Job Discussion Forums

[sodapop]

hi,
just wondering if when i arrive in hong kong in august if my salary can be deposited into an australian credit union or do i have to open up a hong kong account? thanks

[Smoog]

Why would you want it deposited into an Oz bank?
Surely all that'll happen is that the money'll be converted to Oz $ at some ridiculously high rate of exchange, and then when you want to withdraw converted back at some ridiculously low rate.

It may surprise you, but Hong Kong does in fact have banks and it is actually very easy to open an account here.



leaving the sarcasm aside, you'll prob find your employer will insist on you having a local account. I have two (HSBC and Standard Charter), yet at the school I'm moving to in August is insisting I need to open yet another account at the ICBC (Industrial and Commerical Bank of China), as that's the bank they use for their payroll. Apparently they can't transfer my salary to another bank's account, but I'd be able to. (wtf)

You can always set up a monthly transfer to your Oz account. The banks don't charge much ($50 or $100HK iirc) for this service.

[sodapop]

thanks for your reply - i intend to open a bank account in hong kong but wanted to have a good look around at all the banks once i am there - the best deal etc. so it is more of a temporary one before i open a hong kong account.

[ironopolis]

Do you need proof of resident status in HK to open an account?

I ask because I'm still waiting for a NET offer and am increasingly wondering if I might not have a proper working visa arranged in time for my arrival, and so end up coming initially on a tourist visa, like, I understand, a few others have had to do in the past.

Would that leave me in limbo, unable to open bank accounts, get a mobile phone etc until my visa and, presumably, my HK ID card were sorted out?

[hkleaver]

I found it uselful to have a letter of introduction from my bank manager in Australia before opening an account in Hong Kong. An id card was not necessary at the time, although details of your passport will be taken. You will need to advise them of your id card number when it arrives. Also I took along the paperwork I did with my id before it arrived to the bank.

Be prepared for many different answers at the bank from different people. If your not happy with the answer from one bank, go to another branch you'll probably get the right answer then.This was my experience.

Info for letter of introd
-name
-address in Aust
-accounts held
-how long you have held an account
-state you have had loans
-state income paid into your account
-contact details of the manager

[hkteach]

Some good points raised by Smoog.
Another VERY important thing you need to consider is the income tax payable.
If you send money home to an Australian bank (or credit union) account, interest it earns will be taxed. This applies even to money earnt offshore AND even though you are a non-resident for tax purposes.
In Hong Kong, savings interest is not taxed.
MUCH better to keep it here (except for the amounts that you need to send home to cover your mortgage etc.)

I'm not sure about needing a Hong Kong ID card for opening a bank account (seeing it was so long ago, I really can't remember). But you need it for just about everything else. Whenever you want to do anything important (get the phone, internet, electricity etc. connected) you will need to show your HK ID. Whenever I telephone any of these service providers, they ALWAYS ask for my HK ID number. This is for security purposes.

One other REALLY important thing about workvisas. If you arrive here before your workvisa is ready, be aware that it's illegal for you to work until it's issued - even in a voluntary capacity.
Immigration laws are very strict on this and many NETs have come unstuck on this issue...... visa not issued yet, but school encourages NET to work without it. Then the NET doesn't get paid for the time they worked without a visa and doesn't have a leg to stand on. EMB will not support you. Apart from that, if you're injured at work, you won't be covered because you've been working illegally.

[lanceevan1]

So what banks would people recommend? I had HSBC in Indonesia which was ok. What about in HK?

[ironopolis]

Thanks again, hkteach, for some useful input.

Regarding the visa situation, I'm just going on what I've heard from a couple of people who were NETs a few years ago. I may have been mistaken about what they meant, but I understood that they were both TOLD (not merely encouraged) to come on a tourist visa as the work visa wasn't ready, and that this would be sorted out soon after arrival. I know that neither of them were particularly happy about this, although I think they did get everything sorted out pretty quickly after getting to HK.

So just to clarify, hkteach, are you suggesting that new NETs should NOT be asked to come on a tourist visa, and that if they are they should refuse to do so? If so, do you know anyone who's done this?

[hkteach]

Sorry if I've confused you ironopolis. It's perfectly ok to come here on a tourist visa PROVIDED that your workvisa application has been lodged and is being processed.
Some NETs I know have been in this situation and it's just a matter of waiting till workvisa is finalised and going into immigration to collect it. If this is the case, you may be told you have to leave HK and re-enter in order to have the workvisa stamped. This is easy enough to do (a quick 1 hour ferry trip over to Macau or a train trip up to the border at Lowu/Shenzhen will suffice.

The problem I was referring to occurs if your visa is not ready when you arrive on a tourist visa, but your school expects you to work, which is another matter altogether.
If the visa is days away, no problem. But if school starts and visa will be a couple of weeks, this means you lose pay while you wait. Last year there were many NETs in this situation - some lost pay for a week or a fortnight, but a couple lost a month or more..... a VERY costly wait indeed.

So, if your school suggests the tourist visa option, ask when they actually lodged the visa application - 4-6 weeks is the time usually quoted.
Hope this clarifies things for you.

[hkteach]

Back to the topic (sorry lanceevan1 we seem to have strayed on to visa issues ).

HSBC is probably the biggest bank here (if not it's pretty close). There are others but I don't know anything about them as I'm with HSBC, mainly because my first school had HSBC accounts and it made things simpler to go with them.
They have a good network of ATMs all across HK and branches are open Saturdays (some on Sundays too) they offer phone and internet banking and you can also pay your bills at ATMs.

It may be more convenient for you to use the bank your school uses, otherwise there's likely to be a time lag between your school transferring your salary from their bank to yours and you actually receiving it.

[hairuo]

I have a question about Hong Kong Banks...I am living and working in China, mainland....I need to open an account in Hong Kong in order get money through Paypal. Cant do it in Guangdong, or anywhere else in China that I know of. I dont have a letter from my bank, just my passport and me...And my accounts in Panyu.... Any advice, should I not bother, what? Appreciate you help, here?

[Sonnibarger]

I have a similar question. I will be arriving in HK then on to Xiamen on a tourist Visa. How will the summer camp pay me without a Chinese bank account? Will they give me cash or certified check? How will I cash the check? Thanks for any thoughts� sorry to hijack thread.