Recently moved to Hong Kong and realized that the first thing you need to do is open a bank account in Hong Kong. Seriously, without it, life becomes more complicated. All payments here are made via card or FPS — the local equivalent of Alipay, just scan a QR code and the money transfers instantly. The daily limit is 10,000 Hong Kong dollars, which is usually enough.

The process itself is not as scary as it seems. If you have a tourist visa and a Chinese passport, that’s enough. Some banks like Bank of China even allow you to open an account through mainland branches, no need to go there in person. It takes about two weeks. If you’re already in Hong Kong, just book an appointment in advance (at least two business days ahead) and bring your documents.

As for the banks themselves — there’s a wide choice. HSBC, Citibank, Hang Seng, Standard Chartered — all offer different account levels. HSBC One has no minimum requirements at all. Bank of China is interesting because you can open an account directly on the mainland through certain branches, which is very convenient. Hang Seng even allows opening via a WeChat mini-program if your visa is longer than three months.

Minimum balances vary — from a few hundred thousand to several million Hong Kong dollars, depending on the account level. If you just want to open a bank account in Hong Kong for everyday needs, look at the basic tariffs. Plus, all of them offer credit cards with no annual fee, which is convenient.

There’s also a cross-border investment program for residents of the Greater Bay Area — you can invest from the mainland into Hong Kong funds and securities. But you need to meet certain criteria: investment experience, assets of at least two million yuan, and registration in one of nine cities. If you qualify — you can open an account through the Southern Corridor, which sometimes even waives transfer fees.

General advice: if you plan to live in Hong Kong long-term, don’t delay. Opening a bank account in Hong Kong is best done in the first few weeks; afterward, everything else — salary, payments, investments — will be easier. Just choose a bank, register online, and come with your passport. It’s simple.