Traveling to almost all countries around the world is now very easy. With or without a visa, you can easily enter a country with your passport if you state the reason. So, is it possible when you want to open a bank account in Hong Kong from the England? The answer to the question is “Yes”, if certain procedures are followed, it is possible to open an account in a bank abroad.
Requirements to Open an Account in Hong Kong from the England
It is now easy and fast to open a bank account in a country other than the country you are in. In some countries, customers who want to open a bank account must go and open an account in person. Even if there is no residence in the country where you want to open an account, an account can be opened if you are physically present at the bank. Although the documents required to open an account vary from bank to bank, there are some basic documents you need to take with you to open an account in a foreign country. These;
– A valid identity document: ID card, passport or driver’s license.
– A valid proof of residence: Rental contract, mortgage summary, electricity bill more than 3 months, natural gas bill more than 3 months, new bank or credit card statement from 3 months, municipal tax receipt.
– Domicile address stating where you live (it is useful to have two original and one in the language of the country you are visiting)
The above-mentioned items are only the documents required by the country you go to to open an account where you do not have a residence permit. Different procedures are applied to open an account in the country where you have a residence permit.
Advantages and Disadvantages of Opening an Account in Hong Kong from the England
Opening an account in Hong Kong from the England has some advantages and disadvantages. We can list them as follows;
Advantages:
– The biggest advantage you can take advantage of when you open an account in a bank abroad is tax regulations. However, in case of any adverse event, irregularities will be automatically reported to the tax administration of your country, thanks to the Common Reporting Standard (CRS), which has entered into force worldwide.
– The quality of security and privacy, which is valid in foreign banks as well as in all banks, is extremely important for your account.
– In cases where it is inconvenient to carry cash with you in the country where you are traveling or for business, if you have an account in the country you are in, you can avoid the risk of theft by not carrying cash.
Disadvantages:
– Since banks are legally different companies, you cannot move your account in your country to Hong Kong, and you cannot make free transactions between two banks.
– They may charge a commission fee for performing the money transfer transaction.
What is the Cost of Opening a Hong Kong Bank Account from the England?
Many of the major banks do not charge monthly fees for basic accounts for making and receiving payments. If you want to open a premium account for extra benefits, you may have to pay additional fees. Also, the criteria for these bank accounts may be more. Banks do not charge any fees or commissions for opening an account or for an unused account. In other words, there is no harm in opening a bank account. However, there is a certain commission rate that banks take in transfer transactions such as money order and EFT. This also applies to the bank account you will open in Hong Kong from the England. For this, it is useful to learn the commission rate applied by the bank to open the account before opening an account.
Steps to Open a Bank Account in Hong Kong from the England
Here are the steps to open a bank account in Hong Kong from the England:
– Obtain the requested documents in advance and make sure they are complete.
– Go to a branch of a bank that offers the service that suits your needs. Some banks may require you to make an online appointment in advance.
– Carefully read the application form given to you and fill it out completely.
– (Don’t forget to ask any questions before signing the form. Be careful about monthly or annual fees and deductions.)
– Submit these documents along with the form. These documents are necessary for the safety of both the bank and you.
– When your bank account is approved, you should wait for your debit card. Note that this process may take up to 1 month with approval.
– If you are rejected by the bank you applied for, apply again from another branch or from another bank.