Money matters

1. What is the local currency?
2. What denominations does it come in?
3. What is the best way to exchange currency?
4. What are commonly-used forms of payment for everyday purchases (such as groceries)?
5. Will I be able to use my credit card around town? If not, when will I need cash?
6. By what method are bills (such as rent and utilities) paid?
7. What are the requirements for opening a bank account? At what stage of the settling-in process should I open one?
8. Will foreign residents be able to find banking services in their native language?
9. What are typical banking hours?
10. Are automatic teller machines (ATMs) available around the clock?
11. Can the Octopus card be used in lieu of cash?
12. Listing of most banks / financial institutions in Hong Kong

Disclaimer: Crown relocations is the main contributor in this section. Although Crown Relocations has made every effort to present accurate information, regulations, rates and other variables are subject to change and Crown Relocations and Square Foot Limited cannot accept responsibility for the errors that might result.

1. What is the local currency?
The Hong Kong dollar. Exchange rate is pegged at approximately US$1 = HK$7.8.


2. What denominations does it come in?
Notes are issued by three different banks. This means there may be three different notes for the same denomination. The newly circulating $10 note is the only note issued by the Hong Kong Government.

Coins are 10 cents, 20 cents, 50 cents, $1, $2, $5 and $10 (which is being phased out and replaced with a note).


3. What is the best way to exchange currency?
Go to banks during working hours, including half days on Saturdays. Money changers are also available in shopping areas, hotels and the airport. Larger stores will accept foreign currency, but at a less favorable exchange rate.


4. What are commonly-used forms of payment for everyday purchases (such as groceries)?
Cash, credit cards and bank cards. The local "Octopus" card can be used for small purchases in many convenience stores and cafes.


5. Will I be able to use my credit card around town? If not, list when will I need cash?
Most places take credit cards. Some may require you to spend a minimum amount before your card is accepted - usually HK$100 (US$13).

The wet markets, street stalls and such will not have credit facilities, so transactions need to be made in cash. For transport, use either cash or the stored-value Octopus card (see below) which can be purchased with a credit card at the MTR stations.


6. By what method are bills (such as rent and utilities) paid?
One of the more popular methods is the PPP or 'Payment by Phone', which requires a bank account. Standing instructions are accepted, as well as the usual check, cash, Internet and ATM machine modes.


7. What are the requirements for opening a bank account? At what stage of the settling-in process should I open one?
The Hongkong and Shanghai Bank is the easiest place to open an account. All they require is a passport, employment contract and a downpayment of HK$1,000.

For convenience, it is always best to open an account as soon as possible, as there are numerous deposits to pay in the initial settling-in phase (i.e. utilities, mobile phone and subscriptions).


8. Are foreign residents able to find banking services in their native language?
English and Cantonese are the languages used in banking. Staff at major banks, such as HSBC, will speak English.


9. What are typical banking hours?
While it varies from bank to bank, most are open Monday to Friday: 9am to 4pm and Saturday: 9am to 11am. Banks are closed on Sunday.


10. Are automatic teller machines (ATMs) available around the clock?
Yes.


11. Can the Octopus card be used in lieu of cash?
The Octopus card is a stored value card that is extremely useful for public transport on buses, MTR/KCR, trams and ferries. This card can be purchased at MTR stations and topped up at these stations or the 7-Eleven chain of convenience stores. Some retail outlets such as McDonalds and Starbucks now also accept the Octopus card. The maximum spend on these cards is currently HK$500.

Keep in mind that there seems to be a huge marketing effort aimed at getting consumers to use credit cards. The upside of it is that these cards can carry substantial discounts at restaurants and shopping centres. Therefore, these offers may be worth investigating.


12. Listing of most banks / financial institutions in Hong Kong

Main banks:

HSBC
www.hsbc.com.hk/hk/

Standard Chartered
www.standardchartered.com.hk

Citibank
www.citibank.com.hk

Other banks:

ABN AMRO Bank NV
T: 2700 3000
www.abnamro.com.hk

Agricultural Bank of China
T: 2861 8000 　

American Express Bank Ltd.
T: 2844 0688
www.americanexpress.com.hk

Asian Commercial Bank Ltd.
T: 2541 9222 　

Australia & New Zealand Bank Group Ltd.
T: 2843 7111 　

Bangkok Bank Public Co Ltd.
Tel: 2801 6688 　

Bank of America (Asia) Ltd.
T: 2597 2888
www.bankofamerica.com.hk

Bank of America NA
T: 2847 6111
www.bankofamerica.com 　

Bank of China (Hong Kong) Ltd.
T: 2826 6888
www.bochk.com

Bank of Communications
T: 2841 9611 　

Bank of East Asia Ltd.
T: 2842 3200
www.hkbea.com

Bank of India
T: 2368 6196
www.boiusa.com 　

Bank of Montreal
T: 2522 4182
www.bmo.com

Bank of New York
T: 2840 9888
www.bankofny.com 　

Bank of Nova Scotia T: 2529 5511
www.scotiabank.com

Bank of Scotland
T: 2521 2155
www.bankofscotland.co.uk 　

Bank of Tokyo-Mitsubishi Ltd
T: 2862 7888
www.btmjkt.com

Barclays Bank PLC
T: 2903 2000
www.barclays.co.uk 　

BNP Paribas
2909 8888
www.bnpparibas.com.hk

Canadian Imperial Bank of Commerce
2841 6111
www.pbase.com 　

China Construction Bank
T: 2868 4438
www.ccbhk.com 　

Chiyu Banking Corp Ltd.
T: 2843 0111
www.chiyubank.com

Citibank NA
T: 2868 8888
www.citibank.com.hk 　

CITIC Ka Wah Bank Ltd.
T: 2545 7131
www.citickawahbank.com

Commerzbank AG HK Branch
T: 2842 9666 　

Commonwealth Bank of Australia
T: 2844 7500 　

Credit Agricole Indosuez
T: 2848 9000
www.ca-indosuez.com 　

Credit Suisse First Boston
T: 2841 4888
www.csfb.com

Dah Sing Bank Ltd.
T: 2507 8866
www.dahsing.com.hk 　

Dao Heng Bank Ltd.
T: 2218 8822
www.daoheng.com

DBS Kwong On Bank Ltd.
T: 2815 3636
www.dbs.com.hk 　

Development Bank of Singapore Ltd.
T: 2868 3386 　

Deutsche Bank AG
T: 2203 8888
www.db.com 　

Dresdner Bank AG
T: 2238 8888 　

Equitable PCI Bank, Inc
T: 2901 0200 　

First Commercial Bank Ltd.
T: 2868 9008 　

Hang Seng Bank Ltd.
T: 2198 1111
www.hangseng.com

HSBC
T: 2822 1111
www.hsbc.com.hk

Hua Nan Commercial Bank Ltd.
T: 2824 0288
www.hncb.com.tw 　

Indian Overseas Bank
T: 2525 5291
www.iob.com

Industrial Bank of Japan Ltd.
T: 2103 3000
www.ibjbank.co.jp 　

International Bank of Asia Ltd.
T: 2842 6222
www.iba.com.hk 　

Jian Sing Bank Ltd.
T: 2541 0088 　

Liu Chong Hing Bank Ltd.
T: 2841 7417
www.lchbank.com 　

Malayan Banking Berhad
T: 2522 7141 　

Mitsubishi Trust and Banking Corp
T: 2844 8000 　

Nanyang Commercial Bank Ltd.
T: 2852 0888
www.ncb.com.hk

National Australia Bank Ltd.
T: 2826 8111 　

National Bank of Canada
T: 2801 7555
www.nbc.ca

National Bank of Pakistan
T: 2521 7321
www.nbp.com.pk 　

Oversea-Chinese Banking Corp Ltd.
T: 2868 2086 　

Philippine National Bank
T: 2543 9555 　

Rabobank HK Branch
T: 2103 2000
www.robabank.com

Royal Bank of Scotland plc
T: 2966 2800
www.rbs.co.uk 　

Shanghai Commercial Bank Ltd.
T: 2841 5415
www.shacombank.com.hk
Standard Chartered Bank

T: 2820 3333
www.standardchartered.com.hk 　

State Bank of India
T: 2523 3166
www.statebankofindia.com

Sumitomo Mitsui Banking Corp
T: 2206 2000 　

Tai Sang Bank Ltd.
T: 2544 5011
www.taisangbank.com.hk

Tai Yau Bank Ltd.
T: 2522 9002 　

Toronto Dominion Bank
T: 2846 4111
www.td.com

UBS AG
T: 2971 8888
www.ubs.com 　

UCO Bank
T: 2524 9240
www.ucobank.com

UFJ Bank Ltd.
T: 2843 3888
www.bk.mufg.jp 　

United Overseas Bank Ltd.
T: 2842 5666 　

Westpac Banking Corp
T: 2842 9888
www.westpac.com.au 　

Wing Hang Bank Ltd.
T: 2852 5111
www.whbhk.com

Wing Lung Bank Ltd.
T: 2826 8333
www.winglungbank.com.hk