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 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;
- Attractive savings plan for most individuals – no ATM withdrawal fees, though the maintenance fees might be relatively high.
- It is a multinational bank that has a network of branches and ATMs (automated teller machines) globally.
- 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.