Under some new endeavors it is required that I open an overseas bank account and HK and Singapore seemed like viable options (if others are better that you know of please do let me know). I did some reading and a few articles have mentioned some possible road blocks. Some have mentioned that I will need to make a trip to do so in HK while others say it has become increasingly difficult for foreigners to do so in Singapore.
Obviously I would prefer the path of least resistance so I thought I’d ask the forum here if anyone has any experience or insights with this. Any thoughts would be much appreciated! Thanks.
I knew an Australian who opened a bank account HK, I don’t think he had proof of residence. I think he bought a shelf company. I don’t know any more than that…
I was assuming he wanted to open a personal account (the proof of residence can be from another country). If it is a business account, it’s probably the business registration they will be after.
In Hong Kong with HSBC. Proof of residence is like a utility bill which shows your full name and address. The name on the bill needs to match the name in the passport.
Proof of residence in Hong Kong you mean? I have Taiwan residence but nothing in HK. I know it was quite common to open personal bank accounts HK not too long ago but I believe restrictions have been put in place.
My electricity is billed off the downstairs apartment = no bill. Water included in rent = no bill. Gas is bottles = no bill.
It was such a pain for me to open a foreign bank account (Isle of Man), in the end I had to go to my bank here (Cathay) and get them to produce my tax return early, which is the only official thing they could provide with an address on it!!
I am a foreign Taiwan resident, and have opened both Bank of China HK and Citibank HK accounts. At the time, it was quite normal for Taiwan residents to open personal accounts. It has been some years since I have opened them, but I suggest calling the branch of the Bank where you would like to open the account. Ask them about all the documents required, but don’t stop there. Call other branches, call the main branch! The worst thing is to fly to HK, or Sing for that matter, and find that they failed to tell you to bring such and such.
In terms as documents, an ARC is as valuable as toilet paper when it comes to proof of address or ID. Because no one could tell me what Utility bill was acceptable, I went to my Taishin Bank Branch in Taipei and didn’t leave until they prepared me a document with my full name (as in my passport) and full address. I opened BoC HK at Hong Kong airport because it was the easiest. BoC is on union pay network easiest to find ATMs in both HK and China on Union Pay network. You can make an appointment online to meet a banker at the airport to open an account. In another trip to HK, I went downtown to open a Citibank account. Be sure to leave ample time as queues for banks downtown during the week are absolutely insane. If you can, go to a smaller branch. I frequently travel to Sheung Shui Citi Branch because it is close to Shenzhen and has short waiting times.
I strongly suggest opening a Citibank account. Using their “Gloabl Wire Transfer” TTs are free to and from Citi accounts all over the world!
I have read mixed outcomes about foreigners opening Citi accounts in Taiwan. I made a lot of noise when opening my account as I met some resistance. It helps if you speak Chinese. It is well worth the effort though.
Good Luck OP! Let us know how you get on.
[quote=“martymouse”]I am a foreign Taiwan resident, and have opened both Bank of China HK and Citibank HK accounts. At the time, it was quite normal for Taiwan residents to open personal accounts. It has been some years since I have opened them, but I suggest calling the branch of the Bank where you would like to open the account. Ask them about all the documents required, but don’t stop there. Call other branches, call the main branch! The worst thing is to fly to HK, or Sing for that matter, and find that they failed to tell you to bring such and such.
In terms as documents, an ARC is as valuable as toilet paper when it comes to proof of address or ID. Because no one could tell me what Utility bill was acceptable, I went to my Taishin Bank Branch in Taipei and didn’t leave until they prepared me a document with my full name (as in my passport) and full address. I opened BoC HK at Hong Kong airport because it was the easiest. BoC is on union pay network easiest to find ATMs in both HK and China on Union Pay network. You can make an appointment online to meet a banker at the airport to open an account. In another trip to HK, I went downtown to open a Citibank account. Be sure to leave ample time as queues for banks downtown during the week are absolutely insane. If you can, go to a smaller branch. I frequently travel to Sheung Shui Citi Branch because it is close to Shenzhen and has short waiting times.
I strongly suggest opening a Citibank account. Using their “Gloabl Wire Transfer” TTs are free to and from Citi accounts all over the world!
I have read mixed outcomes about foreigners opening Citi accounts in Taiwan. I made a lot of noise when opening my account as I met some resistance. It helps if you speak Chinese. It is well worth the effort though.
Good Luck OP! Let us know how you get on.[/quote]
Awesome advice and insight Marty Mouse. I am going to fly to HK later this month or early next month and I will follow up on how it goes. Cheers!