Posted by
kram
19 yrs ago
Hi, I have a friend who wants to open a bank account in Hong Kong - but he's only a tourist. Any experiences opening an account with just a passport?
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kram
19 yrs ago
Makes sense I guess. He plans to use Hong Kong as a base and make frequent trips into China. So, its a couple of months here and some time inside China. And felt it was safer to have travel cash in a bank - but my first reply was that one needs HKID. Just checking....
Thanx everyone.
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Actually that’s generally not correct, some banks will allow him to open an account with a passport, he just need another account holder to introduce him. The bank will list you as a reference.
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philiprobert is mistaken, this is not about currency controls but is done for Anti-Money Laundering purposes. Two very different things.
In addition, while AML/Know Your Customer (KYC) regulations are administered by the respective sovereign (in HKG delegated to the HKMA), they are generally based on standards and recommendations developed by international/transgovernmental bodies like the World Bank, the Financial Action Task Force/OECD, etc.
HKG having appropriate regulations for these matters in place actually is one of the factors that contribute to it being a major international financial center.
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That said, there is always a difference between what is stated in the rules and what happens in practice. In reality, it might very well be possible to open a bank account without providing the all the information/items required under the KYC regulations. Clearly would be easier with a smaller local/regional bank than with one of the big international players (HSBC, Citi, etc.) and, as mentioned above, they might or might not require the missing items (like proof of address) to be submitted subsequently (which they might or might not follow up on…).
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hkkm
19 yrs ago
My husband and I opened a joint account when we arrived here a couple of years ago and we didn't have a utilities bill in our name, nor a HKID card, because it would have been within 2 days of our arriving. He had his offer of employment and we both had Aus passports, but almost certainly no more than that.
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philiprobert: I did read your post and you WERE mistaken.
Fact is that the regulations in place in HKG HAVE deterred money laundering and have resulted in certain transactions being blocked (some incidents well publicized, others less so). Without these regulations HKG’s ability to function as a major financial center would be severely compromised, as such a situation would result in many international banks and financial constitutions being much more limited in the amount and types of business that they could conduct in/through HKG or with HKG counterparties.
The costs of these regulations are the nuisance for and “false positive” flaggings of legitimate persons/transactions.
Evidence seems to suggest that the benefits outweigh these costs, but this can certainly be argued and everybody (including philiprobert) is entitled to have an opinion – however, it is important to understand the facts and principles in order to make an informed judgment.
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Goloh
19 yrs ago
All of that notwithstanding, an American friend of mine (tourist) was in town last week and felt the same urge to open a bank account here. We (that is the real "we," both of us) went to three of Hong Kong's largest banks and received the same answer from each of them: he would be allowed to open account with his passport and with recent proof of residence, i.e., a utility bill within the past 30 days, from his home abroad. He did not need an I.D. card, and did not need me as a reference either. He easily opened the account at a major bank in HK, with only those two things, plus some money.
He is not employed here and has no other assets here. Go figure.
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kram
19 yrs ago
Wow, guess its take a chance and find out !!!!
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2006
19 yrs ago
There is no requirement as far as I'm aware that the address be in HK. The HKMA guideline is simply to prove an address - not necessarily a HK address.
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