|Processing Time|| |
|1||HSBC||Hong Kong||USD 1,300||USD 6,500||2-5 weeks||No|
|2||Hang Seng Bank||Hong Kong||USD 1,300||USD 6,500||1-5 weeks||No|
|3||Citibank N.A||Hong Kong||HKD 50,000||HKD 50,000||1 month||No|
|4||Bank of China (Private Banking)||Hong Kong||Required||Required||Varies||No|
|5||China CITIC Bank International||Hong Kong||Not required||Not required||1 month||No|
|6||ICICI Bank (HK Branch)||Hong Kong||USD 3000||USD 100||1-3 Weeks||Yes*#|
|7||OCBC||Singapore||USD 30,000||USD 30,000||1-2 weeks||No|
|8||DBS||Singapore||USD 50,000||USD 50,000||1-2 weeks||No*|
|9||CIM Banque||Switzerland||CHF 10,000||CHF 10,000||3-10 working days||Yes|
|10||Bank of Cyprus||Cyprus||Not required||Not required||3-10 working days||Yes^|
|11||BENDURA BANK AG||Lichtenstein||CHF 5,000||CHF 5,000||2 working days||Yes|
|12||Rietumu Bank||Latvia||EUR 10,000||EUR 10,000||5-7 working days||Yes#|
|13||ABC Banking Corporation||Mauritius||Not required||Not required||3-5 working days||Yes|
|14||Meinl Bank||Austria||Not required||Not required||13-15 working days||No|
|15||Euro Pacific Bank||Puerto Rico||USD 500||Not required||3-5 working days||Yes|
Hong Kong is a place where the largest international banks have their Asia-Pacific branches and headquarters. It is one of the largest international banking centers in terms of volume of international transactions, and Asia's second after Japan. The banking sector plays a very important role in the Hong Kong's economy.
There are 151 licensed banks (128 of which are foreign banks), 19 restricted license banks (of which half are incorporated overseas) and 26 local deposit-taking companies.
These 196 licensed banks and financial companies operate a comprehensive network of 1,300 local branches. In addition, 65 overseas banks have their local representative offices in Hong Kong.
A bank account is essential for day-to-day business operations. Hong Kong has no foreign exchange control, so funds can be transferred in and out easily.
Overseas businessmen who incorporate companies in Hong Kong usually face difficulties with opening bank accounts with local banks due to the banks' complicated compliance procedures. Personal meeting with a bank officer is required in order to open a bank account. It takes about 5 weeks for a bank to make a decision. At INTERCORP, we understand major banks' requirements and will be glad to assist and facilitate your account opening process in Hong Kong and elsewhere in the world.
Hong Kong is definitely well known for its banking infra-structure. There is no restriction for fund flow into or out of Hong Kong bank accounts. The identity of account holder and transaction information are also subject to very high standard of confidentiality. Comparing with some kind of offshore bank account available in certain country, the benefits include :
The accounts are opened in Hong Kong. But some offshore bank accounts are in cities, such as Shenzhen or small offshore islands. Client may never have the opportunity to visit the bank.
Client may deposit and withdraw fund by cash or by transfer via any Hong Kong branch office of banks. However, for most offshore bank accounts, only wire transfer is acceptable.
In Hong Kong, the minimum bank account balance can be as low as HKD 3,000. Below which a monthly administrative service fee of around HKD 50 will be charged. However, minimum balance of most offshore bank accounts is around USD 5,000 and corresponding service fee is around USD 50. The difference in service fee is 7 times.
In China, foreign banks offer service of offshore banking for foreigners and foreign companies (such as a Hong Kong company), however, in case of a company, banks request that majority of the shareholders are foreigners.