Types of Banking Services
A client can open a checking account and/or savings account in about 10 minutes, depending on their technological skills. However, to open a corporate bank account in Hong Kong is still a complicated process. With new anti-money laundering regulation, it is harder for foreign companies to successfully open bank accounts.
There are several ways to deposit a check when banking online. One easiest and fastest way is through a mobile cheque deposit. You send a photo of the cheque to your bank for payment.
A client’s bank can print and mail a check for clients as often as clients instruct, or send money to a payee electronically.
There are different areas of funds transfer.
- A client can move money from a checking account to a savings account or
- Transferring cash into a certificate of deposit (CD)
- Opening a new Certificate of deposit
- Transfer money to different banks
- Send money to a particular individual via person-to-person services
Checking Transaction Statements (E-statements)
A client can check their history of transaction and even see if a check deposit has been cleared. These are the regular bank statement (s) made available online and are guarded by electronic safeguards. An advantage of this e-statements over the regular statements is that they are less likely to be obtained through identity theft.
To cope with the recession, one of the loans that the Hong Kong government provided was HK$50 billion for SMEs. As there were no risks for the banks, SMEs that applied for this loan were able to get their loans approved and processed in just 2 to 3 working days. Traditionally, this would not be possible as physical banks would take up to weeks for the same process.
While applying for loans, it would be beneficial to engage a professional service provider for assistance. Paul Hype Page has worked with many clients previously regarding such issues. If any enquiries surfaces, we are always here for you to consult.