Best Savings Accounts in Hong Kong for Expats part 2 – Part one is here.
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The best time to consider your financial situation is when you are moving to a new country.
Requirements to Open a Savings Account in Hong Kong
A savings account is a great way to start saving money, but make sure you know what kind of savings account to get. In Hong Kong, there are many different variations of savings accounts to suit your needs and your financial situation. Here are the five requirements you will need before opening a savings account in Hong Kong.
Requirements 1: Residency
To open a savings account in Hong Kong, you need to have residency in the country. If you do not have any form of residency, some international banks will offer a savings account if one person of your family has residency.
However, many people may not want to do business with an international bank because they can have different requirements and be located in a different country. It is important to know if you can open a Hong Kong savings account before going through opening one.
Requirements 2: Hong Kong Permanent Identity Card
The next requirement for opening a savings account in Hong Kong is proper identification documentation. The most popular form of identification that banks use to identify you as an individual is by looking at your Hong Kong Permanent Identity Card.
A person may open a savings account with only their embassy card, but the local bank may require that you have your Hong Kong Permanent Identity Card.
Requirements 3: Basic Requirements
There are also some basic requirements that every person opening a savings account must meet before officially opening an account. Every person opening a savings account needs to be at least twelve years old, and there is no maximum age to open a savings account.
Every person that wants to open an account must provide proof of address and occupation, and each bank will have specific requirements on the documentation they need from every individual before allowing them to open up their own savings account.
Requirements 4: Minimum Initial Deposit
There are also some minimum initial deposit requirements that every savings account must have. Banks set the amount of money that you will need to put in your savings at certain levels, and if you do not meet these requirements, then the bank may not allow you to open an account because they want to be sure that you can afford to put money into an account.
There is no minimum when it comes to the total amount of money in your savings account, but if you do not have the initial deposit, then the bank may close out your account until you can meet their requirements.
Requirements 5: Account Information
Another requirement to opening an account with a bank is to provide your contact information. Banks need this information to reach out to you and communicate with you should something happen or if there are any discrepancies in your account. If you do not provide the proper information, then the bank may close out your account until you can meet the requirements.
Understanding the Benefits of Living in Hong Kong
Living in Hong Kong is like living the life of Riley (no disrespect to the man himself). If you want to live at a fast pace, make loads of cash, and generally live it large, then look no further than Hong Kong. Here are five benefits of living in Hong Kong.
The Culture
As one of the most culturally diverse populations in Asia, you can choose to live your life exactly how you want. Want a more laid-back society with fewer rules? Then avoid the city center where most expats dwell and head over to Causeway Bay or even further into Sai Kung (for that authentic slight town feel), but be prepared for some hill walking.
The Nightlife
There is no shortage of things to do at night. Whether you are looking for bars, clubs, or live music, it can all be found in Hong Kong. There are several different areas where the majority of venues are situated; Lan Kwai Fong (LKF) is best known among expats for its bars, Wan Chai is where people go to party hard and is home to the infamous red-light district.
If you are looking for more upmarket venues, head over to the financial center on Hong Kong Island or Kowloon side opposite Central station.
The Food
Hong Kong has one of the best culinary cultures in Asia. It’s not called ‘Asia’s World City’ for nothing. Not only are there hundreds of different types of cuisine to choose from, but it is also very reasonably priced compared to other western cities. Don’t come to Hong Kong for the food; stay because you can eat good quality cheap food anywhere you go.
The Sport
Hong Kong has a huge range of different sports on offer, whether you’re into watching it or playing it. There are several international standard stadiums, such as the Hong Kong Stadium and The Asiaworld-Expo, which host many sporting events throughout the year.
If that’s not your thing, then head to one of the hundreds of sports clubs, and you can participate in all sorts of sports from football, badminton to even yoga.
The Job Market
Hong Kong has one of the largest finance industries in Asia, which means jobs are plentiful if you work in banking or some other financial position. Hong Kong is also a major tourist destination, so don’t be surprised to find jobs related to that industry.
If your dream is not to work on a trading floor in Hong Kong, then look at the job market outside of finance; there are still jobs to be had in marketing and PR.
The People
Hong Kongers are a friendly lot. They love seeing people from different cultures and generally getting along with everyone. English is widely spoken, so don’t worry about not communicating. It might take a while to get used to the fast pace of Hong Kong, but once you do, you will feel right at home.
Conclusion
Living in Hong Kong is an exceptional experience, and if you want to make the most of your time here, there are some things that you should know. You can check that in our previous articles; you must understand the banking system in Hong Kong. Refer to this guide to understand the process, and follow our updates for more.
