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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