A local bank account is where your monthly salary will be deposited, and it will come in handy if you need to make cheques in the future. As HSBC is ESF’s preferred bank, our staff with HSBC accounts will receive their salary deposit on the 20th of each month (this includes staff members who have a Hang Seng bank account, which is a subsidiary of HSBC), whilst other bank accounts will receive the salary on the 21st. This is the only advantage for joining HSBC, and staff members are free to open accounts in any bank they wish.
On Induction Day, the HR department will invite HSBC staff to come to the centre to set up a bank account for you. (There will be special arrangements for staffs from RC and DC.) Be sure to bring with you proof of overseas address (electrical bills, tax return etc) as it is one of the documents needed to open a bank account. A letter for proof of employment will be prepared by the HR department, and if you have applied for an interest-free loan, you may deposit the cheque with them as well on that day. Note that the money will not be available for withdrawal until 3-4 days after HSBC has entered your information to the system and for the cheque to clear.
If you will be arriving much earlier before Induction Day, you may contact HR and go to our office in Quarry Bay to pick up your cheque and employment letter so you can open the bank account earlier.
Below is some information on HK’s banking system.
Banking
The HK dollar (HKD) is pegged to USD but fluctuates against other currencies. Interest rates also tend to follow the US’ lead. Setting up a bank account is easy and usually just requires your ID card and proof of an address.
The usual way to pay for things are:
- Cash – Some vendors don’t like to take $1000 notes
- Octopus – Contactless card you can get from an MTR station
- EPS – (Electronic Payment Services) – Direct debit
- ATM – Pay your bills, transfer money and more
- 7-11 – Utility bills can be paid at convenience stores
Major Local Banks
- HSBC: The Hongkong and Shanghai Banking Corporation Limited is the largest bank in Hong Kong.
- Hang Seng Bank: Established in 1933 Hang Seng Bank is a principal member of the HSBC Group
- Bank of East Asia (BEA): BEA operates one of the largest banking networks in Hong Kong.
Major ‘Foreign’ Banks in Hong Kong
- Bank of China (BOC): BOC, one of China’s four state-owned banks and in Hong Kong in 2001.
- Citibank: Citibank is a major market player in Hong Kong with a broad range of financial products and services.
- Standard Chartered Bank (SCB): Standard Chartered’s Hong Kong operations began in 1859 and today it is one of the SAR’s three note-issuing banks.