Are you planning to move to Hong Kong as an expatriate? One of the things you must get right is finances. You need an expat bank account. The moment the news of your appointment to the mission abroad in Hong Kong is released, you can only be sure of smooth transition by picking an appropriate bank account.
However, this can be a challenge especially if you have a very short timeframe. In this post, we outline the five most important things you should consider when picking an expat bank account Hong-Kong.
Establish whether your employer recommends a specific bank for staff
Working on a mission abroad can be confusing especially for those traveling for the first time. Many companies recommend specific banks and bank accounts to make their staff extra comfortable. For example, if your company has an account in a specific bank, it could recommend that the staff also open bank accounts there. This can help to cut costs for sending salaries and other allowances from one bank to another.
Check for the bank that has subtle charges
Though there are many banks in Hong Kong, it is advisable to only open an account in those with the lowest charges. Here, you need to compare different banks before opening an account in them. If the charges are very high, the chances are that your deposits will keep decreasing over time.
Only select the expat account that provides multiple accesses
Once your expat bank account Hong Kong has been selected, check whether it multiple accesses to avoid carrying a lot of cash or queuing in the banking hall. For example, it should be integrated with ATMs and credit cards to allow users shop and use their funds with ease. Do not forget to check the charges associated too using credit cards and ATMs.
Pick a bank account that provides clients with credit
When you settle in Hong Kong, one notable thing is that it is highly pro-business. Starting a business and growing rapidly is very easy. Therefore, do not limit yourself by picking a savings account only. Go to a bank that can provide its clients with funds to open and run businesses.
Remember that running a business in Hong Kong does not necessarily mean opening a big go down downtown. You could start operating an e-commerce store and make huge sales without opening a store. However, you will still need substantial capital to structure, incorporate and run the business.
Pick a bank account with top-notch support
When selecting an expat bank account Hong-Kong, it is important to carefully factor the support. In case of issues, the bank support should be there to remedy the situation promptly. For example, ask the bank management how it would respond in case your ATM gets lost.
If you are unsure of the expat bank account to go for, it is advisable to seek expert help. Because they have been in the banking industry for longer, they understand the banks well and will assist you to get the best account. The experts will also help you to structure the requests and ensure the account request is not declined.