Which bank in Hong Kong is good? Inventory of major banks teaches you how to open an account more cost-effectively!

As a global financial center, Hong Kong has attracted a large number of international customers due to its stable economic environment and high-quality Financial Services. Choosing a suitable Hong Kong bank to open an account not only concerns the safety of funds, but also affects the convenience and cost of daily financial activities. This article will compare the advantages of major banks in Hong Kong in opening accounts and help you choose a more cost-effective option.

Advantage comparison of major banks

When choosing to open a bank account in Hong Kong, besides basic services, obtaining more discounts and convenience is also crucial. The following is a comparison and introduction of the advantages of major banks in account opening, which will help you find a more cost-effective solution.

1. Hang Seng Bank

• Easy-to-use account: The account opening process of Hang Seng Bank is relatively simple, usually without too many additional conditions, suitable for customers who want to open an account quickly.
• Promotion: Hang Seng Bank sometimes offers special promotions for new customers, such as free handling fees for the first year, account usage rewards, etc. By directly consulting the bank or visiting the official website, you can obtain the latest information and use these promotions to reduce account opening costs.

2. Standard Chartered

• Online account opening is convenient: Standard Chartered provides a simple online account opening process, allowing new customers to quickly complete the account opening process and enjoy various account discounts. Online account opening usually saves a lot of paper procedures and improves efficiency.
• Promotions: Standard Chartered regularly launches account opening promotions, such as waiving account opening fees or providing interest rewards for initial deposits. Understanding current promotions and completing account opening according to bank guidelines can earn additional economic benefits.
• Account types are diverse: Standard Chartered’s account products are diverse and can meet the needs of different customers. Choosing the appropriate account type not only allows you to enjoy bank discounts, but also maximizes the use of bank services.

3. HSBC

• Account opening benefits: HSBC usually offers account opening rewards to new customers, such as waiving the first year account management fee or cashback. By following the HSBC official website or directly consulting the branch, you can get the latest promotional information.
• Comprehensive Services: After opening an HSBC account, you can enjoy global Financial Services, including cross-border transfer discounts, investment services, and credit card products. HSBC’s account selection is rich and suitable for customers with various needs.
• Additional benefits: HSBC accounts usually come with additional benefits such as free international bank cards, priority client servers, and high-level online banking functions, further enhancing the cost-effectiveness of account opening.

4. Bank of East Asia

• Efficient account opening process: Bank of East Asia provides a convenient account opening process, which can quickly complete all procedures, whether online or at a branch.
• Offers and Rewards: Bank of East Asia usually offers account opening rewards to new customers, such as cash red envelopes or waiver of account management fees. Taking advantage of these benefits can reduce account opening costs.
• Additional services: After opening a Bank of East Asia account, you can enjoy additional services such as low-fee cross-border remittance and free annual fee credit card, which enhances the overall value of the account.

For those who open an account in Hong Kong, there is usually a need for cross-border remittance or investment and financial management, so it is necessary to focus on understanding the advantages of each bank in these areas. In addition, using a multi-asset transaction wallet like BiyaPay can bring more convenient and favorable services:

• Real-time exchange and low transaction fees: Supports real-time exchange of more than 20 mainstream legal currencies and more than 200 digital currencies, remittances to most countries or regions around the world, low transaction fees, no limit on the amount, same-day remittance and same-day arrival.
• Investment Services: Provide investment services in US stocks, Hong Kong stocks, options, and digital currency. Users can invest directly through BiyaPay or use it as a deposit and withdrawal tool to transfer to other securities firms for investment.

Account opening process explained in detail

After understanding the advantages of major banks in account opening, you can start preparing for the account opening process. Opening a bank account in Hong Kong involves several important steps, although the requirements of each bank may vary, the overall process is generally similar. The following is the general process and precautions:

Materials required for account opening

• Identity documents: usually include a passport or Hong Kong identity card. Foreigners may need to provide a valid passport, visa, or work certificate.
• Proof of Address: Banks usually require water and electricity bills, bank statements, or rental contracts from the past three months to confirm your residential address.
• Other documents: Some banks may require additional documents, such as proof of income, proof of employment, or a statement of personal financial status. For specific requirements, please consult the bank.

Account opening method

• Online account opening: More and more Hong Kong banks offer online account opening services. Usually, you need to fill out an online application form and upload the required identity and address proof documents. Once the bank approves it, you will receive the account number and relevant information, and the account can be activated.
• Offline account opening: If you choose to open an account at a bank branch, you need to go to the bank in person, submit all necessary documents, and complete the relevant forms. Bank staff will assist you in completing the account opening process and explain the relevant terms and conditions of the account.

Summary

When opening an account in Hong Kong, it is crucial to understand the advantages and discounts of major banks. Comparing the account opening conditions, fees, and benefits of different banks can help you choose a more cost-effective bank account. Combining with tools such as BiyaPay can enhance cross-border transaction convenience and provide more financial benefits and investment options.