Banking in Hong Kong

5 min read|Last Updated: June 20, 2022|

Overview of Hong Kong Banking System

Hong Kong is the heart of the financial industry that makes the country preferable to many foreign investors and expats. The banking system in Hong Kong is relatively outstanding. In 2019, the Asian Banker placed Hong Kong in the first rank as the country with the strongest banking system. Out of the 10 banks that were evaluated, 6 of them were Hong Kong-based banks. This shows that the banking system inHong Kong is not only outstanding but also competitive among other neighboring countries. Some of these top Hong Kong banks include Hang Seng Bank, Bank of China, HSBC, Standard Chartered Bank, Citibank, and Industrial and Commercial Bank of China.

Why Hong Kong banking system is exceptional?

The banking system of Hong Kong is characterized by its three-tier banking system. Many multinational banks in Hong Kong encourage publics to opt for Hong Kong banking systems whether they are residents or non-Hong Kong residents. Banking in Hong Kong provides an added advantage due to the modernized and advanced banking system compared to other Asian countries. What’s more banking in Hong Kong has a relatively flexible banking infrastructure, making the process easy for non-Hong Kong residents to open an account in the country. However, if you are a foreigner who wishes to open a bank account in Hong Kong, it is important to understand on the conditions and requirements as it vares from one bank to another. To open a bank account in Hong Kong, you can either choose to physically visit the existing banks Or you can opt to open your bank account with a professional bank which specialised in providing the services of banking in Hong Kong. Good news is that Paul Hype Page is such a firm and what is even more enticing is that you will receive additional financial consultation services to help you make an informed decision on the best bank to open an account with.

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Banking Options in Hong Kong

Hong Kong is home to several top world ranking banks which offer you banking services Some of the banking options in Hong Kong are as follow:

DBS Bank

DBS Bank is headquartered in Singapore with its presence extending to 18 countries globally. The DBS bank has won some awards in the global ranks as one of the top-rated banks globally. Some of the awards that this bank has won include ‘World Best Bank’ by Euromoney and it was also accorded as the Best Bank in the World awarded by Global Finance.

Some of the services from the DBS are:

  • Loan application schemes
  • An online model for SMEs
  • DBS business classes to Hong Kong startups

Account opening applications can be done remotely especially during this pandemic. Banking in Hong Kong like DBS will require an initial deposit requirement fof HKD 200,000 for a normal account while the corporate account will require about 1 million HKD as the initial deposit. Nonetheless, most entrepreneurs still prefer DBS bank account despite its high initial deposit because of its privileges.


HSBC is one of the world’s largest and biggest institutions globally in offering banking and financial services. The bank covers over 60 countries globally and it offers an extensive range of services that include commercial banking, wealth, and personal banking in more than 60 regions globally. In 2020, HSBC was named as the best corporate and investment bank as reported by the Asiamoney Best Award.

Pros and cons of HSBC bank

  • The HSBC bank account is globally recognized as one of the high-end banking services.
  • The bank is preferred by most investors and individuals of high-net-worth.
  • The account opening process is smooth though it might occasionally take time.

Most foreign investors choose to start banking in Hon Kong with HSBC because of these reasons;

  1. Attractive savings plan for most individuals – no ATM withdrawal fees, though the maintenance fees might be relatively high.
  2. It is a multinational bank that has a network of branches and ATMs (automated teller machines) globally.
  3. The minimum deposit for saving and check is as low as $1.


Citibank is one of the banks in Hong Kong that offers a relatively wide range of services which focus on markets, global consumer products, and wealth management.. In 2019, Citibank was named as the best global private bank. Some of the highlights about Citibank that you might consider when thinking of banking in Hong Kong include:

  • Citibank is one the most premium banks, especially for companies and families.
  • The bank is common among the expats and non-residents.
  • It has no monthly fee, no annual fees, and ATM fee for certain account packages.
  • Citibank has an extensive redit card privilege that makes it stand out.

What to consider when banking in Hong Kong?

The process of choosing a bank in Hong Kong might be challenging due to numbers of preferred banks in the country. However, the end option or consideration depend on your banking needs,

For any corporation or organisation that wish to start banking in Hong Kong must obtain a license from the Hong Kong Monetary Authority (HKMA). As mentioned earlier, Hong Kong has a three-tier banking system that broadly consists of licensed banks, banks with a restricted license, and deposit-taking banks. Let’s look at these three banking systems with their features.

  1. Licensed Banks
    Hong Kong licensed banks offer current and savings accounts. They offer banking services like accepting deposits and collection of cheques from clients. Licensed banks do not have restrictions on the initial deposits.
  2. Banks with restricted License
    In Hong Kong, these types of banks mostly engage in the capital market and merchant banking activities. However, they have a minimum deposit of at least HKD 500,000.
  3. Deposit-taking Banks
    The deposit-taking companies in Hong Kong are often associated with banking services. They provide a range of services that include consumer finance and securities business.


On top of the traditional banking system in Hong Kong, there are also e-banking services in Hong Kong. These can further boost your banking experience you bank in Hong Kong. Therefore, choosing the right bank for your activities is a vital process. If you are still having difficulty in deciding the best bank that will benefit your needs, then Paul Hype Page is here for you. We are a professional consultating company that helps residents, expats and foreigners to settle, workand business in Hong Kong.

Banking in Hong Kong FAQs

Which are some of the banks that exist in Hong Kong?2021-02-24T01:54:53+00:00

Some of the banks that exist in Hong Kong are:

  • HSBC bank
  • Bank of China
  • Hang Seng Bank
  • Citibank
  • Standard Chartered Bank
  • ICBC bank
  • DBS bank
  • The Bank of East Asia
Which is the best bank in Hong Kong?2021-02-24T01:54:15+00:00

As of now, for varying reasons, HSBC is the most preferred bank in Hong Kong. Some of the activities that HSBC offers include covering commercial banking, wealth, and personal banking, among others.

Is there a central bank in Hong Kong?2021-02-24T01:54:15+00:00

The banking system of Hong Kong is maintained by HKMA. HKMA acts as a central bank to Hong Kong as it helps in maintaining the sovereign wealth fund and Hong Kong’s monetary system.

Are Hong Kong banking systems safe?2021-02-24T01:47:49+00:00

Hong Kong’s banking sector is one of the safest globally according to the HKMA’s Deputy Chief Executive Officer. Ttherefore, there is no reason to worry about the safety of your funds when banking in Hong Kong.

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