Top banks in Hong Kong: An overview of local and international banks in Hong Kong

Given that Hong Kong is one of the most dynamic and largest financial hubs, it is no surprise that the city has many prominent banks. The city's banks offer a wide range of products and services to meet the needs of both residents and international investors. Whether you're a local, a frequent visitor, or an expat living in Hong Kong — you may want to consider choosing the best banks to house your money.

This guide will help you navigate the options available in Hong Kong's vibrant banking sector, including their main features, products, and associated fees. This guide also discusses Wise as a smart alternative to make international payments.

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Table of contents
Banks in Hong Kong: a quick note HSBC Standard Chartered Bank Citibank Bank of East Asia - BEA Bank of China (BOC Hong Kong) Hang Seng Bank DBS

Banks in Hong Kong: a quick note

Before you look at the list of the best banks in Hong Kong, let’s first dive into how the banking sector operates in Hong Kong.

The banks are regulated by the Hong Kong Monetary Authority (HKMA). Based on the amount and term of deposits accepted and the nature of the business, HKMA divided these banks into a three-tier system such that:

• Licensed banks: Only they can operate current and savings accounts, accept deposits of any size and maturity from the public, and pay or collect cheques drawn by or paid in by customers, and use the name “bank” without restriction. Some banks in this tier include HSBC, BoC, ZA Bank, etc.
• Restricted licence banks: They can engage in merchant banking and capital market activities, but can only take deposits of any maturity of HK$500,000 and above. Some banks in this tier include BoC International, Citicorp International Limited, Goldman Sachs Asia Bank Limited, etc.
• Deposit-taking companies: They are mostly owned or associated with Licensed banks. They normally control consumer finance, commercial lending and securities business. They can take deposits of HK$100,000 or above with an original maturity term of at least three months. Some banks in this tier include Chong Hing Finance Limited, Fubon Credit (Hong Kong) Limited, Public Finance Limited, etc.

HSBC

Hong Kong and Shanghai Banking Corporation, commonly known as HSBC, is one of the largest international banks in Hong Kong, and you can access services locally and other countries and territories worldwide.

One of the best features at HSBC is the HSBC One account that you can easily open through the HSBC HK App. With this account, you can also easily access a wide range of services, including 24/7 online banking services, credit cards, insurance products, deposits, and investment banks in 12 major currencies.

Here are a few of the standard fees for personal banking services you need to know from HSBC:

Service	Fee (HKD)
ATM cash withdrawal	Oversea: $20 - $50 depending on the network of the ATM. Local: HSBC Group’s ATM : Free Non-HSBC Group : $15 - $ 25 depending on the network of the ATM.
Telegraphic transfer fees	Via online banking: $50 Via branch: HK$120 - $240

*All fees are correct at time of research - 07 December 2023. For the most recent details, please check out HSBC's Wealth and Personal Banking Customers tariffs.

Standard Chartered Bank

Standard Chartered is another bank with a robust international presence. Therefore, as expected from a large international bank, Standard Chartered Hong Kong offers a full range of personal, commercial, corporate and investment banking account products and services. You can access different service levels depending on how much money you keep in your account and the type of transactions you want to make.

You can also use the Standard Chartered international services, which give priority banking to customers and their families worldwide.

Here are a few of the standard fees from Standard Chartered you’ll want to know about:

Service	Fee (HKD)
Telegraphic transfer fees	Priority Banking Customers Via Online or Mobile Banking: Free Via Branch: $120 per request Premium Banking Customers Via Online or Mobile Banking: $50 per request Via Branch: $170 per request Easy Banking and Non-relationship Banking Customers Via Online or Mobile Banking: $50 per request Via Branch: $200 per request
ATM Cash Withdrawal	ATM cards/ Other account card: JETCO Network Local: Free Overseas: $28 Visa/ Plus Network/Mastercard/ Cirrus Network: $28 UnionPay Network: Local: $15 Overseas: $15 and 0.5% cross-border transaction fee imposed by UnionPay Network (if applicable) Multi-Currency Mastercard Debit Card: JETCO Network/Mastercard/ Cirrus Network: Free
Surcharge on add currency telegraphic transfer (Fijian Dollar, South Korean Won, Macau Pataca, New Taiwan Dollar)	Priority Banking, Premium Banking, Easy Banking and Non relationship Banking Customers Cross Border Transfer via Online or Mobile Banking: Free Cross Border Transfer via Branch / Local Telegraphic Transfer: $200per request

*All fees are correct at time of research - 07 December 2023. For the most recent details, please check out Standard Chartered Bank’s Service Charges.

Citibank

In 1902, Citibank became the first foreign bank operating in Hong Kong. The bank now offers a holistic range of banking services: consumer banking, commercial banking, corporate and investment banking. The Hong Kong branch is also its regional office.

In recent years, Citibank Hong Kong launched Citi Plus, a fully digital experience with deposit, investment, protection and shopping rewards. This new category moves most of Citibank's traditional banking services to mobile apps. It also offers no minimum deposit and no monthly fees³.

Moreover, you can check out Citibank Global Wallet which allows you to make purchases overseas at point-of-sale or online and withdraw cash in multiple currencies without incurring additional foreign currency conversion fees and admin fees⁴.

Here are some of the example fees from Citibank you'll need to consider:

Service	Fee (HKD)
Telegraphic transfer fees	Via Citibank online: $0 - $200, depending on the type of account Via other channels: $100 - $220, depending on the type of account Additional Telegraphic Transfer service fee will be charged for non-domicile currency.
ATM Cash Withdrawal	Local: Free Citibank ATM/JETCO ATM: Free Other Networks: Up to 2.4% per withdrawal in Hong Kong Dollar equivalent.

*All fees are correct at time of research - 07 December 2023. For the most recent details, please check out Citibank’s Banking / Mortgages Services.

Bank of East Asia - BEA

Often considered the largest independent bank in Hong Kong, BEA currently operates one of the largest branch networks, with 48 branches⁵. The bank provides comprehensive services such as wholesale and personal investment banking and wealth management services to its customers in Hong Kong and other major markets worldwide.

In the table below, you can see some examples of the standard fees:

Service	Fee (HKD)
Telegraphic transfer fees	Via Branch: $200 + plus cable charge BEA Online / Corporate Cyberbanking / BEA Corporate Online: $20 (or its equivalent in other currencies) handling fee + $80 (or its equivalent in other currencies) cable charge.
ATM Cash Withdrawal	In Hong Kong, via a PLUS/CIRRUS or a UnionPay ATM: $15 - $30, depending on the ATM network. In Mainland China or Macau: $15 - $25, depending on the type of card and the ATM network. Overseas: $ 50

*All fees are correct at time of research - 07 December 2023. For the most recent details, please check out Bank Charges.

Bank of China (BOC Hong Kong)

The Branch is a licensed bank registered under the Hong Kong Banking Ordinance. The functions of the branch include global investment, global funding, CNH trading centre, investment banking and asset management, as well as risk management and internal control & compliance.

Service	Fee (HKD)
Telegraphic transfer fees	Other foreign banks: Via electronic channels: $65 Via branches: $260 per transaction Remittance to branches of Bank of China and Cooperative Banks in the Mainland and designated branches outside Hong Kong: Via electronic channels: Free Via branches: $260 per transaction
ATM Cash Withdrawal	$15 - $50, depending on the ATM networks and the location.

*All fees are correct at time of research - 07 December 2023. For the most recent details, please check out BOC’s General Banking Service Charges.

Hang Seng Bank

Hang Seng is a subsidiary of the globally recognized HSBC group, and as such, it offers a wide range of rates and services that are comparable to those offered by HSBC.

Along with a range of prestige and wealth management services, Hang Seng also provides a comprehensive Preferred Banking package that caters to everyday banking needs. This package includes features such as transfers, debit and credit cards, access to credit facilities, and more.

You can check out some standard fees from Hang Seng Bank below:

Service	Fee (HKD)
Telegraphic transfer fees	Hang Seng account in Mainland China/ Macau SAR Hang Seng Personal e-Banking: $65 Branch/Other Channels: $190 Other bank account in Hong Kong SAR/ Mainland China/Taiwan/Macau SAR Hang Seng Personal e-Banking: $65 Branch/Other Channels: $230 Other countries/territories Hang Seng Personal e-Banking: $65 Branch/Other Channels: $230 (HKD or domicile Currency) or $270 (Non-domicile Currency)
ATM Cash Withdrawal	Local: Free, except for withdrawing via UnionPay ATM network in Hong Kong which would incur a fee of $20 per withdrawal. Overseas: $20 - $ 60, depending on the ATM networks and total withdrawn amounts.

*All fees are correct at time of research - 07 December 2023. For the most recent details, please check out the Bank Tariff Guide for Hang Seng Wealth and Personal Banking Customers.

DBS

Initially founded in Singapore, DBS now operates in 18 global markets, including Hong Kong. DBS is one of the most commonly used banks in Hong Kong, with branches in various districts across the city.

One of the key services offered by DBS is fast overseas transfers through DBS iBanking online banking or the DBS Digibank HK app. Customers can transfer funds in 12 different currencies for remittances. Additionally, DBS offers unlimited fee-free local currency transfers to 40+ destinations worldwide⁶ on the same day for its customers.

However, it is important to note that DBS Remit does not support countries such as South Korea, Malaysia, or non-Eurozone European countries. DBS Remit also doesn’t accept transfers of US dollars to countries outside the United States.

Here are some fees charged by DBS Hong Kong:

Service	Fee (HKD)
Telegraphic transfer Fee	Handling charge per telegraphic transfer Via DBS iBanking: $100, waived for DBS Treasures account holders. Via branches: $100 - $200, depending on the type of account. Cable charges General/DBS Account: $100 per cable DBS Treasures: Free Correspondnet bank charges RMB (to mainland China): at cost RMB (to overseas): $250 EUR / GBP: $400 HKD / USD & other currencies: $250
ATM Cash Withdrawal	DBS Treasures: Free General / DBS Account: $15-$25, depending on the ATM networks and locations.

*All fees are correct at time of research - 07 December 2023. For the most recent details, please check out Bank Charges Schedule (DBS Account and Treasures customers).

As you can see, bank fees can sometimes be confusing. Also, most of the banks in Hong Kong still convert foreign currency at markup exchange rates. So, if you're looking for a better alternative to traditional banks to transfer your money, check out Wise, which is a cheap, fast, and transparent alternative.

Unlike most of the traditional banks, Wise uses the mid-market exchange rate with no hidden fees or markups for currency conversions. You just pay a low, transparent fee: you can see the cost and the total amount your recipient will receive before you confirm your Wise payment.

For a simple, secure international payment service in 50+ different currencies, check out the options available from Wise.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

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Sources:

1 Hong Kong Monetary Authority: The Three-tier Banking System
2 HSBC HK: Fees and Charges
3 Standard Chartered HK: Service Charges
4 Citibank Hong Kong: Fees & Charges
5 The Bank of East Asia: Bank Charges
6 Bank of China (Hong Kong): General Banking Service Charges
7 Hang Seng Bank: Bank Tariff Guide for Hang Seng Wealth and Personal Banking Customers
8 DBS Personal Hong Kong: Rates/Fees

Sources last checked on 13 Dec 2023