How to open a bank account in Hong Kong: The Easy Way [2025]
Planning to relocate to Hong Kong? Or maybe you’ve already arrived and need an account to manage your money in HKD while you’re there?
If you’re relocating you’ll be able to get an account with a bank in Hong Kong – but you won’t be able to apply until you actually arrive. That means banks may not be the best choice if you want to use your account before you land, or if you’re looking for a non-resident account to manage HKD payments. The good news is that there are some alternative options available.
This guide will take a look at the account opening process for banks, and how non-resident accounts from alternatives like Wise or Revolut compare.
Key points: Online bank account opening
- Opening a bank account in Hong Kong is straightforward if you have a Hong Kong ID card and residential address
- Major banks in Hong Kong may offer account services to non-residents but you’re likely to need to visit a branch in person to open your account
- As an alternative, you could choose a fully digital alternative from a provider like Wise or Revolut
- Accounts from Hong Kong banks often have minimum balance requirements to avoid maintenance charges and get access to all features
- Transaction fees are likely to apply – ongoing account charges may also be payable, depending on the account selected
What documents do I need to open a Hong Kong account?
Generally to open a bank account in Hong Kong you’ll need to provide:
- Proof of your identity
- Proof of your residential address
- An opening deposit amount which varies by account type
The specific documents which can be accepted will depend on your personal situation – if you’re a resident of Hong Kong you may be able to provide:
- Hong Kong Permanent Identity Card
- Hong Kong Identity Card plus a valid travel document like your passport
- Another valid government issued proof of ID
If you are not a Hong Kong resident you’ll need to provide your passport as proof of ID.
Proof of residential address can include a recent utility bill, government letter or bank statement.
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Save the paperwork with alternative solutions like Wise or Revolut
Specialist services like Wise or Revolut offer multi-currency accounts which allow you to hold, receive, send and spend HKD – even if you don’t have a Hong Kong proof of address document yet.
With Wise and Revolut you can open your account online or in the provider’s app, using your documents and proof of address from Australia.
You can’t open a Revolut account with a Hong Kong address, but there are lots of other supported countries, including Australia. Depending on the specific account you select you could get account details which can be used to receive payments in HKD as well as other major currencies in just a few simple steps, an international debit card, low cost cross currency payments and more.
How to open a Hong Kong bank account as a foreigner
Hong Kong banks do usually offer online and in app account opening options, but these are commonly reserved for customers who have an ID document that’s been issued in Hong Kong or Mainland China. If you’re an Australian citizen, the chances are that you’ll need to go to a bank branch yourself in person to set up your account. It’s worth contacting the bank directly before you visit to double check the documents they require, as these can vary depending on your residence status, citizenship and other factors.
What do I need to know before opening a bank account in Hong Kong?
There’s a really good choice of banks in Hong Kong, which all offer a range of account products from everyday accounts to saving and investment products. As Hong Kong is a popular destination for expats, it’s also common to find that accounts can offer multi-currency features which can be helpful for anyone living an international lifestyle.
Check the eligibility requirements for your preferred account carefully before you apply. Many products require a certain deposit amount to be maintained, either to avoid ongoing fees, or to access all of the account features and services.
Can I open a bank account in Hong Kong only with my passport
No. You can’t usually open a bank account in Hong Kong with only a passport. Generally you’ll need your valid passport and a proof of address document. Some accounts which are reserved for residents only will also ask you to provide a Hong Kong ID card.
If you need an account you can use to transact in HKD before you relocate, you could consider a specialist like Wise. More on that coming up in a moment.
Which account is best in Hong Kong for foreigners?
Some Hong Kong banks do extend their services to non-resident customers. However, they may still ask you to visit a branch to apply, which isn’t practical if you’ve not yet moved to the country. As an alternative, you could choose to set up an account with a specialist provider like Wise or Revolut before you leave Australia. These accounts may still allow you to hold and receive HKD, and also offer ways to use, hold, receive and spend AUD.
Here’s a side by side comparison of a couple of major Hong Kong banks against options from Wise and Revolut, so you can see the options available.
| Service | Wise | Revolut | DBS | Bank of China Hong Kong |
|---|---|---|---|---|
| Eligibility | Available to customers in many different regions and countries | Legal residents of countries including the EEA, the UK, Australia and the US | Available to Hong Kong residents and non-residents – some accounts are not available to US persons | Available to Hong Kong residents and non-residents of select nationalities |
| HKD and AUD account options | Yes | Yes | Yes | Yes |
| Open before you arrive in Hong Kong | Yes | Yes | Open in branch only – available to non-residents | Open in branch only |
| Open online | Yes | Yes | Open in branch only | Open in branch only |
| Fall below fee | No fee | No fee | 200 HKD or 300 HKD depending on customer tier | Not specified – if you do not maintain the minimum balance you may lose some account features |
| Maintenance fee | No fee | Varies by account tier – Standard accounts have no monthly fee | No fee | Varies by account |
| International money transfers | Low, transparent fees and the mid-market exchange rate | Costs vary by destination, value and account type | Online payments up to 100 HKD, plus correspondent bank charges up to 400 HKD | Up to 65 HKD for online payments, plus applicable correspondent bank charges |
*Details correct at time of research – 17th April 2025
Wise
Wise multi-currency accounts can hold and exchange 40+ currencies including HKD and AUD, and come with a linked debit card for easy spending. Wise currency exchange uses the mid-market exchange rate with transparent fees whenever you switch currencies in your account, or spend with your linked Wise international debit card. The mid-market rate is the rate you see on financial news sites, and while Wise uses this rate, fees still apply for currency conversion and other services.
Get your account set up online or in-app, either before you move to Hong Kong, or on arrival, and manage your money with nothing but your phone. Use your Wise account to send payments to 140+ countries, and get local and SWIFT account details for up to 8+ currencies including AUD, to get paid conveniently by others. You can also receive HKD to your account via SWIFT, using your GBP account details.
How to open an account with Wise
Open your account with Wise online or in the Wise app, by adding your personal and contact information and uploading your ID and address documents. The process shouldn’t take long, and there’s no minimum balance required to set up your account.
Revolut
Revolut is a popular specialist option, with over 35 million global customers. Revolut is supported in Australia, where it offers a choice of digital accounts which can be used to hold and handle a selection of currencies including AUD and HKD, and spend with a linked card. You can’t open a Revolut account if your residency is in Hong Kong – but you could choose this if you’re still in Australia and looking for a way to hold, send and exchange HKD before you move.
Choose from Standard plans, which have no ongoing fees but also come with somewhat limited features, or look at the different account tiers which have monthly fees but also offer more no-fee transactions. This allows you to pick the mix of features and fees that suits you – with or without monthly fees to pay.
How to open an account with Revolut
To open an account with Revolut you’ll need to download the Revolut app, register using your personal and contact information, and upload images of the required ID. You’re guided through the process using onscreen prompts.
DBS
DBS is a major regional bank based in Singapore, which offers some Hong Kong account solutions for non-residents. Your options will depend on whether you’re already in Hong Kong or not, and you might have to visit a branch to open your account. However, if you meet eligibility requirements you could choose between several different checking and saving accounts in HKD, or a multi-currency account which can hold and exchange 14 major currencies.
Some DBS accounts have additional restrictions, including a 200,000 HKD minimum balance (about 40,000 AUD at the time of writing), and you may not be able to open an account if you also hold US citizenship or a US Green Card.
How to open an account with DBS
If you’re a non-resident you’ll need to visit a branch in person to open your DBS account. If you’re a Hong Kong permanent resident you can apply through the DBS app.
Bank of China (Hong Kong)
Bank of China is a huge global organisation which operates throughout Hong Kong. To open a full account with Bank of China you’ll usually need to be a resident in Hong Kong, unless you hold citizenship of Hong Kong or Mainland China. However, if you’re planning to move to Hong Kong soon, you may want to reach out to check if you can start the account opening process at a local Bank of China branch in Australia.
There’s a good range of account options including multi-currency features, cards, investments and savings. In some cases to get the most from an account you’ll need to maintain a minimum balance, but by holding a fixed amount in your account you could get discounts on fees and additional products and features.
How to open an account with Bank of China
As an Australian you’re likely to need to visit a Bank of China branch in person to open your account. While there are online and in app application options these are usually reserved for people holding Hong Kong or Mainland China citizenship.
What is a bank account in Hong Kong needed for?
Having a bank account which you can use to hold and exchange Hong Kong dollars can be helpful in lots of different scenarios:
- If you want to hold Hong Kong dollars – saving for a trip there for example
- If you’re moving to Hong Kong to live or work, or if you plan to travel there extensively
- If you need to send HKD payments to others – such as paying for an overseas mortgage
Benefits of opening a bank account in Hong Kong
Hong Kong bank accounts – and HKD accounts from specialist alternatives – have a few great benefits which may come in handy:
- Hold Hong Kong dollars to save or invest
- Spend easily inHong Kong without needing currency conversion
- A Hong Kong bank account is pretty essential if you live in Hong Kong, for setting up local services for example
Can I open a bank account in Hong Kong before arrival?
Some Hong Kong banks do allow non-resident customers to open an account – but you’ll still have to visit a branch in most cases to apply. This isn’t a very practical solution, and can mean it’s very difficult to set up your Hong Kong bank account before you arrive there.
If you need an account you can use to transact in HKD before you relocate, you could consider a specialist like Wise or Revolut.
Can I open a bank account online?
Hong Kong banks typically only allow people to apply online or in app if they have specific ID documents which are usually only issued to citizens of Hong Kong or Mainland China. It’s worth checking your preferred bank’s policy, but generally as an Australian customer you’re likely to need to go to a branch in person to submit your application.
How long does it take to open a bank account in Hong Kong?
If you have all the required paperwork you’ll be able to open a bank account in Hong Kong fairly quickly when you visit a branch. Your documents will be checked and processed, and the bank can often issue you your account details instantly.
What are the types of bank accounts in Hong Kong?
Hong Kong banks offer a broad range of account products which can suit different customer needs. You can get an everyday account which operates in HKD, and many banks also have multi-currency products, including digital accounts to hold up to 14 currencies, and specific USD checking accounts.
Aside from these standalone accounts there are also many options for banking plans which include a comprehensive suite of products like insurance and card services, within the same plan.
How to choose a bank account in Hong Kong
Check the bank you pick has good branch and ATM access, as well as online and mobile services. Review the fees carefully, looking out for ongoing and unavoidable costs in particular. It’s also a smart idea to double check online reviews to see what existing customers say about your preferred bank before you get started.
Compare your options for Hong Kong banks against alternatives like Wise and Revolut. The features won’t be exactly the same, but you might find you get lower overall costs and easier ways to manage your money between Australia and Hong Kong.
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How much does it cost to open a bank account in Hong Kong?
There’s not usually an account opening fee for a Hong Kong bank account, but using your account will not be free. In addition, some Hong Kong bank accounts require a minimum deposit amount, which you’ll need to pay in at the point of opening your account. You’re likely to need to maintain this minimum deposit at all times to avoid maintenance fees or to get the full features of the account.
Is it possible to open a fee-free account in Hong Kong?
Some Hong Kong everyday bank accounts have no monthly fee or ways to have the monthly fee waived. However, even where an account does not have a maintenance fee, there will be transaction and service fees to pay – read through the fee schedule carefully before you sign up.
What are the additional costs?
You’ll need to check through the account terms and conditions really carefully to make sure there are no surprises when you start to transact with a Hong Kong bank account. In particular check for:
- Card fees – annual costs based on the card you select
- Withdrawal fees – local and international ATM charges
- Foreign transaction fees – fees applied if you spend in a foreign currency
- Interest or overdraft charges
- International transfer fees – particularly important when moving, as the costs of sending money abroad can be high
Tips for sending money between Australia and Hong Kong
Sending an international transfer with a Hong Kong bank can come with several different fees and a markup on the exchange rate applied. Before you move your money, check out these tips:
- Compare the exchange rate you’re offered against the mid-market exchange rate to see if a markup is being used
- Review the terms and conditions of your specific account to see the transfer fee which will apply
- Check if there are third party fees associated with the SWIFT network – these can push up the overall costs
- Consider using a specialist service like Wise instead of your bank – this can keep the costs down and mean you get a faster service, too
Conclusion: Open a bank account online Hong Kong
Some Hong Kong banks offer ways for non-resident customers to open an account – but you’ll usually still have to visit a branch to set up your account in the first place. That’s not necessarily convenient if you’re still at the stage of planning your relocation.
Instead you could consider a multi-currency account with a specialist online service like Wise. Get your account using your proof of address documents from Australia before you even move, with an easy in-app or online application and verification process. You’re likely to also benefit from lower fees and better exchange rates compared to a bank.
Open a Hong Kong bank account online FAQs
Can a foreigner non-resident open an account in Hong Kong?
Some Hong Kong banks offer ways for non-resident customers to open an account – but you’ll usually still have to visit a branch to set up your account in the first place.
How much do I need to open a bank account in Hong Kong?
Banks in Hong Kong don’t usually have a fee to open your account, but having a minimum deposit amount is fairly common. To open a general account with DBS, for example, you need to deposit 200,000 HKD which is about 40,000 AUD at the time of writing.
Can I open a Hong Kong bank account online?
Many Hong Kong banks only allow in app and online account opening if you have a proof of ID document that’s been issued in Hong Kong or Mainland China. Check with your preferred bank to see if online account opening is possible based on your specific ID document.
How to apply for a bank account online in Hong Kong?
You’ll need to reach out to your preferred bank directly to check if you’re eligible for online account opening. This may depend on the account you’re applying for, and the specific ID documents you can provide.
Can I open a bank account in Hong Kong before landing?
Most banks will ask you to visit a branch to open your account, making it practically difficult to open your account before you move. Specialist services like Wise may be an option to consider because they can accept international proof of address documents when you open your account.
