Banking System in Hong Kong

Overview

The banking system in Hong Kong is one of the most powerful banking systems in the world. The banking system in Hong Kong is getting stronger with the emergence of local economy and growth in world trade. Hong Kong is the new industrialising region in the world and is enjoying a sustainable economic growth. This has also registered a rapid rise in the living standards in people of Hong Kong.

Types of Banking Systems in Hong Kong-

Hong Kong has more than 100 banks of the world; those are operating in Hong Kong. This city has one of the world’s highest concentrations of banks, in the world.

The banking system in Hong Kong is having a special characteristic of having a three-tier system. Hong Kong has three types of banking institutions functioning there. These banks are-

  • The Licensed Banks,
  • The Restricted Licensed Banks
  • The Deposit Taking Companies.

Out of all the three types, the Licensed Banks are numbering in maximum in Hong Kong, with lesser number of Restricted Licensed Banks and very few Deposit Taking Companies.

All these three types of banking institutions operate under different legal restrictions. Practically, only the Licensed Banks and the Restricted Licensed Banks can be actually called as banks in Hong Kong. The Deposit Taking companies do not fall under the banking restrictions in Hong Kong.

Range of Services provided by Hong Kong Banks-

Banks are the main source of fund raising, in the region of Hong Kong. Banking industry is very prominent in Hong Kong. The banking system in Hong Kong serves the consumers well, going beyond the geographical boundary. Hong Kong banks are in many countries around the world.

Hong Kong is at the fore front of being a Fintech Hub in Asia. Hong Kong Banks have already launched Electronic cheques, in the year of 2015. Hong Kong also ranks fourth in the world in the financial centres league.

Hong Kong banking system is one of the strongest, most efficient, technically advanced banking systems in the world.

Forming a bank account in Hong Kong is beneficial if you have multiple number of transactions happening every month. The minimum balance required to maintain an account is also pretty low as compared to other tax havens and the service fee is as low as HKD 50. The account holders also enjoy a high level of confidentiality and do not have to visit the bank for opening an account.

Offshore Banking in Hong Kong

Banks Available at Hong Kong

HSBC is the largest bank in Hong Kong and provides one of the best rates for opening a bank account. It operates in the Asia Pacific region and has multiple offices spread throughout this region. It provides 24 hour currency exchange. It comes with a lot of benefits other than banking including providing insurance online and in investment opportunities.

It is headquartered in Shanghai and is one of the largest listed companies in the region. Their minimum bank balance required is slightly higher than that of its competitors but provides excellent services. Apart from bank accounts they have a wide portfolio of services that they provide including investments, insurance and MPF. The processing time of opening an account is usually around 2 weeks.

This bank is a subsidiary of Standard Chartered Bank where you can submit your documents online. They provide 24x7 banking facility and are a very safe bank to have your accounts. It provides various facilities for small business owners who want to open their account. Other services include business, commercial and corporate banking.

ICICI bank provides with 0.25% of interest rate per annum on HKD. They are into financing, foreign currency loan syndication, forex services, currency swaps and interest rate swaps. They also provide 24x7 online banking which gives the customer an added support.

Documents Required For Opening Bank Account

Banking Benefits in Hong Kong

  1. Growing and stable economy
  2. No personal visit to the bank or country required
  3. Minimum balance required is USD 6500
  4. Minimum account deposit required is USD 1300
  5. Transactions in multi-currency is available
  6. No need of physical presence to open a bank account
  7. Minimum a week required to open your bank account
  8. Widely available for foreign nationals as well

Why form an offshore bank account with DNS?

We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.