Hong Kong Orientation Guide

Bank Opening Hours

Opening a Bank Account

Regular banking business hours vary depending on the bank, but are generally 9:30 a.m. to 5 p.m. Monday through Friday, and 9:30 a.m. to 12:30 p.m. on Saturday.

Setting up a Hong Kong account is straightforward if you have the correct documentation in place.However,itcan takemore thanaweekto receiveyour checkbook foracheckingaccount (referred to as a “current account” in Hong Kong).Therefore, we would recommend that you attend to thiswhileyouareonyour initial home finding trip.Note thatyour credit cardapplication is a separate approval process which can take longer. In most cases, to open a bank account, you need to arrive prepared with: + Hong Kong Identification Card (your Temporary HKID will suffice) + Original Passport, if opening a joint account, you will need both passports. If you do not have anHKIDcardyouprovideapassporttoopentheaccount,youwillneedtobringalong a second type of identification such as a driving license. + Original recent proof of current overseas residential address. For example, bank statements or utility bills issued within the last 3 months from the country of origin with full name and home address specified. The name shown on the address proof must be the exact full name as thepassport. Alternatively, in some instances, a valid photo-bearing National ID card or driving license with full name and home address details included may be acceptable. Please note that a proof of address at a ServicedApartment is not acceptable, even if it was previously your long-termresidence. + You may also be required to provide a letter from your employer that verifies proof of employment and your income (or a reasonable sum). This is a requirement for a Hong Kong credit cardapplication. + It will be necessary to sign the forms in the presence of a bank employee; therefore, all relevant parties need to be present. + Normally there is a minimum initial deposit. You do not need to have the full amount with youatthetimeofopeningtheaccountforthehigherservicethresholds(refertothe respectivebankwebsites)aslongasyou transferwithinashortperiodoftime. WritingacheckinHongKongcanbealittlemorecomplicatedthanwhatyouareusedtoat home. Bank staff often examine checks carefully for any irregularity; the slightest difference in signatures or any corrections will be questioned and returned for verification. Also, do not postdate checks. Use a black or blue ballpoint pen. Checksgenerallyneed tobe“crossed”.Thismeansthattwodiagonal linesaredrawn in theupperleft-handcornerofthe checkusually to the leftofyourprinted name.Acrossed check restricts the check frombeing deposited into any account other than that of the payee. Additionally,thepayee’snamemustbewrittenon thecheckexactlyas it appearsonhisorher account.Forinstance,ifyouwritea check tothe“HappyHarryCompany,”thecheckwillnotbe accepted if the actual company name is “Happy Harry’s Company Ltd.” Writing a Check

Embassies Worldwide www.embassyworld.com Directory and search engine for the world’s embassies and consulates. OnJuly2014,HongKong joined the listofcountriescomplyingwiththeUS Government legislation relating to the Foreign Account Tax Compliance Act (FATCA). Notice to those with U.S. Citizenship or Residency FATCA mandates compliant financial institutions to disclose their account information to the US Internal Revenue Service (IRS).All residents inHongKong with U.S. citizenship or U.S. residency status can expect additional documentation to be required to open a bank account and we advise you to contact the bank directly to understand their exact requirements.

Here is a helpful site from HSBC on the subject: fatca.hsbc.com/frequently- askedquestions#personal-cuI

At a minimum, you will be required to provide: 1. Social Security Number, 2. IRS FormW-8BEN 3. IRS Form W-9

These US IRD forms can be downloaded from: www.irs.gov/Forms-&-Pubs

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