Banking Guide Hong Kong

Hong Kong has a three-tier banking system that is composed of deposit-taking institutions (licensed banks), restricted license banks and deposit-taking companies. As one of the the leading financial centres of the world Hong Kong has the highest concentration of banking institutions in the world.

Seventy of the largest 100 banks in the world have operations in Hong Kong. According to estimates at the end of June 2013, there were 133 licensed banks, 13 restricted license banks and 24 deposit-taking companies doing business in Hong Kong.

Hong Kong’s banking system is extremely efficient and international transfers are fast and reliable as there are few controls on foreign exchange movements. Transfers are presided over by the Hong Kong Monetary Authority.

Banking hours are typically 9am-4.30pm or 5pm Mondays to Fridays, and 9am-12.30pm on Saturdays. However many retail banks are now keeping their teller services open until 7pm during the work week. ATMs are available in convenient locations throughout the city, and virtually all banks offer phone banking and/or Internet banking facilities.

The largest and most popular banks are HSBC, Hang Seng and Bank of East Asia, all of which have extensive ATM networks. Recently, the American Citibank has undertaken an aggressive policy of expansion in Hong Kong.

Opening a a bank account in Hong Kong is relatively easy even though all banks generally require certain necessary documents, namely a copy of your HK ID card, address proof and a copy of your employment/business visa.

The majority of banks in Hong Kong offer Internet banking, although some transactions, such as direct debits and first-time payment transfers, need to be set up in person within the branch itself. Employees of both local and international banks in Hong Kong can communicate effectively in English.

Major Local Banks in Hong Kong

Hang Seng Bank
Tel: 2822 0228

Bank of East Asia
Tel: 2842 3200

Dah Sing Bank
Tel: 2507 8866

Bank of China (Hong Kong)
Tel: 2826 6888

Wing Lung Bank
Tel: 2826 8333

Bank of Communications
Tel: 2841 9611

China Construction Bank
Tel: 2868 4438

China Merchants Bank
Tel: 3118 8888

Industrial and Commercial Bank of China (Asia)
Tel: 2588 1188

Major International Banks in Hong Kong

Tel: 2748 3322

Standard Chartered Bank (incorporated in HK)
Tel: 2886 8888

DBS Hong Kong
Tel: 2290 8888

Citibank Hong Kong
Tel: 2230 0400

Royal Bank of Scotland
Tel: 2966 2800

American Express Bank
Tel: 2844 0688

Societe Generale
Tel: 2166 5388

Tel: 2971 8888

BNP Paribas
Tel: 2909 8888

Australia & New Zealand Banking Group
Tel: 2843 7111

Credit Suisse AG
Tel: 2841 4888

Bank of Montreal
Tel: 2522 4182

Fubon Bank
Tel: 2566 8181

National Australia Bank
Tel: 2826 8111