In the past, banks in Hong Kong generally had minimum deposit restrictions (banks would calculate the total daily assets in the account over the past 3 months, including Hong Kong dollars, foreign currencies, gold, stocks, funds, etc. The system would automatically convert non-Hong Kong dollar assets into Hong Kong dollars for calculation, and then divide by the number of days). If the standard was not met, a certain monthly fee would be charged.

However, starting from August 1, 2019, many banks in Hong Kong, led by HSBC, Bank of China, and Standard Chartered, have canceled the minimum deposit requirements and no longer charge low deposit service fees. Some banks have also eliminated transaction fees for certain services.

After relaxing the minimum balance fees, more people wanted to open Hong Kong bank accounts because opening a comprehensive financial account in Hong Kong can already meet savings and investment needs (such as stock funds and foreign exchange trading) — free movement of funds, unlimited international fund flow, convenient online banking, and withdrawal cards that can be used in various countries. There are no transfer restrictions between corporate and personal accounts, allowing for flexible use of funds.

Hong Kong Bank Comprehensive Account

Hong Kong banks can open a comprehensive account for customers, which includes multiple account types:

1) Hong Kong Dollar Savings Account:Deposits earn interest, but it can be largely ignored because the interest rate for Hong Kong dollars is much lower than that in the mainland, with rates below 1%. However, if you need to withdraw cash from an ATM, you can only withdraw money from the Hong Kong dollar savings account. Even if you withdraw from an ATM in the mainland and have money in the RMB account, you cannot withdraw it; you can only withdraw from this account.

2) Hong Kong Dollar Current Account:Deposits do not earn interest, but if you need to issue checks or conduct stock transactions, you can only deposit money into this account. Additionally, if there is a lot of money in the account and you are worried about the withdrawal card being stolen, it is better to deposit the money here, as it cannot be withdrawn if stolen.

3) Foreign Currency Savings Account:Common foreign currencies such as US dollars and RMB can be traded online at any time and can be used for receiving foreign currency and trading. Note that currencies that have not been traded will not appear online or on monthly statements; if they have been traded, they will show even if the balance is 0, and there is no way to hide them. For receiving payments, simply provide the comprehensive account number, and it will automatically be deposited into the corresponding foreign currency account.

4) Fixed Deposit Account:Both Hong Kong dollars and foreign currencies can be deposited as fixed deposits. Some foreign currencies have fixed deposit interest rates higher than those in the mainland.

5) Gold Account:Commonly known as paper gold, there is no physical gold, and of course, there is no interest. The unit is money (decimal), used for trading gold.

6) Stock Account:This is used for stock trading.

7) Fund Account:This is used for buying and selling funds.