How to open a Hang Seng Bank account in Hong Kong?
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How to open an HSBC One account in Hong Kong?
HSBC is one of the three note-issuing banks in Hong Kong and a leading international bank that offers a wide range of banking services. Plus, with multiple prime locations in Hong Kong and worldwide, customers can access their services locally and worldwide. One of the best things about HSBC is that they have an account called HSBC One that you can apply for using their mobile app. This account comes with a special HSBC Mastercard Debit Card that supports multiple currencies to make purchases and withdraw money from ATMs.
If you're interested in opening an HSBC One account, this article will give you all the requirements, processes, and fees for the HSBC One account. So, let's get started!
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HSBC One Account: An Overview
HSBC One is a comprehensive financial management account that helps you access a wide range of mobile banking services. Whether you want to keep a tab on your spending, plan your finances, or transfer money, you can easily access everything with an HSBC One account.
Apart from offering a suite of different financial management apps, an HSBC One account also allows you to apply for HSBC Mastercard® Debit Card and UnionPay ATM card. These cards are specifically designed to simplify your financial transactions and provide you with convenience and security while making purchases or withdrawing cash.
Who can open an HSBC One account?
Many banks nowadays offer mobile account opening services which allow new customers to open accounts without visiting a branch in person or submitting any documents. You can apply for an HSBC One account through the HSBC HK App. Yet, there are some requirements you need to meet before opening an account online:1
- You must be a permanent resident of Hong Kong; and
- You must be between the ages of 18 and 65 years old.
What documents do I need to open an HSBC One account?
If you decide to open the account via the apps, you only need to prepare your Hong Kong identity card. If you don’t meet the above requirements to apply online or you simply just want to apply face-to-face at the branch, you should bring your HKID card. If necessary, you may also be asked to provide supplementary documents.
What is the minimum balance of opening an HSBC One account?
Having an HSBC One account comes with a lot of advantages, one of which is that the bank doesn't charge a monthly fee, and there is no requirement for minimum balance or deposit. You won't have to pay any account opening fees, no need to maintain a minimum balance or deposit requirement.
How to open an HSBC One account online?
You can open HSBC One account online by following these steps:
- Download "HSBC Hong Kong Mobile Banking App" for online account opening
- When using the HSBC APP for the first time, you must first agree to the "License Agreement" and "Important Statement."
- If you don't have any account yet, click "I don't have any account". If you already hold a personal integrated financial account, you can log in directly and upgrade your account.
- Choose to apply for "HSBC One" and click "Apply Now" - "I'm not in a branch."
- Provide your email address, phone number, and receive a verification code.
- Take a photo of your ID card and take a selfie for verification.
- Fill in the rest of your personal information.
- Register for online banking.
- Receive ATM card and PIN letter by mail later.
How long does it take to open an HSBC One account?
Opening an HSBC One account is a quick and easy process, provided you meet the necessary requirements. The entire process should take only about 5 minutes. Once your account is successfully opened, you can start using the HSBC One right away through the Mobile Banking app. You will immediately have access to almost all online banking services. And, your ATM card and PIN letter will be sent to you after a few days.
What are the fees associated with an HSBC One account?
Although you don’t need to pay for an account opening locally, or maintain a minimum balance or deposit requirement, you will need to pay some fees below:2
| Services | Fees (HKD) |
|---|---|
| Telegraphic transfer |
|
| Overseas ATM cash withdrawal | $20 - $50 per transaction, depending on the ATM network. |
| Local ATM cash withdrawal | From HSBC Group’s ATM network in HK: $0 |
| Card replacement fee (excluding credit cards) | $50 |
With HSBC One account, customers can enjoy convenient and comprehensive online and mobile banking services. However, there are still some fees if you want to send money to other countries. In case you need to make international remittances, you should also explore other options to pick out the best method for you. Check out Wise! Wise uses mid-market exchange rates, which may be a more cost-effective and convenient way to send money.
Sources:
Sources last checked on 12 Jan 2024
*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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