Every middle class should have a Hong Kong bank account

Although Hong Kong has returned to the embrace of the motherland for many years, although it is not abroad, it is outside the country. Hong Kong still retains advantages that the mainland does not have.

First, Hong Kong is a foreign exchange free port. The Hong Kong dollar is directly linked to the US dollar. Any currency in Hong Kong is equivalent to being in the global financial network and can come and go freely.

Second, the US dollar has become stronger and stronger after experiencing the COVID-19 pandemic, the Russia-Ukraine war, the decoupling of the world's top two economies, and the redefinition of the meaning of globalization. The currencies of emerging economies in the traditional sense have huge downside risks against the US dollar.

If the funds are converted into Hong Kong dollars, it is equivalent to the US dollar, which can avoid the risk of sovereign currency exchange rate fluctuations.

Third, Hong Kong's securities trading system, whether it is a bank or a securities company, has also been integrated into the global financial market.

Being in Hong Kong, you can not only look back at the A-shares behind you and step on the Hong Kong stocks, but also deeply integrate into the US and Japanese stock markets, and directly select the most hardcore assets from the world's high-quality equity assets for long-term allocation.

Whether you have a Hong Kong identity or not, you can apply for an account in a bank outside Hong Kong.

There are two ways to open a bank account at HSBC (Hong Kong) (both accounts have no management fees or other fees):

1. One ordinary account (no minimum deposit requirement);

2. Premier wealth management account (funds must reach more than 1 million Hong Kong dollars for 6 months).

After the bank account is opened, you can get a bank card on the spot, and open a credit card for free (no annual fee, management fee or other fees).

It is recommended to bring a certain amount of RMB (or Hong Kong dollars, US dollars) in cash when you come to Hong Kong.

According to mainland customs regulations, each person can carry 20,000 RMB and foreign currency equivalent to 5,000 US dollars at a time; after the account is opened, the RMB will be deposited into the account on the spot, and it can also be converted into Hong Kong dollars or US dollars.

Usual office hours:

Monday to Friday 9:00-16:00

Saturday 9:00-13:00

Materials you need to bring to Hong Kong:

1. Mainland ID card;

2. Hong Kong and Macau Pass;

3. Customs receipt;