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Hong Kong Information > Money
Banking
   Also see in Services: Banks

Setting up a Bank Account

It is more than likely that the bank you deal with in your home country has a presence here in Hong Kong.  Unfortunately, the banking system is such that you have to open a new account even if it is the same bank.  To open an account, some banks require that you be referred by another account holder; this is the case for the Hong Kong and Shanghai Bank, the territories major bank .  Other banks have no such requirement.  All banks require that you deposit an initial amount, usually HK$1000.  For "preferred account holder" status, which entitles you to various privileges, a certain average balance is required.  Upon application, have on hand your passport and/or HK ID Card.


Banking Hours

Monday - Friday, 9am-4pm
Saturday, 9am-12pm
ATMs,  24-hours


Interest Rates

Hong Kong Prime Rate : 5.125%
Hong Kong Rate: 1.5%


Credit Cards


Credit cards, including American Express, are accepted just about everywhere, except perhaps at the smaller local shops and restaurants.  Apply for a credit card through your bank.

 

 

Last Updated: 5 March, 2004

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