about your financial background or business operations. Some banks, particularly virtual banks or fintech platforms, may offer fully digital KYC processes for simpler accounts.

Step 4: Account Approval and Activation

After all documents are submitted and verification is completed, the bank will process your application. Approval timelines are different by the banks. Some banks may approve your account within a few business days, while others may take several weeks. Once approved, you will receive your account details, including the account number and access instructions. You will need to make the initial deposit and activate your account via online banking or by visiting a branch. After activation, your account is ready for use.

What Is The Bank Account Opening Fee In Hong Kong? 

The price of opening your bank account in Hong Kong will depend on several factors – the bank you choose, the type of account (personal or business), and the features you require. Here are some considerations to be aware of for opening a bank account in Hong Kong.

Personal Bank Account

1. Account maintenance fees: Some Hong Kong banks do not charge monthly maintenance fees on the most basic personal savings or current accounts. However, they may have maintenance fees for a premium or specialized account and minimum balance requirements as well.

2. Minimum deposit: For instance, some banks may demand that you make a first deposit for a personal bank account opening. The requirements may change from bank to bank so it is important to check with the specific bank about the minimum deposit requirement. 

3. Transaction fees: In addition to this, some personal accounts will include transaction fees for certain operations, such as a cash transfer commission, foreign currency exchanges, and ATM withdrawals from non-affiliated ATMs.

4. Debit or credit card fees: If you want to order a debit or a credit card, a fee of less than or more than 10$ may be required for those cards.

Business Bank Account

1. Account maintenance fees: Corporate bank accounts in Hong Kong often ask for monthly maintenance fees depending on the type of account and the bank. Not all banks have fee waiver programs for the first few months.

2. Initial deposit: Similar to personal accounts, a business account may ask for the initial deposit and the minimum deposit amount that could be based on the bank. 

3. Transaction fees: Business accounts often come with withdrawal charges for processes such as wire transfers, electronic fund transfers, and foreign currency transactions.

4. Checks and checkbooks: If your business demands checkbooks or checks, a commission may be charged when you order and use them.

5. Additional services: The expense for services such as loans for small businesses, trade finance, and merchant services may differ from one user to the other depending on needs and the bank’s pricing structure.

6. Business registration and compliance costs: Getting your corporate bank account will require some paperwork, and fees may be included when acquiring and maintaining a business registration certificate.
7. Corporate debit or credit cards: In a case where your business requires the issuing of debit or credit cards for customers, you may be faced with fee charges for card issuance and annual maintenance.

Keep in mind that some of the Hong Kong banks may offer promotion deals or fee waivers for a specific period or discounts on some of the services. This means it is worth exploring these options to get reduced initial banking and ongoing costs.

Can I Open a Hong Kong Bank Account Online?

Yes, some banks in Hong Kong offer online or remote onboarding, especially for personal or SME business accounts. Digital banks like Airwallex allows users to apply entirely online, including identity verification via video call. However, most traditional banks still require an in-person meeting, especially for business accounts or foreign applicants, due to strict compliance and anti-money laundering checks. There are certain limitations which include restricted account types, higher scrutiny for non-residents, and additional documentation requests. Make sure to always check with the bank for their latest remote onboarding policy and eligibility criteria.

How To Choose Bank To Open A Bank Account In Hong Kong

Here are some of the things you need to consider when choosing a bank to open a bank account in Hong Kong : 

• Account types: Consider the account options the bank has and if they suit what you need,  for example, a business account, personal account, or multi-currency account.

• Fees and charges: Analyse the account fees, transaction charges, and other applicable charges. The fee structure of the bank should be in accordance with your patterns of usage.

• Services: See how the bank gives a spectrum of services like online banking, mobile apps, investment alternatives, and customer support.

• Accessibility: Take a look at the accessibility of the branches and ATMs of the bank particularly when your preference is in-person services.

• International services: In the case that you need international services or access the international markets, you should choose a bank with a rich international presence.

• Digital banking: Assess the bank’s digital banking performance, especially in the areas of online banking portal, mobile banking apps, as well as digital options.

• Customer support: Evaluate the customer service response rate and the responsiveness of the bank to assist with inquiries and issues.

• Account requirements: Make sure to verify the bank’s particular requirements for account opening as well including the minimum amounts of the initial deposit and needed documents.

Banks and Digital Wallets that are Popular with Businesses:

RD Wallet

RD Wallet is a licensed and regulated Stored Value Facility in Hong Kong. It is the first multi-currency mobile wallet, which is designed for business purposes. RD Wallet remits deposits, makes domestic and cross-border money remittances as well as foreign exchange services for businesses.

Aspire

Startup and SME multi-currency company account providing convenient management of business expenses, company cards, and cross-borders payments. The all-in-one finance solution uniting all parts of your back-office finance and directly supporting your business growth—the finance operating system that powers your business growth.

Airwallex

Open a corporate account in Hong Kong free of charge and no monthly bank fees. Ease of integration with e-commerce platforms like Amazon, Shopify, etc. Apply Airwallex here for free.

DBS

DBS aims to provide a new banking model focused on compactness and convenience to enable customers to use the time saved for people or things they love.

HSBC HK

HSBC, alongside being one of the best financial services institutions around the world, happens to be one of the largest banking organizations in Hong Kong providing services for more than 40 million customers in business areas that are located on different continents. It has its HSBC HK app that already allows them all these services.

Summary

If you want to get access to your bank account regularly to pay off your debts or to send money back home at any time, then the right account must be able to meet not only your personal but also your professional needs. When deciding on a bank to open your business account, it is most efficient to consider ease of service, application processing time, and something that you will find easy to do with your business account types. To speed through the time and get rid of stress, choose an agency that can quickly find you the right bank in Hong Kong.

How FastLane Group Can Help?

Looking to streamline your business operations by opening a bank account in Hong Kong? FastLane Group is your trusted partner for navigating the complexities of opening a bank account in this financial hub. With our expertise and dedicated support, we ensure a seamless process tailored to your needs. Whether you’re a resident or non-resident, individual or corporation, we simplify the journey to establishing your financial foothold. Contact us today and experience the efficiency of our experts.