How to open a DBS account in Hong Kong?

Hoi Yi Leung

DBS is one of the commonly used banks in Hong Kong. DBS currently has branches in various districts of Hong Kong, offering a wide range of banking services. This includes fast overseas transfers through DBS iBanking online banking or the DBS digibank HK app, supporting 12 different currencies for remittances. Customers can make unlimited fee-free transfers of the local currency to 42 destinations worldwide on the same day. This article will introduce the requirements, process, and types of accounts for opening an account with DBS, so you can easily understand what to consider when opening an account with them.

However, it's worth noting that DBS Remit does not support countries such as South Korea, Malaysia, non-Eurozone European countries, and does not include transferring US dollars to countries outside the United States. Additionally, banks typically set their exchange rates to earn a margin, which may involve hidden fees. If you want to exchange currencies at mid-market rates and make transfers to over 70 countries worldwide, you may consider using Wise to send money abroad in more than 50 currencies.

Learn more about Wise

Table of contents

What are the types of DBS bank accounts in Hong Kong?

DBS AccountDBS Treasures
Features

2-in-1 savings and checking to earn interest on savings and issue cheques from one account without the need to transfer funds

Transferring your money to any local bank, for free with DBS iBanking & DBS digibank HK app

Transferring money or settle payments with more than 700 merchants instantly

DBS Octopus ATM Card

Online and mobile securities trading 24-hour online investment fund services

Online and mobile foreign exchange services Insurance services and comprehensive coverage

Latest investment information

Up to 5.0% p.a. HKD or 5.2% p.a. USD total savings interest rate for new customers during promotion period

Dedicated DBS Treasures Relationship Manager

Instant trading of US stocks and enjoy additional 12 months 0% brokerage fee

Trade across 7 global markets with 0% brokerage

Preferential FX rates in 14 currencies 250+

Funds in 10 currencies

Standby revolving credit line of up to HK$10 million

DBS Treasures 24-hour customer services hotline

DBS Remit FeesHandling charge per telegraphic transfer, cable charges and correspondent bank charges are waivedHandling charge per telegraphic transfer, cable charges and correspondent bank charges are waived
Remittances Fees

Handling charge per telegraphic transfer (via DBS iBanking): HK$100 per transaction

Handling charge per telegraphic transfer (via branches): HK$200 per transaction

Cable charges: HK$100 per cable

Correspondent Bank Charges (EUR or GBP): HK$400 per transaction

Correspondent Bank Charges (RMB to overseas, HKD, USD or other currencies): HK$250 per transaction

Handling charge per telegraphic transfer (via DBS iBanking): waived

Handling charge per telegraphic transfer (via branches): HK$100 per transaction

Cable charges: waived

Correspondent Bank Charges (EUR or GBP): HK$400 per transaction

Correspondent Bank Charges (RMB to overseas, HKD, USD or other currencies): HK$250 per transaction

While DBS processes same-day cutoff time instructions for their fast overseas transfers, the actual time it takes for the funds to be credited depends on the processing time of the correspondent bank or the receiving bank. The receiving bank may also charge an incoming remittance fee, which means the recipient may not receive the full amount.

If you're looking for a faster and more convenient way to send money overseas, you might want to consider using Wise. Wise has its own remittance network, eliminating the need for correspondent banks, which could result in quicker transfer speeds and ensures that the recipient receives the full amount.

Who can open a DBS bank account in Hong Kong?

In general, anyone who is 18 years old or older can open a bank account with DBS.

What documents do I need to open a DBS bank account in Hong Kong?

Generally, citizens need to prepare the following documents for the account opening process:

  1. Identification documents, such as:

    • Hong Kong Permanent Identity Card, or
    • Hong Kong Identity Card and valid travel documents (e.g., an international passport within its validity), or
    • Non-Hong Kong residents should provide valid travel documents (e.g., an international passport within its validity) or other identification documents that include your photo and document number.
  2. Proof of address for the last three months.

What is the minimum deposit required to open a DBS bank account in Hong Kong?

DBS Account

For a DBS Account, the minimum deposit required is HKD 200,000. If the average personal financial value falls below HKD 200,000 for three consecutive months, the bank will charge a service fee of HKD 100.

DBS Treasures Account

For a DBS Treasures Account, the minimum deposit required is HKD 1,000,000. If the average personal financial value falls below HKD 1,000,000 for three consecutive months, customers will be charged a service fee of HKD 200.

How to open a DBS bank account in Hong Kong?

DBS Account

For a DBS Account, you need to fill out an online form and make an appointment to visit a branch for the account opening procedure.

DBS Treasures Account

For a DBS Treasures Account, you can choose to open it via mobile or by filling out an online form and scheduling an appointment at a branch. If you choose to open the account through the DBS digibank HK app, you must meet the following three conditions:

  • Be a new DBS Bank customer or an existing credit card customer.
  • Be a permanent resident of Hong Kong aged 18 or older.
  • Not be a U.S. resident, U.S. citizen, or hold a U.S. green card.

If you don't meet the above criteria, please make an appointment to open the account at a branch.

If you qualify for mobile account opening, you can follow these steps to open a DBS Treasures Account:

  1. Download the DBS digibank HK mobile app.
  2. Verify your identification documents.
  3. Enter your personal information and take a selfie.
  4. Create login credentials for online and mobile banking.
  5. Upload proof of address.
  6. Successfully open the account and make an initial deposit.

How long does it take to open a DBS bank account in Hong Kong?

Opening an account at a branch typically takes between 30 to 60 minutes, while the mobile account opening process takes about 10 minutes.

Although DBS offers fast overseas transfers and remittance services, customers can only enjoy fee exemptions when remitting the local currency. Fees may still apply when remitting other currencies. Additionally, exchange rates may not always be favorable. But Wise uses the mid-market rate, which is the real-time rate shown on Google. DBS's rate is a marked-up rate set by the bank, which includes considerations for costs, profits, and exchange rate risk.

In summary, because Wise's rates do not include hidden markups, it is cost-effective for both large and small remittances. Next time you need to make a transfer, consider using Wise for its transparency and wide currency support, allowing you to save on fees and time when sending money to over 70 countries and regions.

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


Sources:

1 DBS Personal Banking: Bank Charges Schedule (DBS Account and Treasures customers)
2 DBS Personal Banking: How to Apply for Personal Bank Account
3 DBS Personal Banking: Join DBS Treasures via DBS digibank HK app Essential Guide

Sources last checked on 18 Oct 2023


Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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