Where should I setup a bank account in Hong Kong?

We asked expats in Hong Kong what banks they use and there advice about banking. They advised...

"Before retiring in Hong Kong, expats should be aware of the cost of living, which is generally higher than in other parts of the world. It is important to research the different types of visas available and the associated requirements for each. Expats should also be aware of the language barrier, as English is not widely spoken in Hong Kong. Additionally, expats should familiarize themselves with the local culture and customs, as well as the local laws and regulations. Finally, expats should consider the availability of healthcare services and the quality of healthcare in Hong Kong," mentioned another expat when asked about moving to Hong Kong.

"Yes and no! I kept my UK arrangements as they were for paying Life insurance and Mortgages. After moving to HK via Singapore I decided it would be wise to use both an International Bank and a local one for different purposes. The advice I've been offered by Banks in general has been poor. Sound expat financial advice is difficult to obtain, too. Even my local Chinese friends and returning expat Chinese struggle with the Life Assurance products pushed by all Banks, Life Companies,etc. Nevertheless there are some good practices around," commented one expat who made the move to Hong Kong, Hong Kong.

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Where should I setup a bank account in Hong Kong?

If you live in Hong Kong, newcomers to Hong Kong would love to hear your answer to this question.

About the Author

Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.

Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.