Part of what makes Hong Kong so unique is its extraordinary financial environment. With more than 7 million residents, Hong Kong is also host to a diverse expatriate community.
Encouraging business growth from multiple sectors, Hong Kong’s banking sector is one of the most accommodating modern times. This spells good news for both residents and non-
residents of Hong Kong, as compared to the West, it is not difficult to open a bank account here. Typically, all you will need are your passport or Hong Kong Identity Card (issued to those who will stay in Hong Kong for more than 180 days), proof of address in Hong Kong, and a visa—the rest of the requirements may vary by bank.
More than a hundred licensed Hong Kong banks offer flexible services and a wide variety of account options. In particular, many busy residents and expatriates now choose to for the sheer convenience that it proffers. Integrated deposit accounts may also come with additional privileges, such as cash rebates and time deposit options.
What are some of the most compelling reasons to open an integrated deposit account in Hong Kong? Here’s our list of five key benefits of registering for an integrated deposits account and how this financial decision will help you both in and outside the city.
It’s a means to consolidate multiple currencies.
The main advantage of having this type of account is managing multiple currencies in one account. These currencies include the Hong Kong Dollar (HKD), Renminbi (RMB), or People’s Currency, and foreign currencies such as the US Dollar (USD), Euro (EUR), or Australian Dollar (AUD). You’ll be able to check your balance accurately for any of your enrolled currencies, all under just one account number.
It’s both a savings and a current account in one.
Another key benefit of an integrated deposit account is that it can serve the functions of both savings and current accounts. Upon the approval of your bank, you’ll also be able to issue checks in an additional currency aside from HKD.
Withdraw from anywhere without exorbitant fees
An integrated deposit account will also mean issuing a dual currency ATM card for HKD and RMB. You’ll be able to withdraw from any compatible ATM with a cash withdrawal function in either of these currencies. Furthermore, Faster Payment System (FPS) has made instant interbank transfers free of charge and easier than ever. FPS is available for customers of all major banks in Hong Kong anytime and anywhere. This could prove especially useful for RMB holders. If you are transacting in any one of the 60 countries that currently utilize RMB as a reserve currency, then you can use the money immediately instead of converting to US dollars.
It can be used as an investment settlement account.
This type of account lends itself well to investors. The bank can also ascribe it as the settlement account for future investments. Consolidation of investment proceeds will be much easier, and it will be a breeze to manage your investment portfolio.
It’s a means of hassle-free money management for frequent travelers and expatriates.
As Hong Kong is both a global city and a transient city for many workers, many of its residents are moving. An integrated deposit account provides convenience in managing all your money, online or offline, from anywhere you are in the world—all without using multiple bank account numbers or checkbooks. Account management will be easy, organized, and secure when transacting in Hong Kong or outside.
Indeed, opening an integrated deposit account in Hong Kong is a financial move that offers profound and long-lasting benefits. Best of luck in figuring out your banking options and in keeping your money all in one place!