# | Bank |
Jurisdiction
|
min. Deposit
|
min. Balance
|
Processing Time |
No Visit
|
1 | HSBC | Hong Kong | USD 1,300 | USD 6,500 | 2-5 weeks | No |
2 | Hang Seng Bank | Hong Kong | USD 1,300 | USD 6,500 | 1-5 weeks | No |
3 | Citibank N.A | Hong Kong | HKD 50,000 | HKD 50,000 | 1 month | No |
4 | Bank of China (Private Banking) | Hong Kong | Required | Required | Varies | No |
5 | China CITIC Bank International | Hong Kong | Not required | Not required | 1 month | No |
6 | ICICI Bank (HK Branch) | Hong Kong | USD 3000 | USD 1500 | 1-3 Weeks | Yes*# |
7 | OCBC | Singapore | USD 30,000 | USD 30,000 | 1-2 weeks | No |
8 | DBS | Singapore | USD 50,000 | USD 50,000 | 1-2 weeks | No* |
9 | CIM Banque | Switzerland | CHF 10,000 | CHF 10,000 | 3-10 working days | Yes |
10 | Bank of Cyprus | Cyprus | Not required | Not required | 3-10 working days | Yes^ |
11 | BENDURA BANK AG | Lichtenstein | CHF 5,000 | CHF 5,000 | 2 working days | Yes |
12 | Rietumu Bank | Latvia | EUR 10,000 | EUR 10,000 | 5-7 working days | Yes# |
13 | ABC Banking Corporation | Mauritius | Not required | Not required | 3-5 working days | Yes |
14 | Meinl Bank | Austria | Not required | Not required | 13-15 working days | No |
15 | Euro Pacific Bank | Puerto Rico | USD 500 | Not required | 3-5 working days | Yes |
Hong Kong is a place where the largest international banks have their Asia-Pacific branches and headquarters. It is one of the largest international banking centers in terms of volume of international transactions, and Asia's second after Japan. The banking sector plays a very important role in the Hong Kong's economy.
There are 151 licensed banks (128 of which are foreign banks), 19 restricted license banks (of which half are incorporated overseas) and 26 local deposit-taking companies.
These 196 licensed banks and financial companies operate a comprehensive network of 1,300 local branches. In addition, 65 overseas banks have their local representative offices in Hong Kong.
A bank account is essential for day-to-day business operations. Hong Kong has no foreign exchange control, so funds can be transferred in and out easily.
Overseas businessmen who incorporate companies in Hong Kong usually face difficulties with opening bank accounts with local banks due to the banks' complicated compliance procedures. Personal meeting with a bank officer is required in order to open a bank account. It takes about 5 weeks for a bank to make a decision. At INTERCORP, we understand major banks' requirements and will be glad to assist and facilitate your account opening process in Hong Kong and elsewhere in the world.