Hassle-free banking for expats

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Standard Chartered

Hassle-free banking for busy expats

From saving to wealth planning, Standard Chartered looks after the financial well being of those working away from home.

PUBLISHED : Wednesday, 29 November, 2017, 9:59am
UPDATED : Wednesday, 29 November, 2017, 12:07pm

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Expat life 101

It all begins with opening your local bank account.

Opening a bank account is one of the first few things you ought to do after arriving in Hong Kong, especially if you’re planning on staying for a while.

To receive your salary, you’ll need to have a local bank payroll account for your employer to transfer money into. If you’re going to rent a flat, most landlords don’t like being paid in cash. You’ll either have to write a cheque, or transfer rental fees to them each month. It’s a lot easier to do this from a local bank account.

You might have heard from friends that opening a bank account in Hong Kong as an expat is a lengthy and frustrating process. But that’s not always the case, as long as you’ve got the right bank with expat-friendly services, and have all required documents ready before application.

As an international bank with extensive local presence, Standard Chartered is one of the top banks most preferred by expats. Application for an account with the bank for salary transfers, cash withdrawal, fund transfers or paying utility bills, is straightforward, given that you have the necessary proofs.

You can submit an application via online or at branch directly, make sure you have appropriate proof of identity[1] and original copy of address proof[2] ready for your application.

Depending on your financial standings and the amount[3] you are comfortable with maintaining with the bank, there are different types of banking services with different levels of priority you can choose from.

Simply put, the higher the level, the greater the amount you have to maintain and the more benefits you are entitled to. When you open a payroll account along with other designed banking account as a package, you can also enjoy additional welcome privileges.

No matter which type of account you go for, the credit card/ATM card and online banking will be the handiest tools you’ll use very frequently.

You can opt to have your ATM card function combined into your credit card. It offers all the convenience of making payments and cash withdrawals with a single card. The card has access to a vast ATM network, not only including the bank’s own ATMs, but also other banks' ATMs belonging to the JETCO network.

Online banking, accessible via desktop or smartphone, is free for all personal banking account holders and helps make day-to-day transactions a lot more convenient. You can transfer money to colleagues or friends with accounts at different local banks for free[4] after splitting the bill at a lunch, billpayment, trade stocks, exchange foreign currencies, and many more.

To secure your online banking activity, online services transactions[5] will be verified with a six-digit one-time password (OTP) sent to your mobile phone via SMS. After entering the  OTP in the required field, you will then receive a confirmation text via a second SMS when you have completed your transaction.

You may also set up post-dated instruction so that you can save time and efforts in settling utility bills by direct debiting from your payroll account. SMS alerts can also be set up via online banking to remind you when your credit card bills are due so you won’t have to worry about forgetting. 

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[1] Please present your Hong Kong Identity Card and valid passport (recommended); or your valid passport if you have not obtained a Hong Kong Identity Card. [Online application is only applicable to Hong Kong resident holding a Hong Kong Permanent Identity Card]  

[2] For a Hong Kong address, recommended acceptable address proof includes utility bills or mobile phone service statements issued within the past three months. If it is an overseas address, then a valid driving license or identity document (with the customer’s photo on it) that shows your address. Electronic statements are accepted for Standard Chartered, but are limited to those issued by a regulated financial institution in HK, HK utilities companies, HK telecom service providers, and a member of Standard Chartered Group. 

[3] A minimum relationship balance of HK$10,000 is required for waiving monthly account maintenance fee.

[4] Excluding local bank transfer payment through real-time gross settlement, i.e. RTGS, also known as Clearing House Automated Transfer System (CHATS)

[5] Applicable to the following online services and transactions: Register Standard Chartered Online Banking; Add Transfer Payee; Add bill Payees (Except bills of Government & Statutory Organisation and Public Utilities); Add Telegraphic Transfer Payee; Apply Octopus O!ePay Account for top up; Add Alipay Account; Update Personal Information

[6] Important Notes of Online Securities Trading and SC Equities:

Investment involves risks. The Bank will not be liable for any loss or damage to you as a result of making the Online Securities Trading Services available to you, unless the loss or damage is directly caused by our negligence or our wilful default.