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," explained one expat living in Hong Kong.
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"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," said another expat in Hong Kong, Hong Kong.
Other Questions:
- What do I need to know before retiring in Hong Kong?
- How do I meet people in Hong Kong?
- What is life like in Hong Kong?
- Is there a lot of crime in Hong Kong?
- Is there a lot of diversity? Are people in Hong Kong accepting of differences?
- What are the schools in Hong Kong like?
- Is the cost of living in Hong Kong high?
- What advice do you have for expats having a baby in Hong Kong?
- What are healthcare services like in Hong Kong?
- Is the cost of living in Hong Kong high?
- What type of recreational facilities are in Hong Kong?
- What is the weather like in Hong Kong?
- Are there good restaurants in Hong Kong?
- Where will I buy groceries and do other shopping in Hong Kong?
- What are the visa & residency requirements in Hong Kong?
- Are healthcare and health insurance expensive in Hong Kong?
- What do I need to know when buying property in Hong Kong?
- Are foreigners allowed to own property in Hong Kong?
- What appliances are typically included in a rental?
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 is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad 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.