Banking and money for newcomers and visitors

Who decides what a bank asks for when I open an account?#

Each bank does, within the law. The Hong Kong Monetary Authority (HKMA) says banks in Hong Kong have no identical checklist for account opening, because each bank formulates its policy from its own business strategy and risk assessment, and some must also meet head-office or overseas standards.

The HKMA also says banks must carry out customer due diligence under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, and that it is worth approaching several banks to compare. What one bank asks for is that bank's policy, not a regulation. The HKMA publishes its account-opening leaflet in Bahasa Indonesia, Hindi, Nepali, Punjabi, Tagalog, Thai, Urdu and Vietnamese.

What documents might a bank ask for?#

The HKMA says banks may ask for identification, such as an identity card or a travel document, and for residential address information. It adds that banks may ask for other documents, for example those related to FATCA and AEOI, which are tax-reporting rules.

For people who are not Hong Kong residents, the Hong Kong Association of Banks (HKAB) FAQ for banks gives as examples a valid travel document, a national identity card with photograph, or a national driving licence with photograph. The Government announced on 29 January 2021 that, from 31 January, BN(O) passports are not recognised as any form of proof of identity in Hong Kong.

Do I need proof of address?#

It depends on the bank and the account. The HKMA says that under its anti-money laundering guideline, revised in October 2018, banks are only required to collect address information. A bank may ask to verify it for other reasons, such as group or overseas requirements, and should tell you why.

Hang Seng lists address proof for accounts with investment elements only, and accepts a utility bill from the last 3 months, a Hong Kong university letter from the last 12 months, or a consulate-stamped domestic helper contract from the last 24 months. Bank of China (Hong Kong) lists it for its new securities service and may ask for it elsewhere.

What do banks' own pages say they need?#

These are examples, not a ranking, and each is that bank's own policy. Bank of China (Hong Kong), in a document marked V2024.06, lists a Hong Kong identity card, a valid passport or travel document, or certain mainland and Macau documents as identity proof, and may ask about employment, the purpose of the account and why you want one in Hong Kong. Standard Chartered says personal accounts typically need a Hong Kong identity card, passport or other travel permit, with proof of address when required. Hang Seng may ask students for a university letter or student card.

Can I open an account before I have a Hong Kong identity card?#

Some banks accept a passport, some app routes need an identity card, and no official page we read says which bank accepts whom. HSBC's page says overseas passport holders aged 18 to 75, new to HSBC and in a country or region it designates, can apply by app, and that on arrival you can use a branch, a Digital Banker or the app. Hang Seng lists a passport with a valid record of entry. Standard Chartered's app route needs a Hong Kong identity card. On nationality, the HKMA says banks are expected not to take discriminating, disproportionate or unreasonable decisions.

Do digital banks work for newcomers?#

The HKMA lists 8 digital banks beside 20 retail banks, with links to each one's account-opening information. The two digital bank pages we read, Mox and ZA Bank, both ask for the original Hong Kong identity card. ZA Bank's page has a tab for visitors in Hong Kong, but shows the same conditions, including a Hong Kong mobile number and a Hong Kong residential address.

The HKMA says digital banks are required not to impose minimum balance requirements or low balance fees.

Is there a "simple bank account" for individuals?#

The HKMA describes Simple Bank Accounts as an additional option for business customers that need only basic banking services. An HKMA article of 12 April 2019 says they had been launched, with narrower scope and less extensive customer due diligence, and each bank designs its own. We found no HKMA page describing a personal version.

Separately, the HKMA says banks should not make buying wealth management, investment or insurance products, or a large initial deposit, a condition for opening a bank account. The Code of Banking Practice says the same for basic banking services, but allows such conditions for promotional offers.

What if the bank refuses my application or I have a dispute?#

The HKMA says banks should in general give reasons for rejecting an application and have a review mechanism: you can ask the bank to re-examine it, try another bank, or contact the HKMA. The Code of Banking Practice, a voluntary code endorsed by the HKMA, adds that a bank declining an application should tell you as soon as practicable, in writing on request.

For a wider dispute, the HKMA says to complain to the bank first. It cannot order a bank to pay compensation; the Financial Dispute Resolution Centre offers mediation and arbitration for some monetary disputes.

I am only visiting. Do I need a Hong Kong bank account?#

No official page we read says a visitor needs one, and none says whether a bank will open one for a short stay. The HKMA pages we read do not address accounts for visitors. The only residence conditions we found are the banks' own: for example HSBC's designated countries and regions and Hang Seng's valid record of entry, while the digital banks we read ask for a Hong Kong identity card.

For paying and getting cash as a visitor, see the sections on e-wallets and cards below, and the guides on the airport, SIM and paying, and on Octopus.

Are Octopus, AlipayHK and WeChat Pay HK the same thing?#

No. The HKMA's register of stored value facility licensees lists Octopus Cards Limited, Alipay Financial Services (HK) Limited and WeChat Pay Hong Kong Limited as separate licensees. The HKMA describes e-wallets and prepaid cards as stored value facilities.

Octopus: see the Octopus page for cards, phones and refunds. AlipayHK: its own page says to sign up with a Hong Kong mobile number, that no ID upload is needed at sign-up, and that identity verification unlocks more features and higher limits. WeChat Pay HK: we could not open the operator's page. Licensing detail is in the airport, SIM and paying guide.

What is the Faster Payment System (FPS)?#

FPS is a payment platform introduced in 2018 by the HKMA and operated by Hong Kong Interbank Clearing Limited (HKICL). It connects banks and e-wallet operators for person-to-person transfers, e-wallet top-ups and online payments in Hong Kong dollars and renminbi, 24 hours a day, including weekends and holidays.

HKICL says almost all retail banks and e-wallet operators offer FPS instant payments, but the scope, channel and interface vary by provider, so check your own bank or e-wallet.

How does an FPS ID work?#

To receive money by FPS, HKICL says you can register a mobile number or email address with a bank or e-wallet, or ask it to generate an FPS ID: a unique 7- or 9-digit number linked to one account. A mobile number or email can be linked to several banks and e-wallets, with one as the default.

A payment to an unregistered mobile number or email is rejected. With no registration, the payer needs your name, your bank and your account number. Senders do not have to register, though their bank or e-wallet may ask them to.

What are the limits and fees for FPS?#

For ordinary FPS transfers, neither the HKMA nor HKICL publishes a single limit or fee. Both say banks and e-wallet operators set the thresholds, and tell you to ask them about charges. The one charge statement is that paying Government bills by scanning the FPS QR code is free of charge and needs no registration.

For remittances to the Mainland, the HKMA's Payment Connect page (revised 8 September 2026) lists Hong Kong identity card holders as eligible payers, with limits of HKD 10,000 a day and HKD 200,000 a year per person for each participating institution.

Can I withdraw cash in Hong Kong with a card from another country?#

JETCO, an ATM network operator, says visitors with UnionPay or Mastercard/Cirrus cards can withdraw cash at selected JETCO ATMs bearing the matching logo, and that selected ATMs also serve Diners Club, Discover and JCB cards. Its FAQ, written for Hong Kong and Macau cardholders, says a service fee set by the card-issuing bank applies to withdrawals outside their region; it states no fee for visitors' cards.

UnionPay International says surcharges at some ATMs outside mainland China have nothing to do with UnionPay, and some ATM screens show them. We found no official page on shop acceptance of Visa, Mastercard or UnionPay.

How much cash can I bring, and do money changers need a licence?#

Customs and Excise sets a duty to declare large amounts of cash and bearer negotiable instruments when you arrive at a specified control point. The threshold, the Red Channel and the penalties are in the customs guide, which owns that subject.

Customs also says anyone who wants to run a money-changing or remittance service must apply to the Commissioner of Customs and Excise for a licence. How to check one is in the next section.

How do I check that a remittance shop or app is licensed?#

Customs and Excise says operating a remittance or money-changing service without a licence is an offence, liable to a fine of HK$1,000,000 and imprisonment for two years. The Labour Department tells foreign domestic helpers it is important to engage a provider with a valid licence, which they can check in the Customs and Excise Department's Register of Licensees for Money Service Operators. The domestic helpers guide has the wider advice.

The public register can be searched by licensee name, licence number or address. It shows an update date and time, but the page does not say what they refer to.

Who sets remittance fees, and does Hong Kong restrict money transfers?#

The HKMA tells customers to ask their bank or e-wallet operator about fees on fund transfers. It says it imposes no charges of any kind on money transfers, and that there is no restriction on money transfer in Hong Kong, citing Article 112 of the Basic Law: no foreign exchange control, the Hong Kong dollar freely convertible, and free flow of capital within, into and out of the Region.

We found no official comparison of remittance providers, no Consumer Council remittance guidance, and no page naming a cheapest provider.

What does the Deposit Protection Scheme cover?#

The Deposit Protection Scheme (DPS) automatically compensates eligible deposits up to HK$800,000 per depositor per member bank if a member fails. The HKMA says there is no need to pre-register, apply or pay. It covers savings and current accounts and time deposits of up to five years, in Hong Kong dollars, renminbi or other currencies, in personal, joint and company accounts.

All your accounts at one bank are added together. Interest is covered, and compensation is paid in Hong Kong dollars. The target is payment within seven days in most cases.

What is not protected by the DPS?#

The DPS says these are not protected: offshore deposits, structured deposits, bearer certificates of deposit, time deposits longer than five years, non-deposit products such as bonds, stocks, unit trusts and insurance policies, and stored value facilities. The HKMA describes e-wallets as non-physical stored value facilities.

All licensed banks are covered unless the Board exempts them, and members must display a DPS sign at their places of business and on their electronic banking platforms.

Is bank interest taxed, and why does the bank ask about tax residence?#

The Inland Revenue Department's 2025-2026 tax guide lists, among its profits tax incentives, an exemption from tax on interest from any deposit placed in Hong Kong with an authorized institution, except for financial institutions. It says profits tax applies to persons carrying on a trade, profession or business in Hong Kong. We found no page on an individual's interest income alone.

The IRD also says financial institutions must identify accounts held by tax residents of reportable jurisdictions and report them to the IRD, and that account holders may be asked to self-certify their tax residence.

What do official pages say about account and payment safety?#

Do not lend or sell your account. The HKMA says syndicates lure people into selling or lending accounts to launder fraud proceeds; the penalty and the HKMA's other warnings, including that banks will not ask for passwords by phone call or email, are in the scams and fraud guide.

The HKMA also says paying by FPS is similar to paying by cash, because the money arrives instantly, so check the payee first. HSBC's page says not to use intermediaries to open an account.

What could we not confirm?#

No official page we read says which bank accepts which nationality, passport or visa, or states any bank's fees, minimum balances or limits; these change, so check the bank's own page. The HKMA lists each bank's account-opening page, and says banks should give at least 30 days' notice of fee changes, unless the change is outside their control.

Not found: HKMA pages on visitor accounts, Consumer Council remittance guidance, any tax rule on currency exchange. Partly verified: Bank of East Asia's checklist we found is dated August 2020. We could not open WeChat Pay HK's own page.