How to open a Hang Seng Bank account in Hong Kong?
Hang Seng Bank provides diversified banking services. This article explains the requirements, procedures, and account types for opening an account at Hang Seng.
How to open an HSBC account in Hong Kong?
HSBC, one of the largest registered banks in Hong Kong and one of the three note-issuing banks for the Hong Kong Dollar, offers a diverse range of banking services to meet the needs of various customers. This article will introduce the requirements, process, and types of accounts available for opening with HSBC, providing you with essential information on account opening in just a few minutes.
If you would like to send money abroad online, you may also consider making your international payments with Wise. Wise allows users to send money in 50+ currencies to 70+ countries at mid-market rates with no hidden fees.
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What are the types of HSBC bank accounts in Hong Kong?
HSBC currently offers three main types of integrated financial bank accounts: HSBC One, HSBC Premier, and HSBC Jade. The table below outlines the account opening requirements, features, and benefits of these three account types, making it easier for applicants to understand the key aspects and select the type of bank account that suits their needs.
| HSBC One | HSBC Premier | HSBC Jade | |
|---|---|---|---|
| Minimum balance | No requirements | HKD 1,000,000 | HKD 7,800,000 |
| Features | An all-in-one bank account with HKD savings and current accounts, 12 major currency savings accounts | An all-in-one bank account with HKD savings and current accounts, 11 foreign currency savings accounts (including RMB), time deposits and investments | An all-in-one bank account with HKD savings and current accounts, 11 foreign currency savings accounts (including RMB), time deposits and investments Exclusive investment products Dedicated HSBC Jade Centres |
| Offers | Earn Cash Rebate when you spend online or overseas with your multi-currency HSBC Mastercard Debit CardWithdraw cash from HSBC ATMs worldwide, all while enjoying zero annual fees or handling fees | Enjoy HSBC Premier Mastercard exclusive rewards Get cash reward for every accumulated eligible FX transaction | Benefit from higher interest rates and tailored pricing on time deposits, FX, stocks, bonds, life insurance, and more |
Apart from offering general deposit and transaction services, the mentioned accounts also provide overseas remittance services. If users need to make overseas transfers, they can do so either through online banking or by visiting a bank branch in person. However, it's important to note that the bank charges a handling fee ranging from HKD 50 to HKD 240 depending on the user's chosen method for overseas remittance.
Currently, there are increasingly more cross-border remittance platforms available in the market, such as Wise. Wise uses mid-market exchange rates and charges a fair fee for remittance, making the process more transparent and cost-effective for users.
Who can open an HSBC bank account in Hong Kong?
HSBC offers different types of bank account options, and applicants need to be at least 11 years old to apply for eligible bank accounts. For individuals aged 11 to 17, HSBC offers children's savings accounts. In addition to carrying valid identification documents, applicants must visit the bank with their guardian for the account opening process, during which the guardian must provide valid identification documents.
To open an account using the HSBC HK Mobile Banking app, applicants must meet the following four criteria:
- be aged between 18–64 years
- hold an HKID (permanent or non-permanent resident) or be an overseas passport holder of Australia, Belgium, Canada, India, Ireland, Italy, Jersey, Mexico, Philippines, Singapore, South Africa, Taiwan, United Kingdom, United States of America and Vietnam
- reside in selected nation/region including Hong Kong SAR, Australia, Canada, Macau, Singapore, the UK and US
- not already hold any HSBC banking or investment accounts, or credit card
What documents do I need to open an HSBC bank account in Hong Kong?
- Valid Hong Kong Identity Card or valid travel documents
- Proof of residential address (for opening investment accounts)
How to open an HSBC bank account online in Hong Kong?
HSBC Bank introduced online account opening services in 2019. Applicants only need to use the HSBC HK Mobile Banking app to open HSBC One or HSBC Premier accounts online.
Steps to open an account:
- Download and open the HSBC HK Mobile Banking app.
- Select ‘I don't have an account yet’.
- Take a photo of your Hong Kong Identity Card.
- Take a selfie for identification purposes.
- Fill in your personal details.
- Tap 'Set up online banking now' and register for online banking.
Upon successful application, users can immediately start banking, such as receiving funds. HSBC will mail the HSBC Mastercard Debit Card and/or HSBC UnionPay ATM Card to the registered address within 4 to 6 working days after successful account opening. The HSBC UnionPay ATM Card PIN will be sent by post separately.
How to open an HSBC bank account by appointment?
If applicants do not meet the eligibility criteria for opening an account using the HSBC HK Mobile Banking app, they will need to bring the required documents and visit an HSBC branch in person to open an account.
In addition to physically going to an HSBC branch and waiting in line to open an account, applicants can also utilize the online appointment booking service to save time. Users can log in to HSBC’s appointment page, fill in their basic personal information, select the desired banking products and services, as well as the bank branch and appointment time. It's important to note that applicants should make their online appointments at least two working days in advance.
Frequently Asked Questions
How much does it cost to open an HSBC bank account?
Opening an HSBC account is free, and you can choose the type of account that suits your needs. Different types of bank accounts may have corresponding minimum deposit requirements. However, if you wish to open an HSBC offshore account, there may be fees involved. For details, you can inquire with HSBC.
Does HSBC offer student accounts?
HSBC Bank offers children's savings accounts, which can be opened in the individual name of the child if they are 11 years old or above. For children under 11, a children's savings account can be opened in the name of a parent or guardian. Children's savings accounts have the advantage of no fees and no minimum balance requirements. A free ATM card is provided for teenagers to make transactions and withdrawals.
If the applicant is a student aged 18 or above, they can consider applying for a regular integrated financial account. HSBC One has no account opening balance requirement or minimum balance requirement, providing flexibility in account usage.
As technology advances rapidly, many banks have introduced more diversified and electronic banking services, and HSBC is no exception. While enjoying the convenience of technology-driven account opening, users also have a variety of account types to choose from. However, when selecting an account, users should also be aware of whether certain categories of banking services have hidden fees or balance requirements to minimize the cost of account opening as much as possible.
Also, it's worth comparing the fees when you're sending money abroad, as many traditional banks still charge hidden fees with marked-up exchange rates. To enjoy a more transparent service, you may consider sending money abroad online with Wise, which shows the rates and fees upfront.
Sources:
- HSBC HK: Open an HSBC Bank Account Online | Account Opening
- HSBC HK: Open an HSBC Bank Account Online | Account Opening
- HSBC HK: Bank Accounts | Savings, Current, Time Deposit
- HSBC HK: Fees and Charges
Sources last checked on 16 Nov 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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