Here's an interesting thing — if you've moved from China to Hong Kong, even temporarily, a bank account there is simply essential. It’s not that complicated, but you need to understand how it works. I recently looked into this and found out the following.

First, about the conveniences. Opening an account in Hong Kong essentially solves a bunch of problems at once: payments, salary, utilities, insurance. There’s a system called FPS, which works like our WeChat Pay or Alipay, but locally. You scan a QR code and the money transfers instantly. You can also send money by phone number or email. The daily limit is 10,000 Hong Kong dollars, which is usually enough.

If you need to transfer money back to the mainland, there’s Wise — the fees are much lower than in banks. If you pay via FPS, Wise receives the money faster and sends the transfer literally within a few minutes.

Now about the procedure itself. To open an account in Hong Kong, you need documents: a passport, an entry-exit permit, and proof of address (if opening an investment account). Some banks allow you to register online in advance so you don’t have to stand in line. It’s better to make an appointment two working days before your visit.

Large banks like HSBC, Bank of China, Citibank, Hang Seng, and Standard Chartered offer different account levels. HSBC One — no minimum balance, the simplest option. Bank of China allows you to open an account even through branches on the mainland — convenient if you don’t want to travel to Hong Kong specifically. Citibank offers multi-currency deposits and free transfers between its branches in 18 countries.

There’s also an interesting system — cross-border transactions between Guangdong, Hong Kong, and Macau. If you’re from the Greater Bay Area and meet the criteria (registered in one of nine cities, 2+ years of investment experience, assets from 2 million yuan), you can invest in financial products through this system. The personal limit is 1 million yuan.

Overall, opening an account in Hong Kong isn’t as scary as it seems. The main thing is to prepare the documents in advance and make an appointment. Each bank has slightly different fees and minimum balance requirements, but the basic process is the same. I’d recommend first deciding what level of account you need, then choosing a bank and making an appointment.